IFR International - 28.07.2018

BONDS STRUCTURED FINANCE

SIZEûTOû53MûTOûGETûITûACROSSûTHEûlNISHû
line.
Retail woes made the mall-backed deal a
HARDERûSELLûWITHûINVESTORS ûAûBANKERûWITHû
knowledge of the trade said.
4HEûSECURITISATION ûCALLEDûBBCMS 2017-CHRS û
was part of a bigger US$550m loan on the
PROPERTY ûWHICHûWASûSLATEDûTOûBEûPARCELLEDû
out into one or more future CMBS
TRANSACTIONS ûACCORDINGûTOûAû+"2!ûPRESALE

CMBS PRICED

BBCMS 2018-CHRS
!FlLIATESûOFû2%)4ûGENERAL GROWTH PROPERTIES
and real estate fund the MORGAN STANLEY PRIME
PROPERTY FUND (PRIME) priced a downsized
53Mû3!3"û#-"3ûTRANSACTION ûCALLEDû
BBCMS 2018-CHRS. The deal was initially sized at
US$400m. Barclays ûSociete Generale America
and Deutsche BankûWEREûJOINTûBOOKRUNNERS
co-lead managers.
#OLLATERALû"ORROWERSûINTERESTSûINûTHEû
MûSQUAREûFOOTû#HRISTIANAû-ALL ûAûSUPERû
REGIONALûMALLûLOCATEDûINû.EWARK û$ELAWARE
,ARGESTûTRANCHEû#LASSû!û53Mû
YEARû7!,ûRATEDû4RIPLEû! ûPRICEDûATûSWAPSû
plus 105bp.

BANK 2018-BNK13
!û53Mû#-"3ûCONDUITûNON
AGENCYû
transaction called BANK 2018-BNK13 was priced.
Wells Fargo ûMorgan Stanley and Bank of America
Merrill LynchûWEREûCO
LEADûMANAGERSûANDûJOINTû
BOOKRUNNERSû#O
MANAGERûAcademy Securities
#OLLATERALûûLOANSûONûûPROPERTIESû
)NITIALûPOOLûBALANCEû53  
,ARGESTûTRANCHEû#LASSû!û53Mû

YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû
INTERPOLATEDûSWAPSûPLUSûBPûVERSUSû
GUIDANCEûOFûBPûAREA

BMARK 2018-B5
!ûNEWû53BNûNON
AGENCYû#-"3ûCONDUIT û
called BENCHMARK 2018-B5 MORTGAGE TRUST ûWASû
launched. JP Morgan ûDeutsche Bank and

Citigroup are the mortgage loan sellers/

originators.

#OLLATERALûûCOMMERCIALûMORTGAGEûLOANSû

SECUREDûBYûûPROPERTIESûACROSSûûSTATESû

ACCORDINGûTOûANû30ûPRE

SALE

GOLDMAN SACHS MORTGAGE 2018-TWR

GOLDMAN SACHS MORTGAGE priced a new

commercial mortgage pass-through GSMS

2018-TWR. Goldman Sachs was lead underwriter.

TPL Property Owner LP is the mortgage loan

borrower.

#OLLATERALû#ONSISTSûOFûONEûLOANûSECUREDûBYû

ONEûMIXED

USEûPROPERTYûINû4OWERû0LACEûAû



SQûFTûOFlCEûTOWERûANDûADJACENTûRETAILû

PLAZAûLOCATEDûINû!TLANTAû'EORGIAûACCORDINGû

TOûANû30ûPRE

SALEûREPORT

MSC 2018-MP

!ûNEWû53Mû#-"3ûTRANSACTIONû

called MORGAN STANLEY CAPITAL TRUST 2018-MP has

been priced. Morgan Stanley was sole

manager and bookrunner.

#OLLATERALû"ENElCIALûOWNERSHIPûINûAû

PORTIONûOFûANûINTEREST

ONLYû

YEARûlXED

rate whole loan secured by leasehold

INTERESTSûINûANûAPPROXIMATELYûûSQûFTû

PORTFOLIOûOFûEIGHTûURBANûRETAILûANDûOFlCEû

PROPERTIESûLOCATEDûINû.9û-!û$#û#!ûANDû&,

,ARGESTûTRANCHEû#LASSû!û53Mû



YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû

SWAPSûPLUSûBP

NCMS 2018-850T

!û53Mû#-"3ûDEALûBACKEDûBYûAû

STOREYû

OFlCEûBUILDINGûATûû4HIRDû!VENUEûINû

Manhattan has been priced. The loan to

BORROWERû(.!ûHADûAûHIGHûû,46û

ACCORDINGûTOû30SûMETRICSû.ATIXISûLEDûTHEû

DEALûCALLEDûNCMS 2018-850T.

RMBS PRICED

FANNIE MAE

FANNIE MAEûHASûPRICEDûAû53MûCREDITû

RISKûTRANSFERû2-"3ûFROMûITSû#!3ûSHELFûCALLEDû

#ONNECTICUTû!VEû3ECURITIESûCAS 2018-C05).

Bank of America Merrill Lynch structured the

deal and Nomura was co-lead manager and

JOINTûBOOKRUNNERû#O

MANAGERSûWEREû

CitigroupûGoldman SachsûMorgan Stanley and

Wells Fargo.

#OLLATERALû-OREûTHANûûSINGLE

family mortgage loans with an aggregate

outstanding unpaid principal balance of

APPROXIMATELYû53BNû4HEûLOANSûINûTHISû

REFERENCEûPOOLûHAVEûORIGINALûLOAN

TO

VALUEû

RATIOSûOFû

ûANDûWEREûACQUIREDûFROMû

$ECEMBERûûTHROUGHûTOû-ARCHû

,ARGESTûTRANCHEû#LASSû-

û53Mû

RATEDû""ûPRICEDûATûONE

MONTHû,IBORûPLUSû

235bp

MFA FINANCIAL

MFA FINANCIAL INCûPRICEDûAû!2EG3   û

US$236m seasoned RPL/NPL residential MBS

transaction called MFRA 2018-NPL2. Credit Suisse

was sole bookrunner.

#OLLATERALûPOOLûCONSISTSûOFûû.0,û

mortgage loans.

,ARGESTûTRANCHEû#LASSû!

û53Mû

YEARû7!,ûPRICEDûATûAûûYIELD

NATIONSTAR HECM

NATIONSTAR MORTGAGE priced a US$316.49m

RMBS for Nationstar HECM Loan Trust (NHLT

2018-2). BarclaysûSTRUCTUREDûCredit Suisse and

Nomura JOINTûBOOKRUNNERSû#O

MANAGERû

Jefferies.

#OLLATERALû0OOLûINCLUDESûûINACTIVEû

HOMEûEQUITYûCONVERSIONûMORTGAGESû(%#-S û

and 99 real estate owned (REO) properties.

4HEûSERVICERûFORûTHEûDEALûISû.ATIONSTARû

Mortgage.

,ARGESTûTRANCHEû#LASSû!û53Mû



YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû

%$3&ûPLUSûBPûVERSUSûGUIDANCEûATû%$3&û

plus 50bp-55bp.

NEW RESIDENTIAL

NEW RESIDENTIALûPRICEDûAû53Mû-32û

RESIDENTIALû-"3ûTRANSACTIONûCALLEDû.2:û

US ASSET-BACKED SECURITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)

1 Citigroup 120 43,947.39 17.6
2 JP Morgan 70 19,564.31 7.8
3 BAML 62 16,259.58 6.5
4 Deutsche Bank 58 13,968.43 5.6
5 RBC 46 13,122.29 5.2
6 Barclays 53 12,873.57 5.1
7 Wells Fargo 53 10,884.15 4.3
8 Mizuho 33 8,977.25 3.6
9 Credit Suisse 40 7,445.00 3.0
10 Goldman Sachs 30 6,919.54 2.8
Total 437 250,405.64
Excludes MBS.

Source: Thomson Reuters SDC code: F14

STRUCTURED FINANCE – ALL INTL ISSUERS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 68 16,824.78 8.9

2 Citigroup 73 15,515.88 8.2

3 BAML 68 15,445.17 8.1

4 Credit Suisse 65 14,142.40 7.4

5 Wells Fargo 55 13,252.29 7.0

6 Deutsche Bank 52 10,890.26 5.7

7 Barclays 42 10,276.26 5.4

8 Goldman Sachs 32 8,825.50 4.6

9 Morgan Stanley 30 7,669.40 4.0

10 RBC 23 6,059.33 3.2

Total 348 189,850.07

Includes securitisations, PFI bonds, self-funded issues and credit-linked notes. Excludes US global ABS/MBS and CDOs.

Source: Thomson Reuters SDC code: J10c

GLOBAL STRUCTURED FINANCE IN US$

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Citigroup 184 66,691.83 16.0

2 JP Morgan 145 47,072.72 11.3

3 Wells Fargo 132 41,084.70 9.9

4 Credit Suisse 123 39,459.04 9.5

5 BAML 119 37,656.70 9.1

6 Goldman Sachs 74 26,483.98 6.4

7 Morgan Stanley 64 22,303.14 5.4

8 Barclays 77 20,272.69 4.9

9 Deutsche Bank 77 19,012.42 4.6

10 RBC 55 16,274.17 3.9

Total 763 415,882.77

Including securitisations (Euro, foreign, global and domestics, excluding CDOs) and PFI bonds.

Source: Thomson Reuters SDC code: B16b