MORGAN STANLEY ANNOUNCES DUTCH
CMBS OFF ELOC CONDUIT
MORGAN STANLEY announced Dutch CMBS
ORANJE (EUROPEAN LOAN CONDUIT NO.32) on
4HURSDAY ûWHICHûTHEûBANKûSAYSûISûTHEûlRSTû
MULTI
LOANûSECURITISATIONûOUTûOFûITSû$UTCHû
conduit programme.
4HEûDEAL ûBACKEDûMAINLYûBYûOFlCEû
PROPERTIES ûWILLûBEûTHEûSECONDû$UTCH
ONLYû
#-"3ûINûûAFTERû+ANTOORû&INANCEûûBYû
'OLDMANû3ACHSûINû*UNEûBROKEûAûFOUR
YEARû
DROUGHTûOFû#-"3ûFROMûTHEûCOUNTRY
4HATûDEALûWASûQUICKLYûFOLLOWEDûBYû%,O#û
ûFROMû-ORGANû3TANLEY ûWHICHûPOOLEDûAû
mix of German and Dutch properties.
-ARKETINGûFORû%LO#ûûSTARTSûTHISûWEEK û
WITHûAûROADSHOWûINû,ONDONûONû4UESDAYûANDû
7EDNESDAYûFOLLOWEDûBYûANûASSETûTOURûINûTHEû
.ETHERLANDSûONû4HURSDAYûANDû&RIDAY
4HEREûAREûlVEûTRANCHESûOFFERED ûFROMûAû
õMû4RIPLEû!ûATûTHEûTOPûOFûTHEûSTRUCTUREû
DOWNûTOûAûõMû"""" û$"2330 û#LASSû%û
4HEREûISûALSOûAû#LASSû8 ûWHICHûISûNOTûOFFEREDû
4HEûEXPECTEDûMATURITYûISû.OVEMBERû
4HEûNOTESûAREûBACKEDûBYûlVEûLOANSûONûû
properties. The loans have an expected
û,46ûANDûAûõMûVALUATION
4HEûPROPERTIESûHAVEûûOCCUPANCYûANDû
GENERATEûõMûGROSSûRENTALûINCOME"YûMARKETûVALUE ûOFlCESûMAKEûUPûûOFû
THEûPORTFOLIO ûRETAILû ûRESIDENTIALû û
ANDûMIXEDûRESIDENTIALRETAILûû4HEû
2ANDSTADûAREAûCOMPRISINGû!MSTERDAM û
2OTTERDAM û4HEû(AGUEûANDû5TRECHTûMAKESû
UPû
Morgan Stanley is arranger and sole
LEADû-OUNTû3TREETûISûSERVICERSPECIALû
servicer.DILOSK DELAYED BY A WEEK)NVESTORSûWORKINGûTHROUGHûAûBUSYû
pipeline have had an extra week to
look at Irish RMBS DILOSK RMBS NO.2 ûNEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 2/11/2018
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type
AREIT 2018-CRE2 US$330.953 1.56 1mUSL+95bp Wells Fargo/Goldman Sachs/Morgan Stanley Aaa/NR/NR CMBS
AREIT 2018-CRE2 US$31.306 1.84 1mUSL+120bp Wells Fargo/Goldman Sachs/Morgan Stanley NR/NR/NR CMBS
AREIT 2018-CRE2 US$36.525 1.91 1mUSL+140bp Wells Fargo/Goldman Sachs/Morgan Stanley NR/NR/NR CMBS
AREIT 2018-CRE2 US$38.015 2.22 1mUSL+190bp Wells Fargo/Goldman Sachs/Morgan Stanley NR/NR/NR CMBS
AREIT 2018-CRE2 US$43.232 2.42 1mUSL+265bp Wells Fargo/Goldman Sachs/Morgan Stanley NR/NR/NR CMBS
AASET 2018-2 US$488.31 3.8 4.454 Goldman Sachs/Morgan Stanley/MUS/DVB NR/NR/A ABS
AASET 2018-2 US$73.43 3.8 5.433 Goldman Sachs/Morgan Stanley/MUS/DVB NR/NR/BBB ABS
AASET 2018-2 US$51.40 2.7 6.892 Goldman Sachs/Morgan Stanley/MUS/DVB NR/NR/BB ABS
Auto ABS French Leases 2018 €450 1.83 1mE+58bp Santander/HSBC/Societe Generale Aaa/NR/NR ABS
Auto ABS French Leases 2018 €60 3.10 1mE+97bp Santander/HSBC/Societe Generale Aaa/NR/NR ABS
BWSTA 2018-1 US$175.000 0.24 2.659 BNP Paribas P1/A1+/NR ABS
BWSTA 2018-1 US$218.500 0.88 3.090 BNP Paribas Aaa/AAA/NR ABS
BWSTA 2018-1 US$218.500 1.89 3.430 BNP Paribas Aaa/AAA/NR ABS
BWSTA 2018-1 US$80.620 2.99 3.590 BNP Paribas Aaa/AAA/NR ABS
BWSTA 2018-1 US$6.750 3.27 3.780 BNP Paribas Aa3/AA+/NR ABS
BWSTA 2018-1 US$13.500 3.27 3.980 BNP Paribas A3/AA–/NR ABS
BWSTA 2018-1 US$9.000 3.27 4.230 BNP Paribas Baa3/A/NR ABS
CAS 2018-R07 US$149.807 1.13 1MLR+75bp BAML/JP Morgan NR/NR/BBB– RMBS
CAS 2018-R07 US$599.226 5.43 1MLR+240bp BAML/JP Morgan NR/NR/B RMBS
CAS 2018-R07 US$172.854 9.97 1MLR+435bp BAML/JP Morgan NR/NR/NR RMBS
CVC Cordatus Loan Fund XII €1.6 1.7 3mE+47bp BNP Paribas Aaa/NR/NR CLO
CVC Cordatus Loan Fund XII €242 5.8 3mE+96bp BNP Paribas Aaa/NR/NR CLO
CVC Cordatus Loan Fund XII €6 7 3mE+120bp BNP Paribas Aaa/NR/NR CLO
CVC Cordatus Loan Fund XII €17 7.4 3mE+165bp BNP Paribas Aa2/NR/NR CLO
CVC Cordatus Loan Fund XII €20 7.4 2.30 BNP Paribas Aa2/NR/NR CLO
CVC Cordatus Loan Fund XII €12.2 8.1 3mE+233bp BNP Paribas Aa2/NR/NR CLO
CVC Cordatus Loan Fund XII €15 8.1 3mE+263bp/233bp BNP Paribas A2/NR/NR CLO
CVC Cordatus Loan Fund XII €24.1 8.7 3mE+320bp BNP Paribas Baa3/NR/NR CLO
CVC Cordatus Loan Fund XII €23.7 9.3 3mE+535bp BNP Paribas Ba2/NR/NR CLO
CVC Cordatus Loan Fund XII €12 9.9 3mE+711bp BNP Paribas B2/NR/NR CLO
CVC Cordatus Loan Fund XII €35 – – BNP Paribas NR/NR/NR CLO
CVC Cordatus Loan Fund XII €1 – – BNP Paribas NR/NR/NR CLO
FCRT 2018-2 US$26 0.23 n/a JP Morgan P-1/NR/NR ABS
FCRT 2018-2 US$95 1.06 n/a JP Morgan Aaa/NR/NR ABS
FCRT 2018-2 US$48.25 2.26 n/a JP Morgan Aaa/NR/NR ABS
FCRT 2018-2 US$21.44 2.97 n/a JP Morgan Aa2/NR/NR ABS
FCRT 2018-2 US$14.37 3.41 n/a JP Morgan A2/NR/NR ABS
FCRT 2018-2 US$16.98 3.78 n/a JP Morgan Baa2/NR/NR ABS
FCRT 2018-2 US$14.37 3.85 n/a JP Morgan Ba3/NR/NR ABS
FCRT 2018-2 US$13.59 3.85 n/a JP Morgan B2/NR/NR ABS
Finsbury Square 2018-2 £513 2.29 3mL+95bp BNP Paribas/Citigroup/NAB Aaa/NR/AAA RMBS
Finsbury Square 2018-2 £30 3.33 3mL+145bp BNP Paribas/Citigroup/NAB Aa2/NR/AA RMBS
Finsbury Square 2018-2 £33 3.33 3mL+210bp BNP Paribas/Citigroup/NAB A1/NR/A RMBS
Finsbury Square 2018-2 £6 3.33 3mL+260bp BNP Paribas/Citigroup/NAB Baa1/A– RMBS