Subject: CMBS Pricing (PRICE)

The operating partnership of Equity Residential Properties Trust has priced $1 billion of unsecured notes through underwriters led by bookrunners Banc of America Securities, Deutsche Bank and JPMorgan Securities.The Chicago apartment REIT structured the notes in two tranches: a $350 ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-158.0030.003.22AAAAAA+11swapsA-1A529.3030.007.23AAAAAANAswapsA-2753.0030.004.86AAAAAA+27swapsA-2FL55.0030.004.86AAAAAA+15LiborA-3162.6030.006.34AAAAAA+35swapsA-AB60.9830.006.90AAAAAA+31swapsA-4602.0030.009.45AAAAAA+30swapsA-M317.2720.009.77AAAAAA+36swapsA-J153.8212.009.84AAAAAA+45swapsA-JFL100.0012.009.84AAAAAA+35LiborB15.8611.509.84AA+AA++49swapsC47.5910.009.84AAAA+56swapsD31.739.009.92AA-AA-+63swapsE15.868.509.93A+A++70swapsF27.767.6259.93AA+78swapsG27.766.759.93A-A-NAswapsH43.625.3759.93BBB+BBB++145swapsJ35.694.259.93BBBBBBNAswapsK35.693.1259.93BBB-BBB-+250swapsL15.862.62510.00BB+BB+NATreasM7.932.37510.01BBBBNATreasN15.861.87510.01BB-BB-NATreasO4.001.7510.01B+B+NATreasP4.001.62510.01BBNATreasQ11.901.2510.01B-B-NATreasS39.660.0010.01NRNRNATreasXP-NANAAAAAAANATreasXW-NANAAAAAAANATreas*Notional amount, interest onlyCollateral balance: $3,174.07 millionBookrunner(s): Banc of America Securities, Bear StearnsLead Managers: Banc of America Securities, Bear StearnsCo-managers: Credit Suisse, RBS Greenwich CapitalB-piece Buyer: Hyperion BrookfieldMaster Servicer: Bank of AmericaSpecial Servicer: LNR PartnersTrustee: Wells Fargo ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-158.0030.003.22AAAAAA+11swapsA-1A529.3030.007.23AAAAAANAswapsA-2753.0030.004.86AAAAAA+27swapsA-2FL55.0030.004.86AAAAAA+15LiborA-3162.6030.006.34AAAAAA+35swapsA-AB60.9830.006.90AAAAAA+31swapsA-4602.0030.009.45AAAAAA+30swapsA-M317.2720.009.77AAAAAA+36swapsA-J153.8212.009.84AAAAAA+45swapsA-JFL100.0012.009.84AAAAAA+35LiborB15.8611.509.84AA+AA++49swapsC47.5910.009.84AAAA+56swapsD31.739.009.92AA-AA-+63swapsE15.868.509.93A+A++70swapsF27.767.6259.93AA+78swapsG27.766.759.93A-A-NAswapsH43.625.3759.93BBB+BBB++145swapsJ35.694.259.93BBBBBBNAswapsK35.693.1259.93BBB-BBB-+250swapsL15.862.62510.00BB+BB+NATreasM7.932.37510.01BBBBNATreasN15.861.87510.01BB-BB-NATreasO4.001.7510.01B+B+NATreasP4.001.62510.01BBNATreasQ11.901.2510.01B-B-NATreasS39.660.0010.01NRNRNATreasXP-NANAAAAAAANATreasXW-NANAAAAAAANATreas*Notional amount, interest onlyCollateral balance: $3,174.07 millionBookrunner(s): Banc of America Securities, Bear StearnsLead Managers: Banc of America Securities, Bear StearnsCo-managers: Credit Suisse, RBS Greenwich CapitalB-piece Buyer: Hyperion BrookfieldMaster Servicer: Bank of AmericaSpecial Servicer: LNR PartnersTrustee: Wells Fargo ...

Commercial Real Estate Direct Staff ReportAnother three CMBS deals hit the market today and when they price, the year's total volume of domestic issuance will have exceeded $100 billion.And the thinking is that despite the evident slowdown in the market, ...

Commercial Real Estate Direct Staff ReportAnother three CMBS deals hit the market today and when they price, the year's total volume of domestic issuance will have exceeded $100 billion.And the thinking is that despite the evident slowdown in the market, ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-1119.1030.003.39AAAAaaNAswapsA-1A725.1730.008.08AAAAaaNAswapsA-2682.3030.004.92AAAAaa+28swapsA-2FL500.0030.004.92AAAAaa+16LiborA-353.8030.007.03AAAAaa+34swapsA-AB140.8030.007.37AAAAaa+31swapsA-41,062.2430.009.72AAAAaa+31swapsA-5FL150.0030.009.88AAAAaa+22LiborA-M420.4920.009.88AAAAaa+38swapsA-MFL70.0020.009.88AAAAaa+28LiborA-J200.0012.009.92AAAAaa+46swapsA-JFL192.3912.009.92AAAAaa+36LiborB18.3911.6259.96AA+Aa1+50swapsC79.7010.009.96AAAa2+59swapsD55.188.8759.96AA-Aa3+67swapsE12.268.6259.96A+A1+72swapsF42.927.759.96AA2+80swapsG42.926.8759.96A-A3+90swapsH73.575.3759.96BBB+Baa1+160swapsJ49.054.3759.96BBBBaa2NAswapsK55.183.259.96BBB-Baa3NAswapsL18.392.875-BB+Ba1NATreasM12.262.625-BBBa2NATreasN24.522.125-BB-Ba3NATreasO12.261.875-B+B1NATreasP12.261.625-BB2NATreasQ18.391.250-B-B3NATreasS61.31--NRNRNATreasXW4,904.90*NA7.80AAAAaa+210Treas*Notional amount, interest onlyCollateral balance: $4,904.87 millionBookrunner(s): Morgan Stanley Lead Managers: Morgan Stanley, LaSalle Financial ServicesCo-managers: Goldman Sachs, RBS Greenwich Capital, Merrill Lynch, RBC Capital MarketsB-piece Buyer: Centerline REIT Inc.Master Servicer: Capmark Finance, Prudential Asset Resources, Wells ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-1119.1030.003.39AAAAaaNAswapsA-1A725.1730.008.08AAAAaaNAswapsA-2682.3030.004.92AAAAaa+28swapsA-2FL500.0030.004.92AAAAaa+16LiborA-353.8030.007.03AAAAaa+34swapsA-AB140.8030.007.37AAAAaa+31swapsA-41,062.2430.009.72AAAAaa+31swapsA-5FL150.0030.009.88AAAAaa+22LiborA-M420.4920.009.88AAAAaa+38swapsA-MFL70.0020.009.88AAAAaa+28LiborA-J200.0012.009.92AAAAaa+46swapsA-JFL192.3912.009.92AAAAaa+36LiborB18.3911.6259.96AA+Aa1+50swapsC79.7010.009.96AAAa2+59swapsD55.188.8759.96AA-Aa3+67swapsE12.268.6259.96A+A1+72swapsF42.927.759.96AA2+80swapsG42.926.8759.96A-A3+90swapsH73.575.3759.96BBB+Baa1+160swapsJ49.054.3759.96BBBBaa2NAswapsK55.183.259.96BBB-Baa3NAswapsL18.392.875-BB+Ba1NATreasM12.262.625-BBBa2NATreasN24.522.125-BB-Ba3NATreasO12.261.875-B+B1NATreasP12.261.625-BB2NATreasQ18.391.250-B-B3NATreasS61.31--NRNRNATreasXW4,904.90*NA7.80AAAAaa+210Treas*Notional amount, interest onlyCollateral balance: $4,904.87 millionBookrunner(s): Morgan Stanley Lead Managers: Morgan Stanley, LaSalle Financial ServicesCo-managers: Goldman Sachs, RBS Greenwich Capital, Merrill Lynch, RBC Capital MarketsB-piece Buyer: Centerline REIT Inc.Master Servicer: Capmark Finance, Prudential Asset Resources, Wells ...