Bank of America Merrill Lynch has priced its five- year €445m Taurus 2015-2 CMBS at a blended coupon of 198.25 bps.
The issue was well-received by investors; the €153m Class A notes, which offer 90bps over Euribor, were 2.2 times subscribed. The six tranches are priced as follows
Class A: €153m – AAA/Aaa at 25% LTV – 90bps over 3m Euribor
Class B: €61.2m – AA/Aa2 at 35% LTV – 130bps over 3m Euribor
Class C: €61.2m – A/A3 at 45% LTV – 170bps over 3m Euribor
Class D: €55.7m – BBB/Baa3 at 54.1% LTV – 220bps over 3m Euribor
Class E: €74.1m – BB-/Ba2 at 66.2% LTV – 350bps over 3m Euribor
Class F: €39.8m – B/B2 at 72.7% LTV – 450 bps over 3m Euribor
The issue is secured by single loan on IVG Immobilien’s The Squaire at Frankfurt Airport. CBRE valued property, which is mainly offices plus a Hilton Hotel, at €644m.
This is BAML’s second European CMBS this year. In January, it issued its five-year €286.4m Taurus 2015-1 IT, a multi-borrower securitisation of three Italian loans to Blackstone, Cerberus and Orion Capital Managers.