RBS releases £170m Antares CMBS price guidance

RBS has issued initial pricing guidance for its £170m five-year Antares 2015-1 CMBS, the securiatisation of a loan to refinance Kennedy Wilson’s Jupiter portfolio of 18 UK office, retail and leisure assets. The CMBS has two classes of floating-rate notes: a £130.6m, class A note and a £39.4m class B. The Class A notes, A-rated by both DBRS and Fitch, sit at a loan to value of 44.3% and is forecast to price at 185 above Libor. The Class B notes, rated BBB-, sit at a loan-to-value of 57.6% and are forecast to price at 300bps above Libor.

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