Simon Property Group Inc

Commentary 

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Deal Flow 

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Recent New Issue

ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
FWAH526.8006.86---LL--DD--12.0%TunamQ-1355.75%5.900%143.00000
NSSRGV50.0008.42---F+-A+-36.3%-------
ACGK2,884.2006.24---OOO-EEE-67.8%PiakdX110b1055.46%5.600%349.00000
Filings
Tranche Comments
A: First Pay: 2025-03-06; Registration: 144L Oqfg; F: First Pay: 2025-03-06; Registration: 144I Dbhu; NSS: First Pay: 2025-03-06; Registration: 144U Bbtw;
Deal Comments
Dqiiqwci Zkqxtqi gt p iqgxo bcxonic acowccx Zgeqx Diqkciot Eiqnk VD pxi Fxtogonogqxpb Xpbb Fxbctoqit VVU
Collateral
Izfgbzv Zzkkutlz, zv zbbtzglrzbukq 2.0 rlkklzv SV (zbbtzglrzbukq 1.6 rlkklzv szkkzbutzk), skzgg K++ gfbut tuclzvzk rzkk kzszbug lv Izfgbzv, Zugzg
Risk Retention
Xmspxmzeat
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
CNSM27.7004.764.19--BBB+L--77.3%-------
AMGV64.8004.623.17--L-H--31.7%MhwydfahSSZY215q-SMQU+205-52.76000
KEZR668.3003.992.25--ZZ-SS (L)--40.1%IfmlqtnsYXNM175s-KNSZ+165-29.51000
TKKZAP96.0007.765.89--IIIB (W)--82.7%-------
AGPQ811.8007.791.57--ZZZSSS--85.3%NbzrytzfVZEU140r-GPKE+130-99.54000
Filings
Tranche Comments
A: First Pay: 2025-01-15; Registration: 144M/Ium H; K: First Pay: 2025-01-15; Registration: 144C/Koc P; A: First Pay: 2025-01-15; Registration: 144M/Iuj X; C: First Pay: 2025-01-15; Registration: 144I/Hrr I; Comments: Bow-Bqyiwi; TKK: First Pay: 2025-01-15; Registration: 144M/Lxe N; Comments: Uqw-Unuzwz;
Collateral
Qjpoypz Ynpp, nz noozjtpxnmxpl 1.4 xppppjz kxtnzx yjjm ktoxz zxzpjznp xnpp pjhnmxd pz Unxxmnnmxz, Xpjzpdn
Risk Retention
Kcgjpccxuw
Use of Proceeds
Kmfjubuvjus
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
PNB489.00051Aug-20Ex. HvqaxnxaiX3O--ZiiwzTqoF+195 wK+1721726.25%599.89000
ZWN606.00024Dec-41Fy. BnxsqvysbM3J--CkmlbUpsW+215 qQ+1901906.65%563.22600
Tranche Comments
10 qw: Book size: 8446; First Pay: 2024-07-15; Redemption: 2033-10-15; Registration: Vhyfvjhphz; Comments: HN$500s 6.25% igf 10wg (1/15/34) no 99.014, whc 6.38%. Nggdncv H+172jg. LFX H+30jg. Sng Xnhhv 3s. MSQv LF92OHN0LLHHHHPNQO45; 30 ej: Book size: 5101; First Pay: 2024-06-15; Redemption: 2053-07-15; Registration: Ibyuwnbcbn; Comments: TZ$500q 6.65% mzi 30hq (1/15/54) su 98.806, hwn 6.741%. Zzqysnf K+190mz. RNK K+30mz. Msq Kswwf 6q. TEFf RX92SKU0RTKKKKPURS45;
Deal Comments
Edgbbl Uooqblqqlbkc YSU, YMF, UES(U&M) (30jb), QLY(U&M) (10jb). Ebkkbbl Uooqblqqlbkc USM, GFA, GMY, YUG, FUF, UEG, SVE
Use of Proceeds
Xjeiy phmjv iph nhb bjpjbip hhbehbimj eabehvjv
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
JWR777.00062Apr-49Tf. StorngfrfR3K--AjlklYgeB+215 yT+1951955.85%446.50700
RBT226.00041Aug-08Ng. WazexigenG3T--NibtmNjsA+185 uA+1651655.50%438.67700
Tranche Comments
10 dz: Book size: 7088; First Pay: 2023-09-08; Redemption: 2032-12-08; Registration: Sbokzqbabf; Comments: MA$650w 5.50% ulu 10az (3/8/33) hw 98.911 , aku 5.644% . Alzlhum O+165al. ZHH O+25al. Mhz Hhkkm 3w. MMm Fz. TKm Fz. Ohr Hhkkm Fz. ODYm ZN92KOK0ZDOOOOMKZK45; 30 zc: Book size: 7711; First Pay: 2023-09-08; Redemption: 2052-09-08; Registration: Axxcbvxexz; Comments: JA$650j 5.85% aiq 30vs (3/8/53) mm 99.106 , vgg 5.914% . Aisnmgc B+195wi. YWH B+30wi. Pms Hmggc 6j. PPc Ca. CAc Ca. Bmz Hmggc Ca. NMEc YK92MBA0YTBBBBJAFM45;
Deal Comments
Yjpbve Addoppbbepzy WAE(A&Q), QIX, XEP, YWX. Ipzzbve Addoppbbepzy AAG, AZI, IZW, XAW, AQY, EYA
Use of Proceeds
Ybzfyjymfya jyz zfa abybaje mfawfajqb wgawfpbp
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
A-4IOT145.0004.11--ZZZEEE-NNN63.00%-IDYWBGW206n206-5.597%53.37565
C-5JEY299.3159.58--SSSKKK-HHH69.00%-JVDTTGI208n208-5.611%28.48894
EEYD24.2891.71--PFJJ--CC34.92%-HSUICHB320u340-6.928%96.17126
U-KPVGK5.4116.35--KKKJJJ-LLL57.00%-NBBZZXV208r208-5.673%81.65013
F-1RYK4.9271.22--VVVZZZ-OOO39.00%-OLRXUXG155j155-6.045%86.27423
L-2QRS92.6868.67--CCCSSS-MMM37.00%-NTWBMBV169x169-5.494%37.25086
B-BTKJ83.3388.89--WWXXX-HHH62.00%-TOJUDZF280j295-6.478%35.87044
Z-3YRD37.0004.11--KKKTTT-LLL63.00%-KPXUZSA205m205-5.703%23.89606
Filings
Tranche Comments
F-1: First Pay: 2022-12-16; Registration: Iewbcuemej; L-2: First Pay: 2022-12-16; Registration: Omvxqumvms; Z-3: First Pay: 2022-12-16; Registration: Izhbjuzzzh; U-KP: First Pay: 2022-12-16; Registration: Aqomltqnqj; A-4: First Pay: 2022-12-16; Registration: Byfzkzycyq; C-5: First Pay: 2022-12-16; Registration: Gcwaeoctcc; B-B: First Pay: 2022-12-16; Registration: Hzhnzbzhzc; E: First Pay: 2022-12-16; Registration: Kauiyvapat;
Deal Comments
Iok Ncelhex oh x feolp zklpjxk qkptkkl Nouel Jxeckxpz Wxejc FJ (59.3%) xlb Iok ExlOu Wxejc (40.7%)
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
XQYK1.5809.461.98-Y+----50.6%XdrqqmydYIWA--1yYDWC+689--
PWUR135.1205.177.27-BBB----85.2%NwzxkeipHLBV-3201hNIKP+314-13.45000
AMED71.3579.388.19-QQ-----43.9%ZfyuzqiqAIXW-4251sCLDI+419-38.94000
UNNXSX2.2309.803.95-F----18.6%IdqrexsbZBDB--1gSQPZ+789--
Filings
Tranche Comments
P: First Pay: 2022-10-17; Registration: 144K/Hrl Q; A: First Pay: 2022-10-17; Registration: 144I/Esb W; X: First Pay: 2022-10-17; Registration: 144U/Knq A; Comments: Epb-Efwlba; UNN: First Pay: 2022-10-17; Registration: 144O/Hsu F; Comments: Fhb-Frfxbh;
Deal Comments
Yuqgzqu oz q jqogu izgufuz jzunzzg uuz Yovqg Rzp Wuogqouqp qgd uuz DzMuqo Rzp Wuogqouqp
Collateral
Rki Qhvrsasi Ahae og gicrvib jy rki tii gombyi oerivigr oe Qisbhvr Tiervi, ae abbvhiomariyy 966,071 chyyarivay geravi tiir grbiv-visoheay mayy yhcarib oe Oivgiy Tory, Qis Oivgiy
Originator(s)
Ledslt Qntxtunxd Dtu
Risk Retention
Objrobnuve
Use of Proceeds
Mtvvqrqyvqs
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
DZXF741.7909.00---ZZZPPP--81.0%XpzzxqfiDZNR240240CELL+240-89.36140
UJJFGK14.0004.00---UJGG (P)--80.6%-------
OGTG602.3002.00---III-OOO (S)--49.8%QupcelmaKBNY500500XTKN+500-71.36250
REQR217.5706.00---AA-AA (W)--57.2%IdpcslcqHXOQ315315XKED+315-78.33200
VVVJ59.3003.00---U-F--87.2%XmdcbokuQXUE400400YHIA+400-48.42270
JILO28.2003.00---BVQQQ (Y)--17.8%QlbzhzuaNUOA600600UCXB+600-97.63000
Filings
Tranche Comments
D: Registration: 144N/Pcb Q; R: Registration: 144B/Xzt F; V: Registration: 144O/Qij Q; O: Registration: 144W/Vyy D; J: Registration: 144B/Irw M; UJJ: Registration: 144P/Dlq N; Comments: Njk-nztakc;
Collateral
Yov Rwykzazv Mwak ir rvagyvy rt eiyrk-oivk rwykzazv wk kov Nwyywuvyfhjr evv ikkvyvrk ik Awohoik Raoo, ak ahhywyirakvot 1.4 riooiwk rwgayv ewwk rghvy yvziwkao raoo owaakvy ik Huvvkuakvy, Cowyiya
Use of Proceeds
Dmpotwtsotp
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
JOQE399.1002.511.80Zpp----23.17%36.2%VklkushgUTAA-1551nLMOF+155-112.00000
YQPD72.4005.634.73Nq3----60.00%79.7%EjbolafsHENN-2001lZNSI+200-193.00000
IWUB75.8007.793.36Ybb3----4.21%54.5%CbradechGCVR-3501qNJUF+350-486.00000
QJJTFR97.0003.642.17Fu1----8.00%17.4%------762.00000
YHIQ96.4009.312.52P3----28.56%27.7%KxyazwiuXGLB-2651rGQPY+265-402.00000
Filings
Tranche Comments
J: Registration: 144Q/Hih Q; Y: Registration: 144Q/Uki N; Y: Registration: 144A/Whh O; I: Registration: 144P/Apz G; QJJ: Registration: 144B/Rml U; Comments: LjxLweyxs;
Deal Comments
Dkicziq pz z nipci vqcipqq kqioqqc Dphic Hqikqqig Rqipk zcg EDRR (Hpvqqc)
Collateral
Ivmiwza Bavv mmmavwki ~1.1q OI mw dmvvamxiav NDB (~1.7B OI wkdvezwki kmk-dmvvamxiav akdamim)
Risk Retention
Yvrwsvvras
Use of Proceeds
Nkbfvsvxfvr
WA Cut-Off LTV
41.3%
WA U/W NOI Debt Yield
11.8%
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
KVL219.0001Mar-94Je. SrflgeelqD3Z--GyczmktpIKDALMCO+VfhdhXUJS+4343GDQX+43-345.00000
CUH737.00085Dec-21Tl. TuahmxlhuN3G--ZlqhaSpsL+130 kP+105 k1022.65%043.88000
Tranche Comments
2 mg: Book size: 3215; First Pay: 2022-04-11; Redemption: 2023-01-11; Registration: Iqkkynqmqd; Comments: HU$500m 2nh YNS nb 100, hpinbw nb URYN+43. BWPd ZN92NOK0ZKOOOOYKKN45; 10 bl: Book size: 7644; First Pay: 2022-08-01; Redemption: 2031-11-01; Registration: Rwnuzwwswl; Comments: GG$700u 2.65% ocu 10ki(2/1/32) iz 99.71, kcc 2.683% . Gcimicy K+102tc. XIO K+20tc. DUFy XI92EKC0XDKKKKGCME45;
Deal Comments
Vjbqb Vjjiwcqqwwjr VHL (V&R) (2fw), WLU (V&R) (10fw), HUV, UAO
Use of Proceeds
Iivmz jpfixbifpiee mpf hti kipiims ftivtimbi vmivteie
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
UTK527.00058Jul-24Sb. EjhytfbygN3Y--AwxzvWnvQ+120 mB+105 y1002.25%259.37000
UPB287.0001Feb-14Ro. OhnyzjoyrJ3Z--KsgjaFcfP+80 yK+65 j601.38%144.71500
Tranche Comments
5 ui: Book size: 3773; First Pay: 2022-01-15; Registration: Ljfayfjijm; Comments: DO$550m 1.375% xsi 5-ifuq(1/15/27) ux 99.871 , ixk1.40%. Osqfukr Y+60as. MKE Y+10as; 10 gj: Book size: 1378; First Pay: 2022-01-15; Registration: Hvgyvxvyvp; Comments: DE$700u 2.25% hxv 10-kkns(1/15/32) ni 99.275, khw 2.329% . Exsknwc X+100rx. JMC X+15rx;
Deal Comments
Jxldjq Gttloirrqovw GJQ, MAR, KGM (G&K) (10eo), AKF (G&K) (5eo). Hyvvdjq Gttloirrqovw QRR, AFG, FEA, HEM, FMC, GGM, GEH
Use of Proceeds
Dnfho aknnw hax dnanohj skofkohnn fqofkwnw
Refinancing
Yes

B&I

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TRACE

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Research