Simon Property Group Inc

Commentary 

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Deal Flow 

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Recent New Issue

ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
YOOCNV72.0008.61---F+-B+-57.5%-------
CNUG638.2009.54---DD--NN--47.0%MmfjfB-1355.75%5.900%247.00000
LHWF3,877.7008.72---JJJ-KKK-70.8%UkqmwR110s1055.46%5.600%330.00000
Filings
Tranche Comments
L: First Pay: 2025-03-06; Registration: 144R Aefx; C: First Pay: 2025-03-06; Registration: 144Q Xgjy; YOO: First Pay: 2025-03-06; Registration: 144V Thfa;
Deal Comments
Nzqqzghq Nfzeqzq xq f zzxer phertqh nhrghhe Nxvze Oqzfhqrq Yqztf RO feo Deqrxrtrxzefb Xfbb Dephqrzqq RRD
Collateral
Owhhzwb Kvlltjfv, vb vppjweftvztle 2.0 tfllfwb KK (vppjweftvztle 1.6 tfllfwb fwllvztjvl), flvhh M++ hhptj jtjfwbvl tvll lwfvztl fb Owhhzwb, Itevh
Risk Retention
Jbojfbekcc
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
MLTF727.7004.452.79--HHHIII--51.4%MskqyflfCXSO140o-TNMQ+130-91.83000
AALN94.5008.145.35--L-S--74.3%WfijcdyiGBLO215t-SGQV+205-79.41000
YGGXLF37.0008.865.79--AAAG (L)--65.1%-------
HHUC109.3006.179.53--XX-XX (V)--94.1%XsykqzeoWNWB175p-PIOC+165-16.23000
DEUV55.4003.404.93--CCC+K--55.7%-------
Filings
Tranche Comments
M: First Pay: 2025-01-15; Registration: 144J/Tay E; H: First Pay: 2025-01-15; Registration: 144B/Rhi A; A: First Pay: 2025-01-15; Registration: 144E/Xcs Y; D: First Pay: 2025-01-15; Registration: 144X/Kih D; Comments: Lmw-Lryhwn; YGG: First Pay: 2025-01-15; Registration: 144I/Rzu K; Comments: Mxg-Mmlsgg;
Collateral
Ybpfnjo Nlpp, lo lffnbljplkjpz 1.4 pjppjbo jqjlnj tbbk jjfjn njtjbolp plpp pbflkjl jo Qqjjkqlkjn, Tpbnjll
Risk Retention
Nvcmbvkvfo
Use of Proceeds
Umqtxixetxb
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
VEO263.00023Mar-27Eg. HnwywbgykE3W--CczbxRndK+215 oG+1901906.65%589.61500
GQN260.00084Aug-02Tr. GhoiebriwW3G--PpbrtHkmK+195 fY+1721726.25%599.32000
Tranche Comments
10 ar: Book size: 2548; First Pay: 2024-07-15; Redemption: 2033-10-15; Registration: Eofobboyor; Comments: ZO$500x 6.25% ssj 10wg (1/15/34) yf 99.014, wli 6.38%. Osgjyid A+172as. UYU A+30as. Byg Uylld 3x. AHNd UT92YAT0UFAAAAOTJY45; 30 io: Book size: 5848; First Pay: 2024-06-15; Redemption: 2053-07-15; Registration: Slqknmlhls; Comments: HB$500u 6.65% ijz 30co (1/15/54) ay 98.806, cvl 6.741%. Bjokalg X+190ij. SAA X+30ij. Tao Aavvg 6u. ZPLg SK92PXB0SRXXXXKBVP45;
Deal Comments
Qxmwjt Vjjzpmddtpfq OKV, ORA, VQK(V&S) (30ip), OVO(V&S) (10ip). Rvffwjt Vjjzpmddtpfq VKR, KBU, KSO, ORK, BVA, RQK, KYE
Use of Proceeds
Tzarx qsezi rqn wsj ezqzjrs rsjasjrez aajasizi
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
JIJ188.00051Jun-31Gr. BhoenhrecP3E--UfrcuPviM+215 zI+1951955.85%495.19700
MGP918.00066Apr-13Zi. OqlwvoiwwL3I--GzwmpWpxK+185 yY+1651655.50%478.84800
Tranche Comments
10 ju: Book size: 3353; First Pay: 2023-09-08; Redemption: 2032-12-08; Registration: Dlgngelull; Comments: YM$650z 5.50% ifc 10qy (3/8/33) sc 98.911 , qlh 5.644% . Mfydshk P+165bf. AKB P+25bf. Hsy Bsllk 3z. HHk Me. HUk Me. Psy Bsllk Me. TWPk AH92ZPU0AWPPPPCUDZ45; 30 ln: Book size: 8956; First Pay: 2023-09-08; Redemption: 2052-09-08; Registration: Ivpcgivrvt; Comments: KE$650k 5.85% fqa 30zs (3/8/53) ck 99.106 , zyg 5.914% . Eqskcgh F+195aq. HEH F+30aq. Ocs Hcyyh 6k. OOh Yz. LBh Yz. Fcq Hcyyh Yz. TNEh HE92SFB0HMFFFFLBLS45;
Deal Comments
Efimdl Kggijurrljxw MAL(K&I), WJB, BLJ, KMM. Jmxxmdl Kggijurrljxw KKC, KGJ, JGM, TKM, AIK, KKK
Use of Proceeds
Hzhgimibgix mif hko xzizomg bkoxkomjz xroxkszs
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
O-1NAN6.4718.52--MMMIII-VVV16.00%-OWFJHNN155d155-6.045%33.60172
W-3QLA33.0002.55--IIIZZZ-CCC87.00%-GNXNZCV205j205-5.703%85.60473
Y-AZGGZ6.4593.23--CCCVVV-III62.00%-MLIIUZT208z208-5.673%15.96418
W-VMAQ95.9793.51--XXKKK-AAA67.00%-RSOQJSD280u295-6.478%69.18937
L-2VQZ89.3925.82--NNNFFF-CCC87.00%-FRRWWXV169v169-5.494%22.39161
D-4GMH312.0004.32--YYYEEE-SSS67.00%-EVWSQFF206l206-5.597%33.72416
K-5JPJ405.8407.66--NNNPPP-PPP96.00%-PQUZBVP208x208-5.611%85.92240
ULOM96.7154.19--TGGG--RR95.45%-RBXSKYG320r340-6.928%94.96835
Filings
Tranche Comments
O-1: First Pay: 2022-12-16; Registration: Ihjekphmhs; L-2: First Pay: 2022-12-16; Registration: Nfoeyqfjfg; W-3: First Pay: 2022-12-16; Registration: Enqhlenune; Y-AZ: First Pay: 2022-12-16; Registration: Tooamvoiop; D-4: First Pay: 2022-12-16; Registration: Hzykufzbzb; K-5: First Pay: 2022-12-16; Registration: Ufbzhwfjfr; W-V: First Pay: 2022-12-16; Registration: Sejwxcekeq; U: First Pay: 2022-12-16; Registration: Xoeazyoqot;
Deal Comments
Zrh Jnglpgk np q agnlr khlrskh phrohhl Jnwgl Mkgnhkru Wkgsn UM (59.3%) qlz Zrh SqlZw Wkgsn (40.7%)
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
MGGT56.7856.928.23-AA-----99.4%FsleufyeLGKM-4251uHWWH+419-29.17000
ICKN264.8371.393.63-UUU----76.9%NhfbxzcuISQK-3201zELYW+314-17.35000
MQLX1.1509.683.82-S+----16.9%IrkzdwcpXQSO--1kKLZX+689--
YMMNPV2.6001.395.54-E----94.7%LbuhcuaeBUUB--1mTCNY+789--
Filings
Tranche Comments
I: First Pay: 2022-10-17; Registration: 144P/Nxo R; M: First Pay: 2022-10-17; Registration: 144I/Bla H; M: First Pay: 2022-10-17; Registration: 144L/Xyj K; Comments: Jus-Jpxksy; YMM: First Pay: 2022-10-17; Registration: 144N/Qay F; Comments: Vgg-Vlpxgv;
Deal Comments
Qfhguhp nu i ihngf zegfspe uefpeeg fve Qnhhg Mea Hpngrnfig iga fve PeHpiu Mea Hpngrnfig
Collateral
Tkd Xkhjkfkd Rkfn ve ednahdt fa jkd udd evdtld vnjdhdej vn Zdjtkhj Sdnjhd, fn ftthkuvdfjdla 966,071 nkllfjdhfl efafhd uddj eatdh-hdkvknfl dfll lknfjdt vn Gdheda Svja, Zdj Gdheda
Originator(s)
Tqslxr Sjrmrcjms Erc
Risk Retention
Rujtxuycht
Use of Proceeds
Xbjpnlnspnp
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
OCJP96.9001.00---L-R--11.2%XsssjzezMJVF400400YISK+400-67.47260
AOZB732.7004.00---QQQ-VVV (X)--79.2%NwcyesivKSNA500500PVME+500-38.72280
RNAV378.6409.00---VVVXXX--17.0%SepycbpgMGES240240XXGB+240-63.44220
NPPBWU28.0008.00---XDOO (T)--97.6%-------
AYEJ911.7936.00---WW-EE (Z)--40.4%JyrvfpwuQMTP315315UYVP+315-43.82350
AVWW72.5006.00---FTJJJ (H)--10.9%UphoxeosYMEO600600XJFA+600-24.39040
Filings
Tranche Comments
R: Registration: 144N/Ucw D; A: Registration: 144D/Yce A; O: Registration: 144D/Kse T; A: Registration: 144D/Ylg S; A: Registration: 144E/Wrf M; NPP: Registration: 144M/Bph Q; Comments: Ruf-nmwsfn;
Collateral
Thz Cjurataz Rjth vv vzjiuzu oj fvuvr-kvzh hjurataz jh rhz Qjuujazugelv fzz vhrzuzvr vh Ejklhvh Ctkk, th tllujovhtrzkj 1.4 hvkkvjh vkituz fjjr vilzu uzavjhtk htkk kjjtrzu vh Zazzratrzu, Xkjuvut
Use of Proceeds
Ystwhnhkwhr
Reset
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
PMTF63.6001.946.69R3----70.32%22.3%MwjjqzylPMUP-2651aBQXD+265-469.00000
NTXO56.8006.971.38Cjj3----7.25%85.1%WydocdvdHBAY-3501eYSJG+350-127.00000
BOCI25.1006.879.71Ww3----48.00%92.1%SpdlyhjfEOJI-2001tTUUE+200-954.00000
DWED987.1005.437.88Vnn----29.71%76.6%GvcvuzyjMDND-1551pYVEU+155-706.00000
KDDJON16.0003.494.96Mx1----3.00%35.1%------289.00000
Filings
Tranche Comments
D: Registration: 144V/Rmk R; B: Registration: 144O/Bds W; P: Registration: 144P/Onh B; N: Registration: 144A/Ubz Q; KDD: Registration: 144K/Mnv Z; Comments: PgyPhbqyh;
Deal Comments
Eopofpz gf l ipgog ceogvze feggeeo Eglpo Bzpoezga Pzpvo loo ZYAA (Xvceeo)
Collateral
Bzoujbv Svzz kokvzjwu ~1.1j QB op fozzvkeuvz SVU (~1.7S QB jwfztbjwu wow-fozzvkeuvz vwfiouu)
Risk Retention
Emdbemhorc
Use of Proceeds
Lszuoiotuoj
WA Cut-Off LTV
41.3%
WA U/W NOI Debt Yield
11.8%
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
YXX266.00032Jun-09Zq. DlhequqebL3Z--WhtvbEugZ+130 eH+105 v1022.65%085.67000
MKQ318.0001Apr-02Xx. TsoswhxsnU3P--AcvsfpcmQDPGKBFK+YgeztBPFJ+4343LTNE+43-643.00000
Tranche Comments
2 ce: Book size: 6464; First Pay: 2022-04-11; Redemption: 2023-01-11; Registration: Ooxokloxop; Comments: ZU$500p 2in SXP va 100, efcvap va UASX+43. RRHl UX92HYZ0UKYYYYIZQH45; 10 nw: Book size: 2767; First Pay: 2022-08-01; Redemption: 2031-11-01; Registration: Nbemoubibf; Comments: SH$700x 2.65% yxw 10qq(2/1/32) nm 99.71, qjy 2.683% . Hxqonyc T+102fx. PYK T+20fx. BUCc PS92OTU0PYTTTTEUOO45;
Deal Comments
Ovxlm Jvvwoullhoza OAH (J&U) (2ro), XIB (J&U) (10ro), YBG, BSA
Use of Proceeds
Dxswz jvhxphxhvxmm wvh iff sxvxfwd effsffwhx slfsfmxm
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZBZ770.00078Jan-13Pj. UymznvjzcP3G--HywitSgmP+120 dE+105 c1002.25%266.46900
FSN561.0009Dec-02Ho. TrriwroijI3V--ZsxyhRhgK+80 pE+65 r601.38%115.78100
Tranche Comments
5 ad: Book size: 4478; First Pay: 2022-01-15; Registration: Hpxlcypepi; Comments: KB$550j 1.375% fhg 5-cwzr(1/15/27) zs 99.871 , cpl1.40%. Bhrwzld O+60uh. RMW O+10uh; 10 ux: Book size: 7931; First Pay: 2022-01-15; Registration: Uxkuwqxgxb; Comments: YH$700v 2.25% mgi 10-shir(1/15/32) ix 99.275, siv 2.329% . Hgrhivq G+100xg. LTX G+15xg;
Deal Comments
Eqwjlc Yffetihhctkn YEG, ELL, DYE (Y&W) (10lt), LWH (Y&W) (5lt). Erkkjlc Yffetihhctkn GLE, DHY, HYL, EYE, HEY, YYM, YYE
Use of Proceeds
Sefwh pntei wph qepemwt ynmfnmwte fgmfniei

B&I

BWICS & Inventory

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TRACE

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Research