Goldman Sachs has priced its €1.3bn (£956m) Silverback Finance CMBS of 754 Spanish bank branches.
Split into two tranches, the CMBS was secured against Uro Property Holding SOCIMI’s Santander bank branch portfolio and priced in line with the guidance provided by Goldmans.
The underlying properties are held in a Spanish REIT structure, or SOCIMI, which Santander spun off earlier this year. The Uro SOCIMI holds about one-third of the Santander bank branches in Spain.
Madrid accounts for 36% of the branches in the portfolio, with 13% in Catalonia, 9% in Andalucia, 7% in Castille and Leon, 5% in Valencia and 30% in other regions.
The first A1 tranche of €867.9m priced 225bps over average swaps price. The tranche has a maturity in 2037 with an underlying weighted average life (WAL) of 10 years. The note has a coupon of 3.1261%
The A2 tranche of €476.9m was priced at 255bps with a legal maturity of 2039 and a WAL of 17 years. The coupon on this note is 3.7529%
Both notes have a loan-to-value of 82.6% and carry a BBB+ rating from Standard & Poors, which is in line with parent company Santander’s CDS ratings from the same agency.
The underlying market value of the assets is estimated at €1.82bn as of April and has a rent roll of €108m.
