Wells Fargo (WFC) and the Royal Bank of Scotland (RBS) will bring a $1.1 billion conduit commercial mortgage bond to market, according to a pre-sale report from Kroll Bond Ratings.

Kroll rated its first conduit CMBS deal in March.

The latest security is backed by 61 fixed-rate commercial mortgages for 80 properties. According to the prospectus, more than 57% of the properties are retail buildings. Another 13% are office spaces.

Nearly 28% of the buildings are concentrated in California, the most of any state in the deal.

Roughly $945 million in four separate classes received a AAA rating.

The weighted average loan term on the deal is 9.8 years with an average coupon of 4.96%.

Wells Fargo was named the master servicer on the CMBS with Torchlight Loan Services as the special servicer.



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