With New York City's Halloween parade and the 50th anniversary of the marathon's five-borough course now in the rearview mirror, CMBS issuance enters the final stretch of 2026 at a slower pace. Lingering interest rate concerns and uncertainty surrounding the Federal Reserve's policy direction and midterm elections have weighed on issuance momentum, prompting some issuers to delay transactions. Private label CMBS issuance fell to 10 deals in October from 19 in September, although November's pipeline suggests this could lead to some improvement in activity.
Five commercial real estate (CRE) collateralized loan obligation (CLO) deals priced for a total of $5.52 billion. CRE CLO issuance year-to-date (YTD) was $39 billion, for a robust 54.3% increase year-over-year (YoY).
Based on our current visibility, there could be up to 13 deals announced in November, including seven single-borrower (SB), four conduits, one CRE CLO, and one Freddie Mac K-Series Agency deal.
The October conduit benchmark…
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