Private label commercial mortgage-backed securities (CMBS) continued its steady issuance pace in May, with 16 deals closing, compared to 17 in April. As in past months, single-borrower (SB) deals continue to dominate, while conduit originations remain challenged by higher rates and lender competition. Of the 16 deals, 12 were SB and four conduits, bringing the year-to-date (YTD) issuance to $56.7 billion for a 9.7% increase on a year-over-year (YoY) basis. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance in May consisted of three deals totaling $3.6 billion, resulting in a YTD total of $21.6 billion, representing a YoY increase of 32.2%.
The forward issuance pipeline across both CMBS and CRE CLOs remains busy as the market heads into its midyear CREFC conference in New York City next week. Based on our current visibility, as many as 21 rated CRE securitizations could be announced in June, including 12 SB, four conduits, four CRE CLOs, and one Freddie Mac…
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