Commercial mortgage-backed securities (CMBS) private label issuance began to gather steam again in April as deals that were delayed due to geopolitical events came to market. While geopolitical concerns still exist, spreads have tightened and it appears that market sentiment has improved. In addition, with the Federal Reserve leaving interest rates unchanged in April, rate stability could boost issuance.
In April, 17 CMBS deals closed compared to 12 in March. These included 15 single-borrower (SB) and two conduits, bringing year-to-date (YTD) issuance to $42 billion. On a year-over-year (YoY) basis, YTD issuance is up slightly by 2.8%. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance consisted of three deals with YTD issuance of $18.1 billion for a 57.7% YoY increase. For May, based on our current visibility, there are up to 20 deals that could launch, including nine SB, five conduits, five CRE CLOs, and one Freddie Mac fixed rate K-Deal (Agency)…
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