In March, 12 commercial mortgage-backed securities (CMBS) private label issuance deals closed, including eight single-borrower (SB) and four conduits, bringing the year-to-date (YTD) issuance total to $32.9 billion. This represents a 12.4% decrease in year-over-year (YoY) Q1 issuance volume. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance jumped to six deals, doubling February’s three, bringing YTD issuance to $14.5 billion, representing a 73.6% Q1 YoY increase.
With the Middle East conflict, higher energy prices, and stickier inflation, the Federal Reserve signaled it may be less inclined to lower interest rates. These macroeconomic uncertainties have also led to increasing loan and bond spreads. Against this backdrop and based on our current visibility, there are up to 13 CMBS deals slated to be announced in April, including nine SB and four conduits, as well as four CRE CLOs and two Freddie Mac K-Series (Agency). However persistent market volatility could…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.