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Wednesday, 01 April 2020

Volume of Delinquency in CMBS Inches Up Slightly in March

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Commercial Real Estate Direct Staff Report

A total of $10.39 billion of CMBS loans were classified as being more than 30-days late with their payments last month, according to Trepp LLC. That's a 3.5 percent increase in volume from February.

But that's before the coronavirus pandemic hit.

The expectation is that the CMBS mortgage universe, which totals $499.13 billion of loans, will start feeling stress, in terms of greater delinquencies, next month as property owners struggle to meet their mortgage payments. Those payments typically are due the first of each month and often are given 15-day grace periods. So this month's numbers, which will be available at the end of April, likely won't show an increase in actual delinquency. Many loans, however, are sure to be classified as being in their grace periods.

But the CRE Finance Council this morning issued guidance to borrowers on how to formally request forbearance from their loan servicers. If servicers abide by what's expected to be a deluge of requests, increases in delinquency are sure to be mitigated.

The $10.39 billion of delinquent loans amounts to 2.08 percent of the...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS)
  • Company: Trepp LLC
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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