Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 29 November 2011

CMBS Delinquency Rate Climbs in October, Despite Liquidation of $1.28Bln of Loans

The volume of delinquent CMBS loans increased by $1.06 billion in October, bringing the total volume of loans that are now more than 30-days late to $61.27 billion, according to Morningstar. That's despite the liquidation of $1.28 billion of loans during the month. Those loans were resolved at an average loss of 48.8 percent.

Commercial Real Estate Direct Staff Report

The volume of delinquent CMBS loans increased by $1.06 billion in October, bringing the total volume of loans that are now more than 30-days late to $61.27 billion, according to Morningstar.

Delinquent loans now account for 9.76 percent of the universe of private-label CMBS loans that have seasoned for at least a year. That's up from a 9.51 percent delinquency rate in September.

Given the consistent growth in the delinquency rate in recent months and the fact that the CMBS universe continues to shrink, it could very well top 10 percent in the coming months. The universe tracked by Morningstar, which includes agency transactions, totaled $734.17 billion in October, down from $736 billion a month earlier.

In addition, nearly $55 billion of CMBS loans come due next year and a substantial chunk of them aren't generating the cash flow needed to stay current. Many of those will likely be unable to refinance and could end up in the delinquency rolls.

Meanwhile, of the $79 billion of CMBS loans that Morningstar has identified that come due in the coming 12 months, nearly 52 percent are on its watchlist. The...





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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

 

 

 

REITCafe

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