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

Thursday, 06 July 2017

Goldman Sachs Also Dominates CMBS Loan Contributor Ranking

Goldman Sachs, the top CMBS bookrunner so far this year, had contributed $5.5 billion of loans, or 16.3 percent of all commercial mortgages securitized during the first half of the year. Deutsche Bank and JPMorgan Chase Bank were well behind it, with $4.3 billion and $3.3 billion of contributions, respectively.

Commercial Real Estate Direct Staff Report

Goldman Sachs, the top CMBS bookrunner so far this year, had contributed $5.5 billion of loans, or 16.3 percent of all commercial mortgages securitized during the first half of the year.

Well behind it were Deutsche Bank, with $4.3 billion of loan contributions, and JPMorgan Chase Bank, with $3.3 billion. Together, the three banks accounted for nearly 40 percent of all loan volume securitized during the first half.

Goldman absolutely dominated the single-borrower transaction business, contributing 5.25 loans with a balance of $3.5 billion to such deals. Those deals also helped propel it to the top of the bookrunner ranking.

Top Loan Contributors
Domestic Private-Label CMBS

 

1H2017

1H2016

Lender

#Loans

Vol
$mln

Mkt
Shr%

Vol
$mln

Mkt
Shr%

Goldman Sachs

70.25

5,496.07

16.23

3,431.66

12.94

Deutsche Bank

101.7

4,318.01

12.82

2,867.32

10.81

JPMorgan Chase Bank

71.05

3,284.32

9.75

2,443.42

9.21

Citigroup

80.49

2,948.81

8.79

2,545.48

9.60

Morgan Stanley

63.99

2,911.31

8.64

1,430.39

5.07

Wells Fargo Bank

130.82

2,439.68

7.24

1,604.33

5.68

Bank of America

66.80

1,849.06

5.49

1,447.96

5.13

Barclays Bank

56.80

1,546.26

4.59

805.43

3.04

Credit Suisse

8.70

1,386.90

4.12

692.48

2.61

Natixis

37.60

1,120.57

3.33

731.37

2.76

UBS

64

944.48

2.80

981.31

3.48

Rialto Mortgage Finance

75

941.92

2.80

766.39

2.89

Lone Star

30

758.77

2.25

506.26

1.79

Ladder Capital

57

625.70

1.86

270.82

1.02

Starwood Mortgage Funding

48

440.60

1.31

456.86

1.72

Silverpeak Real Estate Finance

27.5

430.01

1.28

406.91

1.53

Benefit Street Partners

27

411.88

1.22

287.47

1.08

RAIT Financial

23

342.37

1.02

21.38

0.08

Cantor Commercial Real Estate

18

304.92

0.91

1,788.84

6.75

Societe Generale

16.1

250.02

0.74

500.34

1.89

Principal Commercial Capital

7

219.44

0.65

153.42

0.58

KeyBank

16

203.75

0.60

310.80

1.71

C-III Commercial Mortgage

25

145.07

0.43

173.34

0.65

NCB FSB

43

139.23

0.41

182.07

0.69

CIBC

10

109.41

0.58

91.51

0.35

Blackstone Mortgage Trust

0.2

100.00

0.30

0

0

Jefferies LoanCore

     

443.27

1.67

BNY Mellon

     

414.42

1.56

MC-Five Mile Commercial

     

104.35

0.39

Basis Real Estate Capital

     

101.15

0.38

KGS-Alpha Real Estate

     

74.73

0.28

Redwood Commercial Mortgage

     

72.23

0.27

Liberty Island Group

     

67.91

0.26

Walker & Dunlop

     

43.17

0.16

Bancorp Bank

     

39.45

0.15

Freedom CRE

     

9.53

0.04

TOTAL

1,175

33,678.55

 

26,519.36

 

Fewer loans were securitized this year than last. But those had a substantially greater average balance, $28.7 million versus $21.3 million last year. That's simply because this year had nearly twice the volume of single-borrower deals than last - $12.1 billion versus $7 billion.

Market conditions this year have remained stable and relatively healthy for securitized lenders. Indeed, Rialto Mortgage Finance generated a nearly 4 percent profit margin on the $392 million of loans it securitized during the three months through the end of May. So it would appear it would be prime lending time for CMBS originators.

But, as the Mortgage Bankers Association has noted, lending volumes typically tracks sales transaction volume. And Real Capital Analytics had reported that sales volumes this year through May were running roughly 15 percent behind last year. So CMBS issuance, which itself tracks overall lending volume, could remain relatively light. The bright side: the relative scarcity of CMBS ought to bode well for bond spreads, which could make conduit lenders more competitive against other lender types.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.





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Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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