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

Thursday, 21 November 2019

Private-Label CMBS Volume for 2019 Seen Up 25 Percent; Marginal Growth on Tap for Next Year

Domestic, private-label CMBS issuance so far this year totals $79 billion, 4 percent more than all of last year. Projections, meanwhile, call for the year to finish with anywhere from $86 billion to $95 billion, or up to 25 percent more than last year. It'll increase next year to $95 billion to $98 billion.

Commercial Real Estate Direct Staff Report

Domestic, private-label CMBS issuance so far this year totals $79 billion, 4 percent more than all of last year.

Projections, meanwhile, call for the year to finish with anywhere from $86 billion to $95 billion, or up to 25 percent more than last year. It'll increase next year to $95 billion to $98 billion. That doesn't include the $21 billion to $25 billion of collateralized loan obligations backed by commercial real estate loans that are expected to get issued. So far this year, $16.7 billion of CRE CLOs have priced, with issuance for the year expected to total between $19 billion and $21 billion.

Kroll Bond Rating Agency and Wells Fargo Securities, for instance, each are projecting that $52 billion of conduit deals will price next year. That would be...





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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

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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