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Deutsche Bank predicts $155bn of private sector CMBS
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Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
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Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.
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Moody’s has placed nearly £4bn of CMBS credit-tenant-linked notes issued by Tesco plc on review for downgrade. The rating agency placed the UK supermarket group’s senior unsecured rating on review for downgrade earlier this week as rivals continue to eat into its market share and profits. -
Bayview Financial, which issued eight deals last year, is preparing to sell an unusually long-dated securitization of re-performing residential loans, the market's first issuance with that kind of collateral since July 2013. The deal comes as market participants anticipate a surge in RPL and non-performing loan securitizations later this year.
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Real estate investment trusts will soon be competing to buy non-performing residential loans, which are expected to fuel the growth of single family rental portfolios and subsequent securitizations.
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Volkswagen Financial Services is leading this week’s subdued ABS pipeline, on the heels of a long holiday weekend. There was fresh energy in other securitization markets, however, as a handful of new CMBS deals began marketing after a hiatus in new issuance.
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The head of the Federal Housing Administration, Commissioner Carol Galante, became on Tuesday the highest-ranking policymaker, and the first administration official, to chime in on investor activity in the home rental market.
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Two firms, American Homes 4 Rent and American Residential Properties Inc, will issue debut home rental securitizations in a matter of weeks, after months of anticipation from at least one of the issuers.
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Morningstar Credit Ratings is forging ahead to rate conduit-style securitizations of home rental loans, an offshoot of the single-borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors openly lamenting the post-crisis rating process, which they believe remains flawed.
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Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m.
