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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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Moody’s Investors Service tracked a divergence in collateral quality for conduit commercial mortgage-backed securities deals in the third quarter, with a high volume of lower-quality collateral on one end of the spectrum, large trophy assets on the other and few middle-of-the-road assets in between. “While the issuer subsequently drops most of these [lower-quality] assets, the fact they continue to be originated indicates that flaws remain within the CMBS business model,” Tad Philipp, director of commercial real estate research, told sister publication Real Estate Finance Intelligence.
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Securitization still has a “big black eye” coming out of the financial crisis, but it still has the potential to benefit investors, lenders and borrowers, said Lewis Ranieri, chairman of Ranieri Partners in a white paper published today.
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Leads on F Van Lanschot Bankiers’ first deal from its new residential mortgage-backed securities shelf, Lunet, opened books on Monday morning, after the borrower finished a European roadshow last week.
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London-based Mint Partners is looking to put together a novel CLO-type transaction backed by loans made to UK property developers for prime residential developments in London.
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U.K. lender Virgin Money has priced its re-offer of £300 million (£484.97 million) worth of previously-retained A2 notes from last year’s Gosforth 2012-2 U.K. prime residential mortgage securitization.
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Former UBS head of mortgage-backed securities trading Brian Cohane has come out of a seven-year retirement to help Société Générale expand its trading operations into agency MBS.
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UK property company Telereal Trillium got an enthusiastic response from investors on Friday morning, when it launched a £500m bond secured on UK properties occupied by British Telecom.
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Two loans securitized in Deutsche Bank’s Deco 11 – UK Conduit 3 commercial mortgage-backed deal have defaulted and will enter into special servicing.
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Two loans securitized in Deutsche Bank’s Deco 11 – U.K. Conduit 3 commercial mortgage-backed deal have defaulted and will enter into special servicing.