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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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Heathrow Airport Holdings, which owns several UK airports, launched a £750m bond on Thursday that found strong demand, exceeding the issuer and lead managers’ hopes.
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UK property company Telereal Trillium has met investors in the UK ahead of a £500m bond issue that will be secured by a portfolio of properties leased to British Telecom.
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The revival of the primary CMBS market is set to continue next year, said Conor Downey, partner at Paul Hastings. The refinancing of existing CMBS is likely to make up the bulk of dealflow, he added, but some banks are beginning to show greater appetite for lending with securitization in mind, meaning the first post-crisis multi-loan CMBS in Europe is not out of the question.
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Noreco, or Norwegian Energy Co, has announced plans to restructure its bonds and raise new equity in a private placement. Holders of its Nkr3.1bn (€383m) of bonds would not lose out on face value under the plans, but would receive less interest and longer maturities.
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Banks are bidding up Ginnie Mae and Treasury bonds this week in anticipation of the Federal Reserves’s new U.S. liquidity rules, which may keep higher risk weightings on Fannie Mae and Freddie Mac bonds.
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The revival of Europe’s commercial mortgage-backed securities primary market is set to continue next year, according to Conor Downey, partner at Paul Hastings.
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The revival of the CMBS primary market is set to continue next year, according to Conor Downer, partner at Paul Hastings. The refinancing of existing CMBS is likely to make up the bulk of dealflow, he added, but some banks are beginning to show greater appetite for lending with securitization in mind, meaning the first post-crisis multi-loan CMBS in Europe is not out of the question.
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Lewis Ranieri’s residential mortgage lending company Shellpoint Partners announced Tuesday it withdrew its $250.84 million securitization of jumbo loans after two attempts in market, opting instead for a whole loan sale.
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UK property company Telereal Trillium has started meeting investors in the UK ahead of a £500m bond issue that will be secured by a portfolio of properties leased to British Telecom.