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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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Credit Suisse’s pan-European commercial mortgage securitisation Titan Europe 2006-3 has seen its three senior tranches downgraded by Moody’s, as analysts predict “very large” losses on the remaining underlying pool.
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Piper Jaffray & Co. is said to be picking up two executives from Gleacher & Co.’s mortgage-backed securities and rates division.
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Market players are buzzing that a $417.3 million American Money Management Corp. collateralized loan obligation is the final CLO contract for arranging bank UBS.
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Dutch residential mortgage-backed issuance is expected to outstrip the historically larger U.K. prime RMBS market this year, London-based securitization bankers said.
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Losses are expected to reach €170m-€180m for the Countrywide Kaufland loan in the Epic (Drummond) synthetic CMBS, according to Barclays CMBS analyst Christian Aufsatz. The forecast means even class ‘A’ noteholders face the prospect of suffering principal losses.
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Investors on both sides of the Atlantic are ramping up their interest in German multi-family CMBS, driving spreads for senior bonds in Grand (German Residential Asset Note Distributor) back to par. However, Deutsche Bank could beat any new German multi-family supply to market with a new Chiswick Park CMBS.
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Spanish lender Cajamar Caja Rural is preparing the first securitization tender offer of the year, with a plan to repurchase nine residential mortgage-backed bonds and one tranche of a small-to-medium enterprise collateralized loan obligations from bondholders.
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Deutsche Bank is looking to hit the market with a new set of commercial mortgage-backed securities backed by a new loan on the Chiswick Park business park in west London, prepaying the bonds from its Deco 2011-Chiswick Park deal.
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U.K. non-conforming residential mortgage-backed securities could see a sharp divergence between stronger credits in securitized paper and less well-bid names.