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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
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Three banks sold an $810.5m single asset CMBS deal backed by a loan on the office tower at 55 Hudson Yards this week.
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Continued low interest rates and the enduring strength of the US commercial real estate market will drive higher volumes of CMBS across all asset classes next year, said Kroll Bond Rating Agency in its 2020 outlook report.
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Bank of America Securities is marketing its fourth European CMBS of the year, looking to securitize a loan financing a Finnish shopping centre and offices owned by Blackstone — by far the most active sponsor in the market this year. The deal will hit the market with its covenants already triggered, as the offices backing the deal are still under construction. -
Morgan Stanley sold the latest conduit CMBS transaction at the end of last week, putting the US non-agency CMBS sector on track to eclipse the total volume issued in 2018.
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Newly appointed EMEA investment grade DCM head Mark Lewellen has outlined the management team for Deutsche Bank’s bond operations in the region, creating a new role running real estate origination, giving Achim Linsenmaier responsibility for the public sector business, and giving Federica Calvetti environmental, social and governance responsibilities.
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Asset manager AllianceBernstein has criticized the viability of shorting the CMBX.6 index, nicknamed the “next big short” by proponents of the trade, arguing that the decline of US shopping malls has been greatly exaggerated.
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The next economic downturn will be much more severe than the last financial crisis, predicted Dr. Edward Altman, a professor of finance at NYU Stern School of Business. That companies have twice as much debt outstanding as they did before the last crisis was the critical factor, he said.
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The European Commission has approved Greek plans to set up a scheme called Hercules to enable the country’s banks to cut their non-performing loan (NPL) exposures.
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Blackstone this week priced the largest CMBS transaction since the financial crisis, selling bonds totalling $5.6bn backed by a portfolio of warehouses it acquired from real estate asset manager GLP in June.
