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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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With three weeks in the year still to go, US securitization volume has reached a post-crisis high of $474bn, according to S&P Global Ratings. -
Bank of America Merrill Lynch has priced the £350m Taurus 2017-2 CMBS, the first transaction backed by a UK commercial property loan since 2015.
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Nordea’s blowout additional tier one (AT1) offering on Tuesday took the instrument into unchartered waters in terms of pricing — beyond where some regular AT1 investors were willing to go. In covered bonds, supply-demand dynamics continue to favour issuers.
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The unwinding of the Federal Reserve’s balance sheet and anticipated rate rises are expected to put downward pressure on CMBS issuance next year, said Kroll Bond Rating Agency on Tuesday.
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Bank of America Merrill Lynch has set initial price guidance on the sole UK sterling CMBS transaction of the year with a view to updating investors on Tuesday.
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Independent servicing group Mount Street is working on obtaining a Greek servicing licence, as interest in portfolio sales from the country heats up.
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With spreads at historically tight levels, the CMBS market benefited from a big jump in loan refinancing during the third quarter to snap up collateral and win market share from life insurance companies, according to data from the Mortgage Bankers Association (MBA).
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Bank of America Merrill Lynch has announced Taurus 2017-2, a sterling denominated CMBS backed by a single loan secured on a portfolio of UK logistics properties — the first sterling CMBS deal to be issued in over two years.
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The aversion of US capital markets investors to regional shopping malls is putting pressure on real estate investment trusts that target the sector, with Fitch stripping one of them of investment grade status on Thursday.
