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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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A slew of new issue CLOs were priced on Monday and Tuesday this week, with broadly syndicated, middle market and commercial real estate deals all vying for investor attention. -
Single borrower CMBS deals dominated the US CMBS market last week, with a Blackstone hotel portfolio priced slightly wide of guidance and a New York office building deal priced just inside initial levels.
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A slew of commercial properties are being financed with floating rate CMBS debt in recent weeks, with banks eager to satisfy high levels of investor demand for floating rate bonds.
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The US CMBS market is exploring different ways of complying with risk retention beyond the structures used so far, with new methods of dealing with the rule being seen among non-banks and in the single borrower market.
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In a mid-year outlook of the global structured finance markets, analysts from S&P Global Ratings pointed out the rise of private portfolio lenders in commercial real estate, at the expense of a struggling CMBS market.
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Activity is dwindling in the European ABS market as the summer draws on, but investors still have opportunities to buy off the run deals with a rare Swiss franc denominated Austrian CMBS deal and a Spanish credit card deal being marketed this week.
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A $1.4bn single borrower CMBS deal hit the market on Wednesday, as the pipeline for single asset/single borrower deal bulges with floating rate borrowers keen to refinance deals ahead of further rate hikes.
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Pre-crisis CMBS loans were in the spotlight this week, after a raft of property liquidations in three deals wiped out $410m of bonds, while Fitch reported that delinquencies jumped in June by the highest amount for six years.
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A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.
