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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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CMBS special purpose vehicle White Tower 2006-3 has dropped its UK High Court case against real estate company Colliers International over the valuation of the property portfolio that backed the £1.15bn securitization. -
Holdings of CMBS at primary dealers fell below $6bn in April for the first time since reporting of the data began three years ago, a further sign that some of the largest market makers for the bonds are pulling back.
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The US CMBS market is set to undergo a transformation in 2016, with market participants predicting that the response to new regulation will dramatically change the nature of the market.
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Bank of America Merrill Lynch announced its second European CMBS deal of the year on Thursday, with a €230m deal backed by a loan made to Canadian real estate investment trust Dream Global REIT in December last year.
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Cantor Commercial Real Estate and Société Générale priced a $160m single borrower CMBS offering backed by the Ritz-Carlton South Beach on Tuesday, pricing the triple-A rated senior tranche at 150bp over swaps.
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A dwindling new issue calendar has kept spreads from blowing back out to levels seen in March, as Citi and Goldman Sachs on Wednesday priced a $694.7m conduit offering at 134bp over swaps for the benchmark triple-A class.
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The CMBS market has staged a dramatic comeback over the past three weeks, with primary triple-A spreads tightening by over 40bp. Still, observers say they are unsure how long the rally can last.
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Stephen Renna, CEO of the Commercial Real Estate Finance Council (CREFC), the main CMBS industry lobbying organisation, has left the group, according to sources speaking with GlobalCapital.
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Index provider Markit has teamed up with commercial mortgage backed securities data and pricing specialist Trepp to launch total return swaps (TRS) on a cash CMBS index. The initiative targets several gaps in the market, by boosting returns for CMBS investors, providing a hedging tool for originators and giving big corporate clients access to a market otherwise denied them by punitive US tax rules.
