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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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Issuers are wasting no time in January, with Cantor Commercial Real Estate announcing a $703.6m conduit deal on Monday to kick off the 2016 new issue pipeline. -
After five years of steady improvement, the CMBS sector in 2016 is staring down more uncertainty than at any point since the financial crisis. Once a vague threat in the distant future, new regulation will become reality. This, coupled with Fed liftoff and ever increasing liquidity constraints will put pressure on CMBS spreads, which are already wide. Can the market find a reason to hope? Max Adams finds out.
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CMBS investors next month will flock to Miami for the annual CREFC meeting, where they will look to get a read on three key issues that face the market in 2016 – implementation of risk retention, secondary market liquidity and new issuance volume.
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Issuers on Thursday priced RAIT 2015-FL5, a $347.4m commercial real estate (CRE) CLO, selling the senior class of bonds at 210bp over one month Libor.
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Riverton apartments, an affordable housing complex in Manhattan, was sold for $205m this week, dispelling uncertainty around the property’s CMBS loan, which has been in special servicing since 2008.
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The CMBS market has wrapped up the year over 40bp wide of where it began, as issuers on Tuesday priced the super senior triple-A class of the final conduit of 2015 at 140bp over swaps.
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Joint lead managers priced the $860.6m WFCM 2015-P2 conduit CMBS on Tuesday, offering investors a reprieve from the near constant widening that has taken place in the space over the past two months.
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Fitch warned this week of an uptick in CMBS loans being dropped from deals ahead of securitization, a trend that the agency said points to a lack of originator due diligence.
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Issuers of CMBS offered a host of deals to investors this week to kick off the final push to year end, as market participants grow increasingly uneasy over conditions going into 2016.
