Leverage on the rise in bullish US CMBS, but property values a growing concern

Leverage levels in US commercial real estate bonds are set to rise in 2018, according to Fitch Ratings, after three years of decline. The trend is a worry for many in the market, against the backdrop of loosening deal structures, pullback of offshore investors and words of warning from the former Federal Reserve chief on the sector.

  • By David Bell
  • 07 Mar 2018
A report from Fitch on Monday said to expect leverage in new issue conduit deals to rise this year, after three straight years of decline. ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 23,450.22 64 12.57%
2 Bank of America Merrill Lynch 21,899.30 57 11.74%
3 Wells Fargo Securities 16,244.58 49 8.71%
4 JPMorgan 13,192.69 44 7.07%
5 Credit Suisse 10,691.12 19 5.73%