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 BNP Paribas 9,725 17 21.27
2 JP Morgan 4,494 5 9.83
3 Citi 4,296 9 9.40
4 Bank of America Merrill Lynch (BAML) 3,067 11 6.71
5 Lloyds Bank 2,346 10 5.13

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 60,473.09 172 11.43%
2 Bank of America Merrill Lynch 55,904.53 150 10.57%
3 Wells Fargo Securities 40,626.48 119 7.68%
4 JPMorgan 40,135.33 115 7.59%
5 Credit Suisse 31,361.02 76 5.93%