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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
Rising aircraft values and higher re-leasing costs caused by a supply shortage are expected to tip cash into aviation ABS and entice debut issuers in 2026. As cash runs down the waterfall, sales of equity notes tied to aviation lease ABS may return, writes Chadwick Van Estrop
Unparalleled European CLO market activity in 2025 compressed spreads and raised the possibility of a bigger standard for benchmark size. But, as Thomas Hopkins reports, leveraged loan market volatility will increasingly lead to tiering in the pricing different managers can achieve

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Balbec Capital markets $219m securitization of DSCR loans

US RMBS issuance barrels on deep into December
Bumper year will lead to even more next year

Public Hotel in New York launches $240m CMBS two years after default

Last week Blackstone securitized Aria Resort in Vegas for $2.7bn in one of the largest hotel deals of the year

New platform packaging US leases for European buyers gets going

Park Street Global structures its first lease-backed deal, qualifying for the portfolio interest exemption
Bumper year will lead to even more next year

LendInvest ramps up development finance funding with £175m warehouse

Senior capital provided by HSBC, supported by AB CarVal and LendInvest
First CRR and Securitization Regulation amendments were released sooner than expected

Palmer Square 2024 CLO reset lands within guidance

Pricing tightens across capital stack as manager retains majority of the equity

All is not as it seems with this year's bumper securitization volumes

Bank issuance is underwhelming despite supportive conditions
First CRR and Securitization Regulation amendments were released sooner than expected
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