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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
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Seven private label CMBS deals worth about $3.7bn were priced last week, including two conduit deals and five single borrower transactions. Total private CMBS issuance year to date has hit $57bn, up from $43bn at this time last year, according to Bank of America Merrill Lynch data. -
The European Parliament has proposed an amendment to the new Capital Requirements Regulation protecting banks from the consequences of “massive disposals” of non-performing loans.
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Blackstone Mortgage Trust, a publicly traded REIT affiliated with the private equity firm, reported better-than-expected second quarter earnings on Wednesday on the back of rising net interest income and a number of high-profile real estate deals.
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A tussle for control of a pre-crisis defaulted CMBS issuer took an unusual twist last week, with contradictory notifications distributed to noteholders in the name of the company. It left investors and observers puzzled as to what to believe, and raised questions as to whether market abuse regulations have been flouted. Asad Ali reports.
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SC Lowy Asset Management has hired William Bishop as senior sourcer for distressed debt in London.
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Four deals were priced on Thursday in the CMBS market, including three single asset single borrower deals and one conduit deal.
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The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.
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Sources speaking with GlobalCapital on Wednesday said that the growth of the commercial real estate CLO market is gnawing away at lenders’ ability to keep underwriting standards high and remain competitive, pushing out traditional sources of debt capital in favour of debt funds and other alternative providers.
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Clifden IOM, the fund which failed in its tender offer for UK non-conforming RMBS bonds from the RMAC series earlier this year, is still on the hunt for assets from the issuer of Fairhold Securitisation, a pre-crisis distressed CMBS backed by UK ground rents.
