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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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Goldman Sachs as sole arranger, lead manager and bookrunner announced a €235m CMBS, Kantoor Finance 2018 DAC, on Wednesday, the second CMBS of the year from the investment bank. It follows swiftly on the heels of its £427m Ribbon Finance deal, which was priced at the end of May. -
Commercial real estate CLO issuance is on a tear in 2018, with $6.4bn already printed so far — including deals from stalwarts such as Blackstone and newcomers such as Silverpeak Argentic and Varde.
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The excesses of the pre-crisis years in CMBS are a distant memory but a host of downside risks are emerging as the credit cycles reaches its peak, warned a panel of commercial real estate finance experts at the annual CREFC conference in New York on Tuesday.
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US CMBS delinquency rates are at historic low levels despite retail bankruptcies and department store closures this year, casting doubt on the hedge funds which made big bets on ‘a Big Short’ style trade on the CMBX indices.
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Analysts at Kroll Bond Rating Agency have predicted that more CMBS borrowers may elect to “defease” their collateralized bonds this year before rates creep higher, although investors say an overheated commercial real estate market could drag on prepayment rates.
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Moody’s Investors Service sounded the alarm on deteriorating underwriting standards in the US CMBS market on Friday, as interest only lending and single tenant concentrations spike to levels last seen in 2007.
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The overall delinquency rate for real estate loans packaged in CMBS transactions declined to 4.12% this month, the lowest rate in nearly a decade, according to CMBS data provider Trepp.
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A pair of single borrower CMBS offerings have entered the primary pipeline this week, highlighting the continued popularity of large loan deals in the market this year.
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Two sterling MBS transactions in the market have been tightened from initial price talk, reflecting a healthy sterling bid for paper.
