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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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Eddystone Finance plc, one of Sainsbury’s two pre-crisis sale leaseback securitizations, has been fully repaid according to a quarterly bond report published this month. The news comes as the grocery chain announces plans to merge with domestic competitor Asda. -
Investors are lining up to buy the bonds across the capital stack in the third European CMBS transactions of the year.
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Four new CMBS deals are in the works this week, with three backed by single loans. A slowdown in refinancing opportunities, rising rates and fewer issuers are keeping a lid on conduit issuance, although investors say this is helping to maintain underwriting standards.
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Citi’s co-head of CMBS Paul Vanderslice, who had been with the bank for over 25 years, has left to become chief executive officer of Cantor Commercial Real Estate.
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KKR Real Estate Finance Trust announced on Wednesday that it had sold almost 90% of its portfolio of CMBS ‘B’ piece investments, with a dedicated ‘B’ piece fund now doing the bulk of the firm’s buying in that area.
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Bank of America Merrill Lynch announced the latest European CMBS on Thursday, a €300m offering backed by three loans secured on Italian commercial properties.
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The first CMBS deal in the new quarter was priced last Friday, with the senior bonds coming 5bp tighter than the previous offering in the market. With deal supply slowing after a surge in March, the worst of a recent patch of spread widening should be over, said Bank of America Merrill Lynch analysts.
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The latest Blackstone-sponsored CMBS transaction, FROSN-2018 DAC, drew strong demand from investors across the capital stack, reflecting scarcity value and attractive pricing compared with other European ABS sectors.
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Volkswagen Bank has set guidance for its first auto securitization backed by Italian loans, while initial price thoughts for Finnish CMBS FROSN 2018 DAC have been released.
