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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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New York based fixed income manager Semper Capital Management has launched a new Irish-domiciled £35m mutual fund to allow UK and European investors to invest in the firm’s US mortgage backed securities strategy for the first time. -
After digesting a "wall of maturities" last year, a shortage of collateral is weighing on conduit CMBS volumes. Just one deal has been priced in the last two weeks, although single asset deals and CRE CLOs are running at triple and double last year’s pace.
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Fannie Mae, the world’s biggest green bond issuer, is negotiating with the administrators of the MSCI Bloomberg Barclays Green Bond Index to get more of its green housing loan securitizations included in the benchmark.
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After improving last year, credit metrics in the US CMBS market have worsened in the first quarter of 2018, according to S&P Global Ratings, with new deals showing higher leverage, more interest only loans and lower debt service coverage than last year.
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Volatile equity markets and macroeconomic concerns spilled into CMBS spreads on Friday, with senior bonds priced way off the tight levels seen last month.
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The growth of online shopping has fuelled a surge in appetite from all types of investors for industrial warehouse and fulfillment properties. Life insurance companies have typically dominated in this sector, but CMBS lenders are now taking a bigger share — reflecting the tight pricing on offer in the capital markets.
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Blackstone has announced plans to sell FROSN-2018 DAC, a CMBS secured on Finnish real estate that will fund its acquisition of Sponda Oyj.
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Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Controversial investment fund Clifden’s other tender process, for Fairhold Securitisation, a deeply distressed pre-crisis CMBS backed by UK ground rents, reached a crescendo last week, with another bold bid for legal action against a trustee.
