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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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Creditors of Caesars Palace in Las Vegas have turned to the CMBS market to raise debt against the casino to help finance the Chapter 11 restructuring of the business. -
US hedge fund Ellington Management has bought into the equity of a private Greek NPL securitization, cutting the investment that Aldridge EDC, the original investor in the portfolio, has to put down.
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US CMBS conduit spreads hit their tightest level since July 2014 on Friday, as market watchers eye heavy demand even in the face of a deluge of new paper in the fourth quarter.
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Goldman Sachs is prepping a single asset deal backed by part of a $1.2bn financing package on New York office building One Worldwide Plaza, according to sources. But while New York office collateral has formed the bedrock of SASB issuance this year, investors could soon start running up against concentration limits, according to one originator.
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Issuers have given price guidance for the $1.13bn BANK 2017-BNK8 conduit CMBS deal, targeting the tightest super senior triple-A pricing of 2017.
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The US CMBS market has surprised to the upside in 2017, with year to date issuance set to surpass full year 2016 volumes and spreads touching their tightest levels since 2014. However, the outlook for 2018 is looking less clear on the back of fewer loan maturities and a slowdown in commercial real estate transaction volume.
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Commercial real estate lenders have filled over half of the pool of a new conduit CMBS with office loans, a sector that is drawing increased credit concerns, while also plugging the portfolio with higher than average volume of multifamily properties, an asset type which is seen as one of the strongest.
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JP Morgan and Deutsche Bank priced the latest conduit CMBS deal at year tight levels last Friday, as analysts predict further tightening in CMBS debt after the market lagged a rally in corporate debt last month.
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KKR closed a $1.1bn risk retention fund on Tuesday, and the firm’s co-head of real estate credit told GlobalCapital that market consolidation brought on by risk retention has strengthened credit quality in the asset class.
