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US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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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. -
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.
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Blackstone is in the CMBS market this week with $1.4bn of paper across two deals, financing a pool of office properties in one of California’s media and entertainment hotspots and a group of furniture store rooms in Las Vegas and North Carolina.
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As the CMBS market starts to claw back some of the market share it lost after the financial crisis, bankers have said the resurgence comes down to a simple factor — pricing.
