KBRA Releases Monthly CMBS Trend Watch
July 03 2024 - 9:15AM
Business Wire
KBRA releases the June 2024 issue of CMBS Trend Watch.
A total of 12 deals comprising $7.7 billion of CMBS issuance
priced in June, representing a year-over-year (YoY) increase of
119%. Year-to-date (YTD), CMBS issuance has reached $43.7 billion,
which is already 11.2% higher than full-year (FY) 2023 levels
($39.3 billion). Based on current visibility, July could show a
marked increase in deal flow as up to 16 could launch in the month,
including up to eight single-asset single borrower (SASB), four
conduits, two commercial real estate collateralized loan obligation
(CRE CLO), and two Freddie Mac (Agency) deals.
In June, KBRA published pre-sales for five deals ($4.4 billion)
including four conduits ($3.8 billion) and one single borrower (SB)
($608.4 million). June’s surveillance activity included rating
reviews of 445 securities issued in connection with 42
transactions. Of the 445 ratings, 358 were affirmed, 74 were
downgraded, and 13 were upgraded. The activity was effectuated
across 42 transactions including 22 conduits, 10 SBs, six Agencies,
three CRE CLOs, and one re-remic (RR) deal.
This month’s edition also highlights recent KBRA research
publications that cover various topical issues.
Click here to view the report.
Related Publications
- Manufactured Home Communities—Affordable Housing Alternative,
but Limited Supply
- CREFC 2024: Are We at an Inflection Point?
- Appraisal Values of Distressed Loans Highlight CMBS Stress
- KBRA CMBS Rating Transitions: 13 Years In
- CMBS Loan Performance Trends: June 2024
- CMBS Trend Watch: May 2024
About KBRA
KBRA is a full-service credit rating agency registered in the
U.S., the EU, and the UK, and is designated to provide structured
finance ratings in Canada. KBRA’s ratings can be used by investors
for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1004988
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Aryansh Agrawal, Analyst +1 646-731-1381
aryansh.agrawal@kbra.com
Larry Kay, Senior Director +1 646-731-2452
larry.kay@kbra.com
Business Development Contact
Daniel Stallone, Managing Director +1 646-731-1308
daniel.stallone@kbra.com