KBRA Releases Monthly CMBS Trend Watch

KBRA releases the October 2024 issue of CMBS Trend Watch.

The CMBS new issuance market was active in October, in an apparent move ahead of the presidential election and its potential uncertainties. A total of 20 deals ($14.6 billion) priced in the month, bringing year-to-date October issuance higher by 199.1% year-over-year. The election is seemingly bringing a brief pause in issuance in early November, but should quickly rebound. Based on our current visibility, November could see up to 17 deals including seven single-borrower (SB), seven conduits, two Freddie Macs (Agency), and one commercial real estate collateralized loan obligation (CRE CLO) transaction.

In October, KBRA published pre-sales for seven deals ($9 billion) including four conduits ($3.6 billion), two SBs ($4.2 billion), and one Agency ($1.3 billion). October’s surveillance activity included rating reviews of 504 securities issued in connection with 43 transactions. Of the 504 ratings, 425 were affirmed, 68 were downgraded, and 11 were upgraded. In addition, eight ratings were placed on Watch Developing. The activity was effectuated across 43 transactions including 30 conduits, six Agency transactions, six SBs, and one CRE CLO deal.

This month’s edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Related Publications

• Metro-Level CRE Loan Distress: Varied Pace of Deterioration
• Data Center MEP: More Than Meets the Eye
• CMBS Loan Performance Trends: October 2024
• CMBS Trend Watch: September 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.

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