KBRA Releases Monthly CMBS Trend Watch

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.

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