KBRA Releases Monthly CMBS Trend Watch

NEW YORK--()--Kroll Bond Rating Agency (KBRA) releases the June 2021 issue of CMBS Trend Watch.

CMBS private label pricing volume ended the month of June at $13.5 billion, almost 3x May’s volume ($4.7 billion), bringing the year-to-date (YTD) issuance total to $44.1 billion. On a year-over-year (YoY) basis, volume is up 53.8% from 2020. We currently have visibility of up to 13 deals that could launch this July, including three conduits, four to six single-borrower (SB) transactions, and as many as four commercial real estate collateralized loan obligation (CRE CLO) transactions.

In June, KBRA published pre-sales for 10 deals ($13.8 billion) including four conduits ($3.7 billion), two SB transactions ($6.3 billion), three single-family rental transactions ($3 billion), and one Freddie Mac K-Series transaction ($803.9 million). June’s surveillance activity included rating actions on 352 classes consisting of 321 affirmations, two upgrades, and 29 downgrades. The activity was effectuated across 29 transactions including 18 conduits, five SB transactions, one large loan (LL), four Freddie Mac K-Series, and one CRE CLO. There were 212 KBRA Loans of Concern (K-LOCs) identified during the month. There were also 12 KBRA Performance Outlook (KPO) changes, including 11 to Underperform from Perform and one to Outperform from Perform.

Click here to view the report.

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.

Contacts

Giselle Vuong, Associate
+1 (646) 731-2435
giselle.vuong@kbra.com

Larry Kay, Senior Director
+1 (646) 731-2452
larry.kay@kbra.com

Eric Thompson, Senior Managing Director
+1 (646) 731-2355
eric.thompson@kbra.com

Business Development Contact

Michele Patterson, Managing Director
+1 (646) 731-2397
michele.patterson@kbra.com

Contacts

Giselle Vuong, Associate
+1 (646) 731-2435
giselle.vuong@kbra.com

Larry Kay, Senior Director
+1 (646) 731-2452
larry.kay@kbra.com

Eric Thompson, Senior Managing Director
+1 (646) 731-2355
eric.thompson@kbra.com

Business Development Contact

Michele Patterson, Managing Director
+1 (646) 731-2397
michele.patterson@kbra.com