-

KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--KBRA releases the January 2022 issue of CMBS Trend Watch.

This month’s Spotlight reviews CMBS 2.0 defeasance which snapped back strongly in 2021 after falling by nearly 50% in 2020. Defeasance volume totaled $9.1 billion in full-year 2021, of which 45% closed in the last quarter. Conduit loan defeasance ($8.1 billion) represented much of the increase and was at its highest level in five years.

CMBS private label pricing volume totaled $6.9 billion for January, which was up 45.2% year-over-year (YoY). We currently have visibility of up to 17 deals that could launch in February 2022, including six to eight single-borrower (SB) transactions, three conduits, one Freddie Mac K-Series, and as many as five commercial real estate collateralized loan obligation (CRE CLO) transactions.

In January, KBRA published pre-sales for four deals ($5.2 billion) including two conduits ($2.7 billion), and two Freddie Mac K-Series ($2.5 billion). January’s surveillance activity included rating actions on 287 classes consisting of 253 affirmations and 34 downgrades. A total of 243 KBRA Loans of Concern (K-LOCs) were identified during the month’s surveillance reviews. There were also 18 KBRA Performance Outlook (KPO) changes: two to Outperform from Perform, two to Perform from Underperform, and 14 to Underperform 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

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

KBRA

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

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

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

More News From KBRA

KBRA Releases Research – The Geography of Auto Loan ABS Performance

NEW YORK--(BUSINESS WIRE)--KBRA releases research examining state-level auto loan ABS performance across the U.S. Most auto ABS transactions are geographically diversified, limiting the impact of any single state on overall deal performance. However, geographic differences may be more relevant for whole-loan buyers and for securitizations with outsized concentrations in states performing meaningfully above or below expectations, particularly when those concentrations differ from a shelf’s histo...

KBRA Assigns Preliminary Ratings to PRKCM 2026-AFC6 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 10 classes of mortgage-backed notes issued by PRKCM 2026-AFC6 Trust, a $327.8 million non-prime RMBS transaction. The underlying collateral consists of 793 residential mortgages, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) representing 98.4% and 1.6% of the pool, respectively. The transaction includes a meaningful concentration of collateral that KBRA considers non-prime. All of the loans were origin...

KBRA Assigns Preliminary Ratings to Reach ABS Trust 2026-3

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to five classes of notes issued by Reach ABS Trust 2026-3 (“Reach 2026-3”), an unsecured consumer loan ABS transaction. Credit enhancement consists of overcollateralization, subordination of junior note classes (except for the Class E notes), a cash reserve account funded at closing, and excess spread. This transaction represents Reach Financial, LLC’s (“Reach”, the “Servicer” or the “Company”) third term ABS securitization in 2026 and...
Back to Newsroom