-

KBRA Releases Monthly CMBS Trend Watch

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

This month’s Trend Watch includes a recap of CRE Finance Council’s 14th annual High Yield, Distressed Assets & Servicing (HYDRA) Conference held on March 31, as well as three reports: Refinancing CMBS 2.0 Loans in a Rising Interest Rate Environment, CMBS 2.0 Weathers Its First Storm, and CMBS Loan Performance Trends: March 2022. We also discuss new issuance and surveillance rating activity.

CMBS private label pricing volume totaled $8.7 billion in March 2022, bringing the year-to-date (YTD) issuance total to $29.2 billion. On a year-over-year (YoY) basis, volume is up 91.8% from 2021. We currently have visibility of up to 14 deals that could launch in April 2022, including three to four single-borrower (SB) transactions, up to three conduits, two Freddie Mac K-Series, and as many as five commercial real estate collateralized loan obligation (CRE CLO) transactions.

In March, KBRA published pre-sales for 10 deals ($6.3 billion) including three conduits ($2.2 billion), one Freddie Mac K-Series ($1.3 billion), two SB transactions ($495.2 million), and four single-family rental ($2.3 billion). March’s surveillance activity included rating actions on 500 classes consisting of 474 affirmations, 17 downgrades, and nine upgrades. There were also 25 KBRA Performance Outlook (KPO) changes: six to Outperform from Perform, five 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 Contact

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 Contact

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

More News From KBRA

KBRA Assigns Preliminary Rating to MRE 2026-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns a preliminary rating to FTAI MRE 2026-1 Cayman Limited and FTAI MRE 2026-1 US LLC (MRE 2026-1), an aviation ABS transaction. MRE 2026-1 represents the first aviation ABS transaction sponsored by FTAI Aviation (FTAI, or the Company). MRE 2026-1 will be serviced by FTAI Aircraft Leasing LLC, FTAI Aircraft Leasing DAC, and FTAI AirOpCo UK Ltd (FTAI Aircraft Leasing, or the Servicers), which is a wholly owned subsidiary of FTAI Aviation. The Company has a $25...

KBRA Assigns Preliminary Ratings to ALLO Issuer, LLC, Series 2026-1 Senior Secured Notes

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series 2026-1 Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2026-1 Notes) from ALLO Issuer, LLC, (the Issuer), a communications infrastructure securitization. ALLO 2026-1 represents ALLO Issuer, LLC’s (the Issuer) fourth securitization following the initial Series 2023-1 Notes. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes su...

KBRA Releases 12 Things in Credit: April 2026

NEW YORK--(BUSINESS WIRE)--KBRA releases its latest 12 Things in Credit report, highlighting timely credit market themes drawn from our weekly podcast, 3 Things in Credit, hosted by KBRA’s Chief Strategist, Van Hesser. Among the wide-ranging topics Van discusses in this issue are the strength of the rebound in job creation, the surge in corporate earnings growth, and changing risk narratives due to improved visibility. Each Friday, the podcast covers three Things impacting credit that market pa...
Back to Newsroom