-

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 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