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.