-

KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--KBRA releases the February 2024 issue of CMBS Trend Watch.

Single-borrower (SB) deal activity experienced a strong uptick in February with six deals priced compared to two last month. U.S. CMBS conduit issuance, which was relatively robust in January with four deals priced, quietened down in February. Although no deals launched during the month, we are aware of as many as four that will be announced in March, and a few slated for April. Should the March conduit launches occur, up to 11 deals could be in the market during the month, including seven SB deals. Private label CMBS issuance totaled $8.8 billion year-to-date (YTD) 2024, more than doubling the $4 billion seen in the first two months of 2023.

In February, KBRA published pre-sales for three deals ($1.8 billion) including one commercial real estate (CRE) collateralized loan obligation (CLO) ($397.2 million), one SB ($308.5 million), and one Freddie Mac (Agency) ($1.1 billion). February’s surveillance activity included a ratings review of 529 securities issued in connection with 47 transactions. Of the 529 ratings, 494 were affirmed, 15 were downgraded, and 20 were upgraded. In addition, seven ratings were placed on Watch Developing.

This month’s edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Related Publications

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

Aryansh Agrawal, Analyst, CMBS Ratings Surveillance
+1 646-731-1381
aryansh.agrawal@kbra.com

Larry Kay, Senior Director, CMBS Ratings Surveillance
+1 646-731-2452
larry.kay@kbra.com

Business Development Contact

Dan Stallone, Senior Director
+1 646-731-1308
daniel.stallone@kbra.com

KBRA

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

Release Versions

Contacts

Aryansh Agrawal, Analyst, CMBS Ratings Surveillance
+1 646-731-1381
aryansh.agrawal@kbra.com

Larry Kay, Senior Director, CMBS Ratings Surveillance
+1 646-731-2452
larry.kay@kbra.com

Business Development Contact

Dan Stallone, Senior Director
+1 646-731-1308
daniel.stallone@kbra.com

More News From KBRA

KBRA Assigns Rating to MSC Income Fund, Inc.'s $150 Million Senior Unsecured Notes Due 2029

NEW YORK--(BUSINESS WIRE)--KBRA assigns a rating of BBB- to MSC Income Fund, Inc.'s (NYSE: MSIF or “the company”) $150 million, 6.34% senior unsecured notes due 2029. The rating Outlook is Stable. The proceeds will be used for repayment of existing secured indebtedness. Key Credit Considerations The rating is supported by MSIF’s well diversified $1.3 billion investment portfolio spread among 150 portfolio companies (including equity investments) across 30+ industries as of 4Q25, with ~77% of it...

KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2026-MED1 (SEMT 2026-MED1)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 23 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2026-MED1 (SEMT 2026-MED1). SEMT 2026-MED1 represents the first publicly-rated RMBS backed by loans originated pursuant to Physician or Doctor Loan underwriting programs. These loans, which KBRA generally refers to as Medical Professional Mortgages (MPM), typically originated through specialized prime mortgage programs designed for borrowers in the healthca...

KBRA Releases Research – Middle East Conflict: Credit Implications

NEW YORK--(BUSINESS WIRE)--KBRA releases research that explores the potential credit implications of the war in Iran, examining both the near-term implications and the potential ramifications of a prolonged conflict. The most immediate risks stem from the disruption to traffic through the Strait of Hormuz, alongside broader operational disruption and security risks in the region. Direct exposure across KBRA-rated transactions is limited, although a prolonged conflict could, over time, weaken ma...
Back to Newsroom