-

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 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