-

KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--KBRA releases the March 2026 issue of CMBS Trend Watch.

In March, 12 commercial mortgage-backed securities (CMBS) private label issuance deals closed, including eight single-borrower (SB) and four conduits, bringing the year-to-date (YTD) issuance total to $32.9 billion. This represents a 12.4% decrease in year-over-year (YoY) Q1 issuance volume. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance jumped to six deals, doubling February's three, bringing YTD issuance to $14.5 billion, representing a 73.6% Q1 YoY increase.

With the Middle East conflict, higher energy prices, and stickier inflation, the Federal Reserve signaled it may be less inclined to lower interest rates. These macroeconomic uncertainties have also led to increasing loan and bond spreads. Against this backdrop and based on our current visibility, there are up to 13 CMBS deals slated to be announced in April, including nine SB, and four conduits; as well as four CRE CLOs, and two Freddie Mac K-Series (Agency). However, persistent market volatility could delay some of these transactions.

In March, KBRA published pre-sales for seven deals ($5.1 billion), including two CRE CLOs ($1.5 billion), two conduits ($1.4 billion), two Single Family Rental (SF) ($965.7 million), and one SB ($1.2 billion). March's surveillance activity included rating reviews of 604 securities. Of the 604 ratings, 534 were affirmed (88.4%), 65 were downgraded (10.8%), and five were upgraded (0.8%). In addition, eight ratings were placed on Watch Downgrade (DN).

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

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1014279

Contacts

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

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

Business Development Contact

Andrew Foster, Senior Director
+1 646-731-1470
andrew.foster@kbra.com

Kroll Bond Rating Agency, LLC

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

Release Versions

Contacts

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

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

Business Development Contact

Andrew Foster, Senior Director
+1 646-731-1470
andrew.foster@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns AAA Rating to Metropolitan Transit Authority of Harris County, TX Sales Tax Contractual Obligations Series 2026; Affirms Rating for Outstanding Bonds; Outlook Stable

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term AAA rating to Metropolitan Transit Authority of Harris County, Texas (the Authority) Sales and Use Tax Contractual Obligations, Series 2026. Concurrently, KBRA assigns the AAA rating to the Authority's outstanding Contractual Obligations and affirms the AAA long-term rating on the Authority's outstanding Sales Tax Bonds. The Outlook is Stable. Sales and Use Tax Contractual obligations are secured on parity by a gross lien pledge of 75% of rece...

KBRA Assigns Preliminary Ratings to PRKCM 2026-AFC2 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 10 classes of mortgage-backed notes issued by PRKCM 2026-AFC2 Trust, a $395.5 million non-prime RMBS transaction. The underlying collateral consists of 1,040 residential mortgages, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) representing 96.8% and 3.2% of the pool, respectively. The transaction includes a meaningful concentration of collateral that KBRA considers non-prime. All of the loans were orig...

KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2026-5 (SEMT 2026-5)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 102 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2026-5 (SEMT 2026-5), a $744.2 million prime RMBS transaction. The pool is comprised of 576 first-lien, fully amortizing fixed rate mortgages with mostly 30-year maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 779 and moderate borrower equity, with a WA original LTV of 72.3% and WA original CLTV of 72.3%....
Back to Newsroom