-

KBRA Releases Monthly CMBS Trend Watch

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

Commercial mortgage-backed securities (CMBS) private label issuance began to gather steam again in April as deals that were delayed due to geopolitical events came to market. While geopolitical concerns still exist, spreads have tightened and it appears that market sentiment has improved. In addition, with the Federal Reserve leaving interest rates unchanged in April, rate stability could boost issuance.

In April, 17 CMBS deals closed compared to 12 in March. These included 15 single-borrower (SB) and two conduits, bringing year-to-date (YTD) issuance to $42 billion. On a year-over-year (YoY) basis, YTD issuance is up slightly by 2.8%. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance consisted of three deals with YTD issuance of $18.1 billion for a 57.7% YoY increase. For May, based on our current visibility, there are up to 20 deals that could launch, including nine SB, five conduits, five CRE CLOs, and one Freddie Mac fixed rate K-Deal (Agency).

In April, KBRA published pre-sales for 10 deals ($11.1 billion), including five SB ($4.3 billion), two conduits ($1.2 billion), one Agency ($1.3 billion), one CRE CLO ($1 billion), and one re-remic ($3.3 billion). April's surveillance activity included rating reviews of 482 securities. Of the 482 ratings, 412 were affirmed (85.5%), 60 were downgraded (12.4%), and 10 were upgraded (2.1%). In addition, five ratings were placed on Watch Downgrade (DN) and three maintained Watch DN statuses.

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: 1014808

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 Preliminary Ratings to SMRT 2026-MINI

NEW YORK--(BUSINESS WIRE)--KBRA announces the assignment of preliminary ratings to four classes of SMRT 2026-MINI, a CMBS single-borrower securitization. The collateral for the transaction is a $2.125 billion floating rate, interest-only mortgage loan. The loan is expected to have a two-year initial term with three, 12-month extension options and will require monthly interest-only payments based on one-month Term SOFR plus an assumed spread of 2.30%. The loan will be secured by the borrower’s f...

KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-6 and Pagaya AI Debt Trust 2026-6

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 13 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-6 and Pagaya AI Debt Trust 2026-6, collectively “PAID 2026-6,” an unsecured consumer loan ABS transaction. PAID 2026-6 has initial hard credit enhancement levels ranging from 80.57% for the Class A-1 Notes to 3.72% for the Class F-2 Notes. Credit enhancement is comprised of overcollateralization, subordination, except for the Class F-2 Notes, cash reserve accounts funde...

KBRA Assigns Preliminary Ratings to BINOM Mortgage Loan Trust 2026-NQM2 (BINOM 2026-NQM2)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 11 classes of mortgage-backed notes from BINOM 2026-NQM2 Trust, an RMBS transaction issued by SLC BINOM Sponsor LLC as seller/sponsor which includes a meaningful concentration of collateral that KBRA considers to be “non-prime.” The $328.8 million RMBS transaction is collateralized by a pool of 683 residential mortgages, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 98.4% and 1.6% of the pool...
Back to Newsroom