KBRA Releases Monthly CMBS Trend Watch

Kroll Bond Rating Agency (KBRA) releases the October 2021 issue of CMBS Trend Watch.

CMBS private label pricing volume ended the month of October at $15.2 billion, bringing the year-to-date (YTD) issuance total to $84.1 billion, up 83.3% year-over-year. We currently have visibility of up to 21 deals that could launch in November, including seven to 10 single-borrower (SB) transactions, five conduits, two Freddie Mac K-Series, and as many as four commercial real estate collateralized loan obligation (CRE CLO) transactions.

In October, KBRA published pre-sales for six deals ($4.8 billion) including three SB transactions ($3.3 billion), one conduit ($952.3 million), one single-family rental ($303.7 million), and one small balance commercial ($204.2 million). October’s surveillance activity included rating actions on 515 classes consisting of 492 affirmations, 20 downgrades, and three upgrades. There were 327 KBRA Loans of Concern (K-LOCs) identified during the month. There were also 13 KBRA Performance Outlook (KPO) changes: one to Outperform from Perform, two to Perform from Underperform, and 10 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.

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