KBRA releases the August 2022 issue of CMBS Trend Watch.

August U.S. CMBS private label issuance of $6.2 billion was almost three times July’s $2.3 billion level. This brought the year-to-date (YTD) total to $59.1 billion, down 3% year-over-year. As the summer winds down, higher interest rates and inflation concerns remain, but based on our current visibility, there could be up to 14 deals that could launch in September. These include as many as seven single-borrower (SB) transactions, five commercial real estate collateralized loan obligation (CRE CLO) transactions, one conduit, and one Freddie Mac K-Series.

In August, KBRA published pre-sales for five deals ($6.3 billion) including two SB transactions ($3 billion), two conduits ($2 billion), and one Freddie Mac K-Series ($1.3 billion). August’s surveillance activity included rating actions on 789 classes consisting of 672 affirmations, 11 downgrades, and 106 upgrades. The activity was effectuated across 84 transactions including 43 Freddie Mac K-Series, 25 conduits, seven SB transactions, four re-remic transactions, four CRE CLOs, and one large loan.

The month’s edition also highlights our recent CMBS research publications.

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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