KBRA releases the November 2022 issue of CMBS Trend Watch.

U.S. CMBS private label issuance continues to be adversely affected by rising interest rates and a challenging economic landscape. The resulting market volatility continues to take a toll on new deal volume, which fell for the third consecutive month in November. The year-to-date (YTD) total stands at $69.4 billion, down 32.9% year-over-year (YoY). Based on current visibility, which is somewhat murky, there could be two deals that may launch in December. These include one single-borrower (SB) transaction and one Freddie Mac K-Series.

In November, KBRA published pre-sales for seven deals ($6 billion) including three conduit ($2.6 billion), two single-family rental ($1.3 billion), one Freddie Mac K-Series ($1.3 billion), and one commercial real estate collateralized loan obligation (CRE CLO) transaction ($814.8 million). November’s surveillance activity included rating actions on 674 classes consisting of 613 affirmations, 27 upgrades, 22 downgrades, nine Watch Upgrades, and three Watch Downgrades. The activity was effectuated across 69 transactions including 34 conduits, 13 SFR transactions, 13 SB transactions, five large loan transactions, three small balance commercial transactions, and one CRE CLO transaction.

The month’s edition also highlights our recent KBRA research publications, which cover various topical issues.

Click here to view the report.

Related Publications

• CMBS 2023 Sector Outlook: Continued Uncertainty
• Single-Borrower CMBS Default and Loss Study: Despite Pandemic Driven Default Highs, Losses Remain Low
• CRE CLO Cash Balances Trend Upward as Market Slows
• CMBS Loan Performance Trends: November 2022

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221202005469/en/