KBRA releases the April 2024 issue of CMBS Trend Watch.

U.S. private label CMBS issuance slowed to $6.4 billion in April from $9 billion in March amid widening spreads. There were 11 deals including nine single-borrower (SB) and two conduit deals that priced in April, with year-over-year volume up 213%. Based on our current visibility, there could be up to 17 deals announced in May and June. These include eight SB, seven conduits, one Freddie Mac (Agency), and one commercial real estate collateralized loan obligation (CRE CLO).

In April, KBRA published pre-sales for seven deals ($5.9 billion) including four SB ($3.2 billion), two conduits ($1.8 billion), and one Agency ($866 million). April’s surveillance activity included a ratings review of 481 securities issued in connection with 43 transactions. Of the 481 ratings, 444 were affirmed, 25 were downgraded, and 12 were upgraded. In addition, six ratings were placed on Watch Developing. The activity was effectuated across 43 transactions including 24 conduits, nine Agencies, eight SBs, one CRE CLO, and one small balance commercial deal.

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

Click here to view the report.

Related Publications

• Securitized Multifamily: Markets Can Matter for Maturities
• Data Centers: A Deeper Dive Into Colocation Transactions
• CRE CLO Distress and Loan Modification Rates Soar
• CMBS NRA Determinations up 130% in 2023
• 2023 CMBS Loan Maturities: Better by Count
• CMBS Trend Watch: March 2024
• CMBS Loan Performance Trends: April 2024

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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