KBRA releases the March 2024 issue of CMBS Trend Watch.

Three conduit deals priced in March, bringing the total for the quarter to seven. The balance of the conduits all priced in January. Single-borrower (SB) issuance continued its upward trajectory with eight deals priced in March, which is up from six in February and two in January. U.S. private label CMBS issuance totaled $9 billion in March, outpacing the February year-to-date total of $8.8 billion, with year-over-year volume higher by 198.4%.

The momentum could continue into April as up to 15 deals could be announced based on our current visibility, including five conduit and eight SB deals. In addition, one Freddie Mac and one commercial real estate collateralized loan obligation are expected to hit the market.

In March, KBRA published pre-sales for six deals ($4.5 billion) including three conduits ($2.7 billion), two SB ($658.2 million), and one re-remic ($1.2 billion). March’s surveillance activity included a ratings review of 630 securities issued in connection with 61 transactions. Of the 630 ratings, 537 were affirmed, 79 were downgraded, and 14 were upgraded. In addition, eight ratings were placed on Watch Downgrade and seven ratings on Watch Developing.

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

Click here to view the report.

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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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