KBRA releases the February 2024 issue of CMBS Trend Watch.

Single-borrower (SB) deal activity experienced a strong uptick in February with six deals priced compared to two last month. U.S. CMBS conduit issuance, which was relatively robust in January with four deals priced, quietened down in February. Although no deals launched during the month, we are aware of as many as four that will be announced in March, and a few slated for April. Should the March conduit launches occur, up to 11 deals could be in the market during the month, including seven SB deals. Private label CMBS issuance totaled $8.8 billion year-to-date (YTD) 2024, more than doubling the $4 billion seen in the first two months of 2023.

In February, KBRA published pre-sales for three deals ($1.8 billion) including one commercial real estate (CRE) collateralized loan obligation (CLO) ($397.2 million), one SB ($308.5 million), and one Freddie Mac (Agency) ($1.1 billion). February’s surveillance activity included a ratings review of 529 securities issued in connection with 47 transactions. Of the 529 ratings, 494 were affirmed, 15 were downgraded, and 20 were upgraded. In addition, seven ratings were placed on Watch Developing.

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

Click here to view the report.

Related Publications

• SFVegas 2024 Conference: Tuesday Recap
• SFVegas 2024 Conference: Monday Recap
• CRE CLO Distress and Loan Modification Rates Soar
• CMBS NRA Determinations up 130% in 2023
• 2023 CMBS Loan Maturities: Better by Count
• KBRA CMBS Loss Compendium Update: December 2023
• 5- and 10-Year Deal Credit Metrics

• CMBS Trend Watch: January 2024
• CMBS Loan Performance Trends: February 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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