KBRA releases the May 2022 issue of CMBS Trend Watch.

Although CMBS private label issuance is up 41% year-over-year, activity has meaningfully slowed due to various headwinds. Actual and contemplated Federal Reserve actions have taken their toll, while inflation and geopolitical concerns continue to weigh on markets. While there is much uncertainty on the horizon, we currently have visibility into a number of deals that could launch through June 2022, including a handful of single-borrower (SB) transactions, two to three single-family rentals (SFR), two conduits, and one Freddie Mac K-Series deal.

In May, KBRA published pre-sales for two conduit deals ($1.4 billion). May’s surveillance activity included rating actions on 506 classes consisting of 473 affirmations, 22 downgrades, and 11 upgrades. The activity was effectuated across 48 transactions including 24 conduits, 11 SB transactions, seven Freddie Mac K-Series, five commercial real estate collateralized loan obligations (CRE CLO), and one re-remic. There were also 32 KBRA Performance Outlook (KPO) changes: eight to Outperform from Perform, 17 to Perform from Underperform, and seven to Underperform from Perform.

The month’s edition also highlights recent KBRA research publications that may be of interest.

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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