KBRA Releases Monthly CMBS Trend Watch

KBRA releases the November 2024 issue of CMBS Trend Watch.

CMBS new issuance continued at a steady pace in November and is on track to pierce $100 billion, a level only experienced once since the global financial crisis. Year-to-date through November, issuance totaled $95.9 billion for a year-over-year increase of 172.3%. Based on our current visibility, December could see up to 12 rated deals price including seven single-borrower (SB), four conduits, and one Freddie Mac (Agency).

In November, KBRA published pre-sales for three deals ($2.5 billion) including two conduits ($1.6 billion) and one Agency ($875 million). November’s surveillance activity included rating reviews of 752 securities issued in connection with 70 transactions. Of the 752 ratings, 624 were affirmed, 100 were downgraded, and 28 were upgraded. In addition, one rating was placed on Watch Developing. The activity was effectuated across 70 transactions including 40 conduits, 12 single-family rental (SFR), eight SBs, four Agencies, three small balance commercial (SC), two commercial real estate collateralized loan obligations (CRE CLO), and one large loan (LL) transaction.

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

Click here to view the report.

Related Publications

• 2025 CMBS Sector Outlook: Twin Peaks?
• Multifamily Performance—Conduit Distress Increases as Freddie Mac Holds the Line
• Metro-Level CRE Loan Distress: Varied Pace of Deterioration
• Data Center MEP: More Than Meets the Eye
• CMBS Loan Performance Trends: November 2024
• CMBS Trend Watch: October 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.

Doc ID: 1007114

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