KBRA Releases Monthly CMBS Trend Watch

KBRA releases the February 2025 issue of CMBS Trend Watch.

The appetite for U.S. private label CMBS issuance remained strong in February as 17 deals priced for a total volume of $18.3 billion, more than doubling January’s issuance of $7.9 billion. On a year-over-year (YoY) basis, issuance is higher by 196.3% with no likely slowdown on the horizon. Based on our current visibility, up to 22 rated deals could launch in March, including 10 single borrower (SB), seven conduits, four commercial real estate collateralized loan obligations (CRE CLO), and one Freddie Mac (Agency).

In February, KBRA published pre-sales for 11 deals including five conduits ($4.1 billion), four SB ($6.1 billion), and two Agency ($2 billion). February’s surveillance activity included rating reviews of 508 securities issued in connection with 45 transactions, including 26 conduits, 10 Agencies, six SBs, two CRE CLOs, and one large loan. Of the 508 ratings, 456 were affirmed, 41 were downgraded, and 11 were upgraded.

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

Click here to view the report.

Recent Publications

• New York City Leads CMBS Multifamily Issuance as Distress Jumps
• KBRA Examines CMBS GSA Risk Amid Government Cuts
• 2025 CMBS Sector Outlook: Twin Peaks?
• CREFC January Conference 2025 – Day 3 Recap
• CREFC January Conference 2025 – Day 2 Recap
• CREFC January Conference 2025 – Day 1 Recap
• 2024 CMBS Loan Maturities: Payoff Rates Decrease
• KBRA CMBS Loss Compendium Update: December 2024
• CMBS Trend Watch: January 2025
• CMBS Loan Performance Trends: February 2025

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1008418

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