CMBS & CRE

Highlights

• 25 Apr 2022
  • CMBS – US: Westfield's planned sale of US malls poses credit risks to certain deals
    Particularly vulnerable US CMBS include those exposed to regional malls that have (1) already experienced declining performance and (2) loan maturity dates through the end of 2023. However, deals’ overall Westfield exposure is relatively small and certain assets’ high quality will likely support values in excess of loan amounts.   Full Report​​
• 16 Dec 2021
  • Structured Finance – Global: 2022 Outlook — Strong asset performance will continue despite COVID-19 uncertainty
    Structured finance transactions will be subject to the effects of both temporary and permanent changes in 2022 as economic growth persists despite the ever-looming threat of COVID-19 variants. Changes to consumer and corporate spending patterns stemming from pandemic-related disruptions will affect transaction credit quality and performance. Meanwhile, many consumers have improved their financial positions via increased savings since 2020, while companies have taken on more debt.   Full Report​
• 9 Dec 2021
  • CMBS and CRE CLOs – US: 2022 Outlook — Recovery will aid new deals; risk remains for outstanding deals with the pandemic's hardest-hit assets
    With the pandemic's economic fallout continuing to recede in 2022, rising demand for commercial real estate will help support cash flow and values across commercial mortgage-backed securities asset classes. However, income and values for particularly hard-hit properties will remain weakened, exposing deals to performance risk.   Full Report​​