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CMBS Issuance Drops in Q3, JPMorgan Securities Remains Most Active

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CMBS issuance by U.S. private-label entities totaled $17.6 billion during the third quarter, bringing year-to-date issuance to just north of $58 billion, according to research by Trepp. That represents a nearly 4% drop from the $60.4 billion that had been issued at the same point a year ago.

Trepp predicts total issuance for 2018 to fall in the $77 billion to $80 billion range. Total issuance last year reached $86.4 billion. Collateralized loan obligations (CLOs) aren’t included in that figure.

Trepp points out there have been 20 CLO deals, totaling $10.1 billion, priced so far this year. By the close of the year, a dozen more single-borrower transactions are anticipated to be brought to market, along with as many as six conduit transactions. Single-borrower deals have outpaced the number of conduit deals priced this year by more than double, and conduit issuance is down 13% from 2017’s level.

The most-active CMBS bookrunner remains JPMorgan Securities, with 16 deals totaling $9.7 billion for a 16.8% share of the overall market, according to Trepp. Deutsche Bank followed with with 11 deals totaling $7.9 billion, and Goldman Sachs had 12 deals totaling $6.5 billion.


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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