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The Evolution Of U.S. CMBS 2.0: New Trends Emerge And Some "Old" Ones Reappear May 11 Product Image

The Evolution Of U.S. CMBS 2.0: New Trends Emerge And Some "Old" Ones Reappear May 11

  • ID: 1802232
  • May 2011
  • Region: United States
  • Standard & Poors

Abstract
The U.S. CMBS market experienced a somewhat swift evolution between late 2009 and early 2011, as single-borrower transactions gave way to a market characterized by relatively larger, more complex multiborrower deals. During the last few months, we've observed a few new trends, a few "old" ones, and a continuation of some that we reported on earlier in the year (see "15 Months Later... The Caution Flag Is Out For CMBS 2.0," published Feb. 23, 2011). With the exception of the recently priced Cantor Fitzgerald conduit/fusion deal (CFCRE Commercial Mortgage Trust 2011-C1; $634.5 million), this year's transaction sizes have ranged from $1.3 billion to $2.2 billion, and we expect future issuances to stay generally in this range through the end of...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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