CMBS

Tenants also have a high average credit quality, with 75.9% of them having at least an investment grade rating, and lease assets underlying the class A notes have a loan-to-value (LTV) ratio limited to 70%.

The multifamily property securities market is expected to stay resilient, despite weaknesses in certain markets due to cooling rent growth, higher vacancy, or oversupply.

Deal production has been a bright spot, but delinquencies could soon reach record highs, especially for office CMBS.

Despite shifts in work habits after COVID-19, the office building was 93.8% leased at the start of the month.

ABS overall should outperform, but risks remain in specific areas

Delay refinancing two loans prompts drop to below investment-grade for one class of CMBS

Top retail-mall owner Taubman has approached the market with a $1 billion CMBS deal to refinance the existing debt that is collateralized by one of the highest volume shopping centers in the U.S.

Affiliates of real estate company Tishman Speyer and investment firm Henry Crown & Co. are selling $3.4 billion of commercial mortgage-backed securities in a deal that's expected to price Thursday.

Investors began pulling funds rapidly after it disclosed last month the departure of Chief Investment Officer Ken Leech amid Justice Department and Securities and Exchange Commission probes into its trading practices.

The pool, collectively, has a cap rate of 8.57%, with an in-trust loan-to-value (LTV) at the cutoff date of 102.3%, and an appraisal LTV of 61.5%.