Global issuance of commercial mortgage-backed securities (CMBS) is on a tear, according to stats from Dealogic.
Issuance so far this year has hit $25.4 billion, the fastest year-to-date pace since 2007. The figures is 136% higher than the volume up to this point last year.
Overall, issuance of mortgage-backed securities — commercial-backed deals as well as residential ones — totaled $139.5 billion, up 8% from the same period last year (see graph further below).
The largest deal so far in 2013 is a $2.5 billion transaction from Extended Stay America that priced January 24. That CMBS was the largest since the National Credit Union Administration (NCUA) issued a $3.8 billion deal.
JP Morgan has a 14.6% market share of CMBS deals year-to-date. Deutsche is ranked second, with 12.1% of deals, and Well Fargo is next, with 11.7%.