CMBS have enjoyed a steady recovery in spreads and dramatic improvement in credit performance this year, setting the stage for a pickup in issuance in 2013.

It is a measure of how attractive the market has become to yield-starved investors that a significant portion of next year's issuance is expected to come from deals backed by a loan on a single property; single borrower deals are considered riskier because of the lack of diversification and greater exposure into the event of default.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.