First-half CMBS issuance down slightly

Overall private-label CMBS new issuance in the first six months of 2019 totaled $39.7 billion, down slightly from the $43 billion of issuance recorded in the first half of 2018, according to data collected by Trepp. The year-to-date total comprises $21.1 billion of single-asset CMBS and $18.3 billion of conduit new issues.

Trepp notes that from a weekly standpoint, last cashflow AAA conduit spreads were out by one to two basis points, while those for the BBB and below racks widened between three and four basis points. For CMBX, spreads were relatively unchanged to moderately tighter across series 6 through 12: AAA spreads were flat to two basis points tighter. BBB- spreads for the post-crisis indexes narrowed by as much as four basis points.