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Where Does CMBS Go From Here?

Where will CMBS underwriting and volume go from here. What should subordination levels be as the market improves?

By Joel Ross | Updated on June 14, 2010

Where Does CMBS Go From Here

JP Morgan just completed the second issuance of CMBS this year with a $716 million offering which followed the earlier Royal Bank deal for $309 million in April.  There are another roughly $800 million plus a $600 million deals in the pipeline for issuance by August. Beyond that there is not really anything in the near term pipeline, but several others are in the works. If we extrapolate off the $2.5 billion likely by August, then the full year may be only $5 billion or there could be a rush of deals late in the year and we may reach $10 billion. A lot will depend on the credit markets and how they are affected by Europe, and what ends up coming out of Congress.

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