Monthly CMBS Delinquency Report (March, 2013) Read full report
For the first time in over six months, CMBS delinquencies rose last month: Through the March 2013 remittance period, the delinquent unpaid balance for CMBS increased to $52.8 billion (or, about 7.2% of outstanding), up from $52.1 billion (7.23%), still down from the trailing 12-month high of $60.49 billion (8.48%) back in July. Having decreased in nine of the past 12 remittance periods through March 2013, the delinquent unpaid balance for CMBS clearly appears to have reached a plateau and is now improving on a monthly basis, with this month being the exception. The distressed categories of 90+-day, Foreclosure and REO increased by an aggregate $0.256 billion in March 2013. The two most distressed categories of ‘Foreclosure’ and ‘REO’ collectively increased to $31.69 billion in March 2013, up from $31.39 billion in February 2013.
CMBS Maturity: Risk or Opportunity Update (March, 2013) Read full report
Overview: Just over 60% of maturing loans paid off in March (63%). 140 performing CMBS loans totaling about $0.92 billion were scheduled to mature at the conclusion of January. This does not include 13 non-performing loans ($113 million) that were either already specially-serviced or delinquent as of February 2013, and subsequently scheduled to mature in March 2013. Floating-rate loans were excluded that had already been extended beyond their final maturity date (but might not have been reflected as such in servicer data). Of the $1.15 billion balance scheduled to mature in January, $780 million (68%) was able to payoff in full as scheduled. This contrasts with December 2012 when the payoff rates were nearly 80% (77%).
CMBS Performance in 2012: A Very Healthy Bounce (October, 2012) Read full report
Guest Commentary from Lisa Pendergast, Jeffries
Both new-issue and legacy CMBS spreads tightened sharply thus far in 2012, with investors who purchased bonds in late-2011/early-2012 ‘sittin-pretty’ as year-end approaches. New-issue CMBS bond spreads across the credit stack are tighter by 55 to 465 basis points year-to-date, with deeper credits enjoying the most significant tightening. Legacy CMBS performance has outpaced that of new-issue, with the only curb to ever tighter spreads on these well-seasoned, money-good credits being ultra-premium dollar prices...
Table of Contents
The below data is updated as of May 8, 2013
CMBS Issuance by Quarter
CMBS Breakdowns by Deal and Property Type
CMBS Delinquencies by Month
CMBS Delinquencies by Property Type
CMBS Delinquencies by Vintage (xls - members only)
CMBS Delinquencies by Year (xls - members only)
CMBS Special Serviced Loans by Month
CMBS Special Serviced Loans by Type
Interest Rates and CMBS Issuance Quarterly
Top 25 MSAs
CMBS Spreads (Legacy and 2.0&3.0) over Treasurys: Investment Grade
U.S. Property Vacancy Rates
CREFC Legacy Compendium - Updated 10/11/2011