KBRA releases the August 2026 issue of CMBS Trend Watch.
As summer draws to a close, private label CMBS issuance remains robust, with August posting its strongest monthly volume since the start of the decade. During the month, 21 deals totaling $11.6 billion priced, including 15 single-borrower (SB) and six conduit transactions. This brought year-to-date (YTD) issuance to $90.2 billion, up 14.6% from the same period last year.
Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also maintained a strong pace, with two deals totaling $1.9 billion pricing in August. YTD CRE CLO issuance reached $31.6 billion, a 46.2% year-over-year increase, putting the market on track for another strong year.
Looking ahead, the prospect of higher interest rates and borrowing costs could test issuance momentum. However, for now, the near-term pipeline remains active. Based on our current visibility, as many as 18 transactions could be announced in September, including 10 SB deals, four conduits, three CRE CLOs, and one Freddie Mac K-Series Agency transaction.
In August, KBRA published pre-sales for 11 deals ($7.5 billion), including five SB ($2.8 billion), five conduits ($3.8 billion), and one CRE CLO ($900.0 million). August’s surveillance activity included rating reviews of 743 securities issued in connection with 89 transactions. Of the 743 ratings, 667 were affirmed (89.8%), 66 were downgraded (8.9%), and 10 were upgraded (1.3%).
Click here to view the report.
Recent Publications
- CMBS Trend Watch: July 2026
- CMBS Loan Performance Trends: August 2026
- AI Credit: Off to the Races—AI Infrastructure Commitments Are Reshaping the Credit Profiles of the AI-7 Companies
- AI Credit: Data Centers in Focus—Credit Considerations Across Asset Classes Webinar Recap
- Time Is Not Free: Loan Modifications in SASB CMBS 2.0
- KBRA CMBS Loss Compendium Update: June 2026
- 21st Century ROAD to Housing Act Becomes Law: SFR Implications
- Servicer Holdbacks and Impact on CMBS Waterfalls: WFCM 2015-C26 Case Study
- CRE CLO Loan Default and Loss Study: Rising Defaults and Modifications Amid Limited Losses
About KBRA
KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1016854
View source version on businesswire.com: https://www.businesswire.com/news/home/20260904208266/en/
Media gallery
