KBRA releases the October 2026 issue of CMBS Trend Watch.

CMBS issuance has entered the final stretch of 2026 at a slower pace. Lingering interest rate concerns and uncertainty surrounding the Federal Reserve’s policy direction and midterm elections have weighed on issuance momentum, prompting some issuers to delay transactions. Private label CMBS issuance fell to 10 deals in October from 19 in September, although November’s pipeline suggests this could lead to some improvement in activity.

Five commercial real estate (CRE) collateralized loan obligation (CLO) deals priced for a total of $5.52 billion. CRE CLO issuance year-to-date (YTD) was $39 billion, for a robust 54.3% increase year-over-year (YoY).

Based on our current visibility, there could be up to 13 deals announced in November, including seven single-borrower (SB), four conduits, one CRE CLO, and one Freddie Mac K-Series Agency deal.

In October, KBRA published pre-sales for five deals ($4.4 billion), including one SB ($527.1 million), two conduits ($1.7 billion), and two CRE CLOs ($2.1 billion). October’s surveillance activity included rating reviews of 581 securities issued in connection with 62 transactions. Of the 581 ratings, 524 were affirmed (90.2%), 54 were downgraded (9.3%), and three were upgraded (0.5%).

This month’s edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the US, EU, UK, and Japan. 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.

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