Growth in new CMBS issuances reduces delinquency rate: Fitch

In June, an increase in the sale of REO properties drove down the CMBS delinquency rate, bringing it to a three-year low, Fitch Ratings reported. At 7.18 percent, the CMBS delinquency rate fell 19.

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CMBS Market Showing Signs of Life Despite High Delinquency Rate Despite a rising delinquency rate in the underlying commercial mortgages, new capital has re-entered the U.S. commercial mortgage backed securities (CMBS) market with 2011 new issuance projected to be as high as $45 billion in 2011, up from $10 billion to $15 billion in 2010.

The CMBS delinquency rate rose for the first time in six months during April, up 1 basis point to 1.57%, the report said. The growth in CMBS issuances was not enough to offset a $217.8 million net increase in delinquent mortgages, to $13.73 billion.

The US commercial mortgage-backed securities (CMBS) delinquency rate is expected to finish 2018 between 2.25% and 2.75%, Fitch Ratings says. Strong new issuance activity, performance stability of CMBS 2.0 loans, the small volume of maturities for the remainder of 2018 and continued resolution activity by special servicers will all contribute to keeping delinquencies in this low range.

Last year’s decline in the CMBS delinquency rate was fueled in part by an active December for new CMBS issuance, "with a post-recession high of 11 Fitch-rated deals totaling $9.3 billion coming to market."

Meanwhile, portfolio runoff outpaced new issuances in the month of May (the month used by Fitch for the denominator value in its CMBS index calculation), $5.4 billion versus $1.6 billion. Retail properties had the highest CMBS delinquency rates at 5.44% in June, an increase of 18 basis points from the month before, while hotel properties.

A "surge" in new issuances brought down the CMBS delinquency rate in November to a two-year low, according to a report from Fitch Ratings. The November CMBS delinquency rate stood at 8.17 percent, representing a decrease of 12 basis points (bps) from 8.29 percent in October, the ratings agency reported.

Fitch’s overall US CMBS delinquency rate finished the year at 3.22%, 15 basis points lower than the previous month and 12 bps lower than a year ago, although delinquencies for the office and.

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