12.30.11: Top CMBS Issuers of 2011

Deutsche Bank and J.P. Morgan will be the top issuers of CMBS when the final “league tables” are tallied for 2011.  Deutsche and J.P. Morgan were in a dead heat for the top position as the year closed.  Headed into year-end 2011, Deutsche has $6.8 billion of global CMBS credit, followed by J.P. Morgan at $6.6 billion. Deutsche’s $6.3 billion of U.S. bookrunner volume is narrowly ahead of J.P. Morgan’s $6.2 billion.  Rounding out the Top 5 in both rankings: Wells Fargo ($4.3 billion), Bank of America ($2.9 billion) and UBS ($2.8 billion); of these three firms, none has had non-U.S. activity, so their global and U.S. totals are the same.

CMBS issuance in the United States nearly tripled in 2011 to $32.7 billion. While that is a significant improvement from $11.6 billion in 2010, it is below the year-earlier expectations of almost $40 billion. It also pales in comparison to the go-go years of 2005-2007, when annual volume ranged as high as $229 billion.  Non-U.S. issuance is up only slightly, to $3.3 billion, putting global issuance at $36 billion.

“Although no one is asking, my prediction for 2012 is $50 billion of CMBS issuance,” said Michael D. Sneden, Executive Vice President at ValueXpress.  “Spreads are trending down and investor appetite is good; as long as Europe can contain its debt problems, I think we can hit this number.”

This entry was posted in CMBS, CMBS Securities, Commercial Mortgage-Backed Securities, Michael D. Sneden, News & Recent Closings, Valuexpress and tagged , , . Bookmark the permalink.

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