KBRA releases the September 2026 issue of CMBS Trend Watch.

Private-label CMBS issuance remained active in September. While deal count declined modestly from August, dollar volume increased, with 19 deals totaling $13.3 billion pricing during the month, compared with 21 deals totaling $11.6 billion in August. September issuance included 18 single-borrower (SB) transactions and one conduit deal, bringing YTD volume to $103.5 billion, up 11.9% from the same period last year.

Similar to August’s deal count, two commercial real estate (CRE) collateralized loan obligation (CLO) deals priced for a total of $2 billion. CRE CLO issuance YTD was $33.5 billion, continuing its strong year-over-year (YoY) comparison with a 45% increase. On a combined basis, CMBS and CRE CLO YTD issuance is higher by 18.5% YoY.

Looking forward, given the recent increase in interest rates the pace could slow down. Based on our current visibility, there could be up to 18 deals announced in October including eight SB, four conduits, five CRE CLOs, and one Freddie Mac K-Series Agency deal, however, some of those could slip.

In September, KBRA published pre-sales for two deals ($3.8 billion), both of which were SB transactions. September’s surveillance activity included rating reviews of 468 securities issued in connection with 47 transactions. Of the 468 ratings, 403 were affirmed (86.1%), 52 were downgraded (11.1%), and 13 were upgraded (2.8%).

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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.

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