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Commercial mortgage rates have remained steady throughout most of 1999, which has also changed the general mood in the market. Commercial-mortgage-backed securities (CMBS) will probably not have the large volume that was predicted. Moreover, the CMBS spreads have tightened by roughly 20 basis points, although some predict that they will widen.

The commercial mortgage market has been volatile in 1999, partly because of higher interest rates, but no one believes there will be a crash. Soros Fund Management has decided to form a mortgage arbitrage team which presumably will be involved in commercial mortgage-backed securities. GMAC Commercial Mortgage sold $1.15 billion in conduit loans that have been turned in to securities.

Commercial mortgage rates suffered in Jul 1999 due to market conditions, as did other types of loans in the same period. Part of the problem included the introduction of numerous new offerings by institutions that do not want to experience computer problems due to any Y2K glitches in their programs that would occur with 4th qtr 1999 releases.

Fears of inflation during the spring and summer of 1999 have caused mortgage rates to increase and are scaring off borrowers who were interested in purchasing homes. Several investment firms issue forecasts for the commercial mortgage backed securities.

Nomura Securities Company Ltd (Tokyo, Japan) is selling of the porfolio of mortgage-backed securities acquired by its Capital America affiliate. Nomura's fixed-rate securitization is called Commercial Mortgage Asset Trust C1, and consists of $2.375 billion of loans. Spreads for the A-3 class issue settled at a higher-than-expected 1.45%, and tightened by 0.10% after closing. Lehman Brothers and Goldman Sachs led the issue to market.

Commercial mortgage-backed securities are doing much better in 1st qtr 1999 than the last six months of 1998. There are $20 billion in new securities coming to the market during this time period with a slowdown expected in 2nd qtr 1999. Strong secondary trading is having a beneficial effect on the market., If the commercial mortgage business was looking for a theme song these days, 'Let the Good Times Roll' would do rather nicely. In fact, it is hard to believe that [...]

Corporate bonds were surpassed by commercial mortgages during the fourth quarter of 1998. Commercial mortgages reflected a return of 0.71% against 0.24% for bonds. Delinquencies for commercial mortgages are at the lowest levels since the early 1980s. In regards to commercial mortgage-backed securities (CMBS), a feeling of normalcy has returned; a number of investment banks are prepared to take advantage of the positive outlook among CMBS investors., Commercial mortgage interest rates declined slightly during January, according to the monthly Barron's/John B. Levy & Company National Mortgage Survey. Meanwhile, on the commercial mortgage-backed securities (CMBS) side, a sense [...]

The commercial mortgage business is seeing unusually strong early 1999 deal flow after nearly coming to a standstill in the second half of 1998. Despite a rise in interest rates, two major mortgage securitizations were priced the week ended Feb 26, 1999. About $20 billion in new commercial mortgage backed securities will come to market in 1st quarter 1999. However, Apr 1999 and May 1999 may be slower than usual.

The market for commercial mortgage backed securities seems to be strengthening. Bear Stearns's $478 million securitization, brought to market the week ended Jan 29, 1999, offered tight spreads and was warmly received. GMAC Commercial Mortgage Corp will bring a $1.4 billion offering to market the week ending Feb 5, 1999.

The market for commercial mortgage-backed securities seemed to be recovering in the first week of 1999. While prices were still weak, issuers are selling new securities again. Goldman Sachs, for example, was pricing an $890 million securitization of backed by Goldman, Amresco Capital, and Daiwa Securities collateral, and all of the issues 2 triple-A tranches were said to be pre-sold to Freddie Mac and a regional Federal Home Loan Bank. CMBS issuance in 1999 will probably not approach the 1998 level of $79 billion, prompting predictions of spread tightening in the first half of 1999. The test of the CMBS market's recovery will come in late Jan 1999, when First Union and Wells Fargo both bring securitizations to market.

The commercial mortgage market was in disarray during most of Sept 1998. The major participants in the commercial mortgage-backed securities market spent the month trying to deal with skyrocketing yield spreads. Life insurers took advantage of the situation to assume a position of leadership in the market., The commercial mortgage market found itself in a state of disarray for most of September, according to the Barron's/John B. Levy & Co. National Mortgage Survey of major investors in [...]

Life insurance companies have taken a leadership role in investments in loans and commercial mortgage-backed securities (CMBS). Insurers have the financial resources to take advantage of the widening spread in the CMBS market.

The commercial mortgage market has gone up and down during Aug 1998 because of insecurity in the global financial and economic arena plus as much as $15 billion in new commercial mortgage-backed securities securitizations. The commercial mortgage-backed securities market halted because nothing was traded. Commercial mortgage rates have not changed much during this period., The commercial mortgage market went on perhaps its wildest ride ever during the past month, according to the Barron's/John B. Levy & Co. National Mortgage Survey of major investors in [...]

There were few trades in mortgage-backed securities in August 1998 as the spread between commercial mortgage-backed securities (CMBS) and comparable Treasury securities increased half a point. There was little rate change in the whole-loan market.

Activity slowed in the commercial mortgage market in Jul 1998. The month's only major commercial-mortgage-backed-security transaction was a $1.2 billion conduit securitization. Morgan Stanley managed the deal. Insurance companies participating in the whole-loan sector have shown uncertainty concerning proper spreads. The Giliberto/Levy Commercial Mortgage Performance Index posted a second-quarter total return of 3.24%., The commercial mortgage market took a well-deserved breather during July, according to the Barron's/John B. Levy & Co. National Mortgage Survey of major investors in whole loans and commercial mortgage-backed [...]

The commercial loan markets did not experience much activity in Jul 1998, in part due to competitive factors and spreads that widened. Institutional lenders also raised their loans-to-value ratio to the 80% that is more in line with conduit community.

Commercial mortgage backed securities volume totalled $42.7 billion in the first half of 1998, but real estate investment trusts are down approximately 9% for the same period. The bonds could be a good buy now.

The commercial mortgage market is generating record volumes. It appears, based on the number of commercial mortgage-backed securities (CMBS) deals in the pipeline, that in just six months of 1998, there will be nearly as much CMBS volume as there was in all of 1997, a record $44 billion. A $3.4 billion conduit offering by First Union and Lehman Brothers proved popular with buyers., The commercial mortgage market continued on an unprecedented volume kick during May, according to the Barron's/John B. Levy & Co. National Mortgage Survey of the commercial mortgage-backed securities and whole-loan [...]

The May 1998 commercial mortgage-backed securities (CMBS) market was characterized by a continued upward trend in volume. The CMBS volume for the first six months of 1998 is likely to near the $44 billion record for all of 1997.

The Giliberto-Levy Commercial Mortgage Performance Index posted a return of 13.22% for the year ending Mar 31, 1998, and loan commitments are

The commercial mortgage-backed securities market emerged from the first quarter of 1998 in record form. Low-leverage borrowers continued to be sought after by institutional lenders yet many report that they do not offer mortgages with spreads less than one percentage point.

The volume of commercial mortgage-backed securities issued during the first month and a half of 1998 rose 250%. Demand has increased so much that some commercial lenders have been able to raise their spreads from .10% to .15%. However, the volume of payoffs of existing loans is also increasing for a few institutional lenders, which is making it hard for them to achieve strong growth., Commercial mortgage activity has returned to a feverish pace, according to the Barron's/John B. Levy & Co. National Mortgage Survey of more than 30 institutional lenders and players in the [...]

A overview of the early-1998 commercial real estate financing market is presented. The 10-yr prime mortgage rate rose a bit, to 6.75%. A dramatic increase in new securitizations and whole-loan commitments occurred in February. As much as $20 billion in new commercial mortgage-backed securities could flood the market by mid March., The new year started off at a moderate pace, according to the Barron's/John B. Levy & Co. National Mortgage Survey of whole-loan buyers and participants in the commercial mortgage-backed securities [...]

Commercial mortgages began 1998 with modest activity, but there should be a significant increase in securitizations and loan commitments in February. Borrowers still see rates as low, and the ten-year prime mortgage rate increased slightly to 6 3/4%.

Forecasters on Wall Street are predicting 1998 to be a record year due to the decline of commercial mortgage rates and the real estate borrowers who are taking advantage of these low rates. Analysts predict the market will produce anywhere from $40 billion to $55 billion this year. More floating rate securitizations, looser prepayment penalties, and the deterioration of underwriting will contribute to this banner market year., Rates on commercial mortgages declined significantly over the last 30 days, according to the Barron's/John B. Levy & Co. National Mortgage Survey of institutional investors and participants in the market [...]

The National Mortgage Survey indicates that commercial mortgage rates have dropped below 7% for the first time since 60's, and real estate borrowers are rushing to take advantage. The mortgage-backed securities market is also expected to significantly pick up, with a big supply of new issues.

Commercial mortgage whole-loan rates showed little change during November, according to the Barron's/Jon B. Levy & Co. National Mortgage Survey of major whole-loan and commercial mortgage-backed securities (CMBS) buyers. On [...]

Commercial mortgage-backed securities lenders are seeking new ways of competing with large packagers, focusing on specific niches. The 1997 originations are expected to exceed $40 billion, a 30% increase in the 1996 record.

Mortgage-backed securities had higher spreads and lower rates after the Oct 1997 stock market correction and rebound. Transactions in the commercial mortgage-backed securities market should hit a record $37 billion-$38 billion in 1997.

Commercial mortgage rates trended lower during September, aided by a surging Treasury market. With Treasuries down almost .375% in less than two weeks, borrowers rushed their deals into the market [...]

The rates for commercial mortgages fell slightly in Sep 1997 in part because the month represents the end of the quarter and competition between offering companies heightens, often resulting in lower rates. A $1.5 billion offering was made in Sep 1997, the largest issue ever.

Commercial mortgage rates declined during July, according to the Barron's/John B. Levy & Co. National Mortgage Survey of institutional lenders and players in the commercial mortgage-backed securities market. The continued [...]

About $8 billion worth of new commercial mortgage-backed securities are expected to be on the market starting September 1997. A record-breaking offer of $1.8 bil-2 bil is made up of mortgages supplied by such Deutsche Morgan, GM Acceptance Corp, and others. Future prospects for CMBS are analysed.

Lower commercial mortgage interest rates have been appealing to borrowers in Jul 1997. Numerous lenders reported a record increase in borrowing activity during Jun, and a 4.2% total return was reported for the quarter ending Jun 30, 1997.

Commercial mortgage-backed securities rates are expected to be more than $32 billion in 1997 compared to $31 billion in 1996. There is concern that the increase in supply could be much more than demand. There is also concern about the lowering of underwriting standards from 75% of a property's values to 80%. This standard is utilized for apartments, shopping centers and warehouses., Commercial mortgage rates staged a strong rally during June and early July, according to the Barron's/John B. Levy & Co. National Mortgage Survey. The Barron's/Levy 10-year prime mortgage rate is [...]

Barron's/John B. Levy Co. reports that 10-year prime mortgage rates have dropped to 7.5%, while volume in commercial mortgage-backed securities (CMBS) reached $6.3 billion in June 1997. However, CMBS spreads stopped shrinking and even widened by the end of June.

Growth is a major factor of the commercial mortgage-backed securities market. Singular securitizations worth over $1 billion are taking place on a regular basis so that companies are establishing partnerships to manage the transactions. The largest transaction is the partnership between Credit Suiss First Boston and Goldman Sachs which was worth $1.9 billion., Commercial mortgage rates spent May in a 'tight trading range,' according to participants in the Barron's/John B. Levy & Co. National Mortgage Survey. On the whole-loan side, 10-year fixed rates [...]

The rates for 10-year commercial loans ranged between 8-8 1/8% in May 1997. Market demand is still strong for commercial mortgage-backed securities and Jun 1997 and Jul 1997 are expected to have a large number of offerings. The offerings are not expected to affect interest rate spreads.

Strong competition among mortgage banks made May 1997 one of the most heated months, says the Baron's/John B. Levy & Co National Mortgage Survey. With commercial mortgage rates stable, borrowers fueled the competitive frenzy as they shopped for loans, taking advantage of the varied sources of capital available, as well as the broader range of financial structures offered., Commercial mortgage rates were highly volatile in April, according to the Barron's/John B. Levy & Co. National Mortgage Survey. However, thanks to a strong month-end Treasury rally, mortgage rates as [...]

Spreads for commercial mortgage-backed securities continue to shrink, while leverage on properties is increasing. The Barron's/John B. Levy & Co. Natl Mortgage Survey reveals the high volatility of commercial mortgage rates, intense competition between lenders, and other findings.

The Baron's/John B. Levy & Co. National Mortgage Survey found that the 1/4% increase by the Federal Reserve in short term rates caused an increase in commercial mortgage rates. The increase came to the chagrin of lenders, because it forced them to reduce some loan amounts and lower some spreads. Some respondents to the survey characterized the current state of the commercial mortgage market as a borrowers' market because of the plenitude of funds., The Federal Reserve's 1/4% bump in short-term rates reverberated into the longer term market and, as expected, caused commercial mortgage rates to increase, according to the Barron's/John B. Levy & [...]

The commercial real estate mortgage market is busy during the mid-1990s. Major transactions between $500 million and $1 billion are taking place. There are similarities between this market and the market of the late 1980s that resulted in the worst commercial real estate depression but there are also differences. New construction is not as strong so that vacancies remain in control in most commercial real estate markets., After a fairly slow start, the commercial mortgage business has finally sprung to life. On the commercial mortgage backed securities (CMBS) side, a number of large deals are starting to [...]

The interest rate increase, initiated by the Federal Reserve Board, has had its effect on commercial mortgages. The apparent difficulty, however, has been lessened because of a decrease in spreads, or the difference between Treasury rates and mortgage rates.

A number of companies are making significant commercial mortgage security offerings. The commercial real estate business is still recovering from its collapse in the late 80's, and while there are some market similarities between then and now key differences are making it a borrowers' market.

The commercial mortgage sector has been very active in early 1997 and is expected to continue to be busy through the year. Although commercial mortage rates are high, fear of even higher rates has spurred activity. Securitizations of real estate and commercial mortgages are also popular and performing well due to a 32% drop in default and delinquency costs in 1996., Commercial mortgage rates continued their seemingly inexorable upward trend in January, according to the Barron's/John B. Levy & Co. National Mortgage Survey. Inflation uncertainty, which permeated all fixed income markets, [...]

A survey of 30 major lenders reveals that interest rates on commercial real estate mortgages are rising. This has caused a larger-than-usual number of pending mortgage applications in Jan 1997. Mortgage-backed securities are expected to perform well in 1997.

Competition for new commercial mortgages is expected to be brisk in 1997, according to the Barron's/John B. Levy & Co. National Mortgage Survey. Declining commercial mortgage spreads, surges in commercial mortgage backed securities and increasing competition from banking institutions are the primary factors behind the anticipated competition. Commercial mortgage lenders are concerned about meeting their 1997 production goals., Commercial mortgage rates trended upward in December to levels just south of 8%, according to the Barron's/John B. Levy & Co. National Mortgage Survey. The Barron's/Levy 10-year prime rate is [...]

Both mortgage-backed securities and new whole mortgage lending enjoyed a strong fourth quarter of 1996. Competition in both sectors will be vigorous in 1997, with many lenders cutting profit spreads by nearly 0.15%.

The Dec. 1996 Barron's/John B. Levy & Co. National Mortgage Survey reveals rates continue to fall, and that there is a surplus of institutional lenders trying to strike deals. The benchmark prime rate for a 10-year loan as of Dec. 9, 1996, had fallen to 7 1/2%, while the fixed rate for a five-year loan is in the 7 1/8% to 7 3/8% range. Analysts expect the market for commercial mortgage-backed securities to increase from $20 billion in 1995 to $25 billion in 1996., It's continuing to be a borrower's market for commercial mortgages, according to the Barron's/John B. Levy & Co. National Mortgage Survey. Long-term fixed rates have continued to decline with the [...]

The commercial-backed securities loan market may reach a record $25 bil which is up $5 bil from 1995. There is a surplus of lenders and they are looking for borrowers. The imbalance in supply and demand is causing interest rates between Treasuries and mortgages to narrow.