Top 10 CMBS Bookrunners of 2012 | Commercial Real Estate Finance

Let?s look at the Top 10 U.S. CMBS Bookrunners by issuance volume, according to data collected through September:

10. Citigroup (CMBS volume in the first 3 quarters: $1.46 billion)

9. RBS ($1.5 billion)

8. Barclays ($1.7?billion)

7. Morgan Stanley ($2?billion)

6. Bank of America ($2.45??billion)

5. UBS (2.93 ?billion)

4. Goldman Sachs ($3.68??billion)

3. Wells Fargo ($3.74??billion)

2. Deutsche Bank ($4.06??billion)

1. JP Morgan ($5.53??billion)

Note that banks in?bold have engaged in greater CMBS activity for the first 9 months of 2012 than they did in the same period of 2011, while non-bold names have seen CMBS bookrunning decline for that period. Overall, we see a great improvement in the U.S. CMBS market over last year, with exceptional increases by such banks as JP Morgan, Goldman Sachs, and especially Barclays (NYSE: BCS), which more than doubled its activity.

If we look at last year?s full-year ranking of CMBS bookrunners, which you can find on Commercial Real Estate Direct, you will see the same players, albeit in a slightly different order. JPMorgan, Deutsche Bank, and Wells Fargo remain the clear leaders.

Just as we?re seeing increasing activity and bullishness toward the REIT sector, the CMBS market is growing strong after the market meltdown in 08/09, but I wonder how recent news from the single-family residential sector will affect investors? perspectives on commercial real estate debt. With the recent successful IPO of residential real estate giant Realogy Holdings and the news that single-family has seen new construction reach its highest level in 4 years, there?s reason to believe the non-commercial MBS trade may grow in coming months. It?s hard to know for sure what next year will bring.

Personally, I?m confident enough in multifamily, retail, and office properties in stable markets that I would bet CMBS activity will continue to grow, regardless of what happens (or doesn?t happen) in single-family.

Source: http://llenrock.com/blog/top-10-cmbs-bookrunners-of-2012/

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