November non-agency CMBS issuance strong, $100bln in sight
Steve Baumgartner, Dec 2024 - 1 min read 
Image source: Pexels © Laura Tancredi
Non-Agency CMBS Market Overview
November Non-agency CMBS issuance in the U.S. remained strong as investors navigated the presidential election results and an abbreviated calendar due to the Thanksgiving holiday. Total issuance for the month was just under $8.4 billion, marking another strong monthly total as we head toward the end of 2024.
Source: Commercial Mortgage Alert, Morningstar Credit
With November’s solid results, the aggregate non-agency CMBS issuance for 2024 stands at roughly $97 billion, virtually ensuring that fully year issuance will reach beyond the $100 billion plateau.
Single Asset Single Borrower deals continued to lead the way by counting, with 8 of the 12 deals priced in November being SASB amounting to just under $5 billion of the monthly volume. That being said, the four conduit deals priced in November totaled a respectable $3.4 billion equating to an average deal size of almost $860 billion per deal.
Source: Commercial Mortgage Alert, Morningstar Credit
Through the end of November, the market breaks down into $65.8 billion in SASB and $31.1 billion in Conduit transactions maintaining the roughly 2/1 ratio throughout the year. Both aggregate volume numbers far exceed their respective total issuance from last year and bode well as we look forward to what is expected to be a strong 2025.
