CMBS Issuance and Issuers

CMBS issuance is still anemic at $8bn YTD, compared to $16bn in 08 and $203bn in 07. Not a single floating-rate deal this year, compared to 40.7% ($11bn) of 08 issuance and 20% ($50bn) in 07. The secondary market for floating-rate CMBS is also weak.

Looking at the issuers' ranking tables, Jefferies is coming strong, out of nowhere: #2 in Q3'09, was #6 in Q2, and virtually inexistent in past years. Loop Capital has been in the top 10 since Q3'08, but also coming out of nowhere -- they star started to rise even before they were selected by the NY Fed, on Sep 1, 09, as one of the four "non-primary dealer broker-dealers" (a mouthfull) for TALF. Morgan Stanley, which was at the top of the league table in 07 and 08, seems to be losing most.