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EFTA01437985 | EFTA01438000 Life Insurers GovernmentSponsored Entities Source: Federal Reserve. Data as of March 2016. Past performance is not indicative of future returns. Prospects for the CMBS market are uncertain. CMBS spreads widened sharply at the beginning of 2016, as creditmarket stress originating in the energy industry upended the broader bond market. As spreads increased, conduits curtailed originations, in part because they were less competitive with other debt providers but also to avoid the risk of incurring capital losses on loans pending securitization. CMBS spreads have narrowed substantially since February and reference rates have dropped as well, improving the economics of the CMBS business. However, the market faces two structural challenges: First, new risk-retention rules under the Dodd-Frank regulatory reforms that are scheduled to take effect in December 2016 will likely increase the cost and reduce the supply of CMBS loans. Second, the market faces $112 billion of CMBS maturities in 2017, nearly double this year's total, which will need to be refinanced or retired.16 Total -5.6% CMBS 14 Real Capital Analytics. Data as of March 2016. 15 CRE Finance Council. Data as of March 2016. 16 CRE Finance Council. Data as of June 2016. U.S. Real Estate Strategic Outlook I September 2016 9 Commercial Mortgage Debt Growth, Q1 2016 (YOY) EFTA01438000
February 20, 2026 at 10:49 PM