CMBS issuance rebounds strongly in 2021

Last year, U.S. private-label commercial mortgage-backed securities issuance was more than $109 billion. The total was the highest since 2007's $230.5 billion and nearly double 2020's $56 billion.

The increase was driven by single-borrower issues, which were $77.7 billion compared with 2020's $23.9 billion and $46.4 billion in 2019.

Non-agency CMBS had about $634 billion outstanding at the end of the third quarter, according to the latest data provided by the Securities Industry and Financial Markets Association. This is up from $596 billion in the year-earlier period. At the end of 2007, the market size was $871 billion.

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