At a time when the industry is worried about changes in traditional bank CRE lending, other forms of financing understandably get extra attention. One is CRE collateralized loan obligations, or CLOs, whose issuance, according to Trepp, has outpaced the conduit CMBS market in 2021 and 2022.

Making them popular are a “flexible structure, relative basis attractiveness, higher relative yield, and floating rate structure,” says the firm. But while tracking CRE CLO issuance, where usually the instruments were favored by investors, 2023 has brought a “dip” in issuance.

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Erik Sherman


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