Agency CMBS Overview: June 2026 Agency CMBS Review

Research evidence excerpt

Agency CMBS Overview: June 2026 Agency CMBS Review

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Agency CMBS Overview

June 2026 Agency CMBS Review

Key takeaways 15 July 2026

Securitized Products Strategy• Agency CMBS spreads were largely unchanged in June. We expect they will slowly

United States grind narrower over the coming months.

• Good relative value vs Agency MBS and significant market liquidity should provide a Alan Todd, CFA

CMBS Strategist

good technical backdrop for spreads. BofAS

+1 646 855 6383

• We keep our full-year gross issuance forecast at $205bn, but note that it could come alan.todd@bofa.com

in lower if yields remain elevated. Nick O'Brien

BofAS

Agency CMBS issuance remained strong in June +1nicholas.obrien@bofa.com646 855 6366

The strong pace of Agency CMBS issuance slowed marginally last month as interest

rates rose. As of the end of June, YTD Agency issuance totaled almost $100bn, which is

about 45% ahead of same-period 2025 issuance. The jump in volume was driven across

sub-products, with issuance of Freddie K, Freddie Multi-PCs, and Fannie GeMS

contributing most on a dollar basis. We anticipate Agency CMBS issuance will remain Exhibit 1: Agency CMBS spreads

elevated this year despite the recent increase in Treasury yields as both Fannie Mae and broadly unchanged in June

Freddie Mac had their caps increased to $88bn and are expected to push to increase Agency CMBS spreads were broadly

unchanged over the past month

their lending activity. We expect full-year 2026 issuance to total roughly $205bn.

Benchmark Agency CMBS spreads to

Spreads rangebound in June despite Treasury yield moves Treasury

Benchmark Agency CMBS spreads were basically unchanged again last month, trading 7/9 WTD MTD YTD Min Max

roughly sideways.