2027 Global CMBS & CRE CLOs Outlook
Navigating High Interest Rates and the 2027 Outlook
As we enter 2027, join us for a discussion of the key trends shaping the U.S. and European commercial real estate (CRE) markets. Drawing on our comprehensive outlook report published in December, the webinar will examine how the evolving economic and interest-rate environment could affect CMBS and CRE CLO markets.
• How are elevated interest rates affecting CRE valuations, refinancing prospects, and related bond performance?
• What is the outlook for property fundamentals across major sectors, and what could this mean for valuations?
• How could interest rates influence new issuance and leverage in 2027?
• What are the implications for CMBS and CRE CLO credit performance over the coming year?
Speakers
Keith Banhazl
Managing Director, Co-Head of Americas Structured Finance & Head of Commercial Real Estate Finance
Moody’s Ratings
Darrell Wheeler
Senior Vice President – Head of CMBS Research
Moody's Ratings
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Keith Banhazl is a Managing Director, Co-Head of Americas Structured Finance & Head of Commercial Real Estate Finance, Americas at Moody’s Ratings. He is also the Digital Infrastructure and Data Center Franchise Lead for North America covering Project & Infrastructure, Public Finance, Corporates, REITs, Banking, and Structured. Additionally, he leads the teams responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Ratings. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other private credit CRE related products. He is also the coordinator for our cross group CRE related initiatives covering Structured, Banking, Corporates, REITs, Public finance, and Project & Infrastructure. He is Moody’s Global Structured Finance Outreach and Research Coordinator and has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. He is on the Board of Governors at CREFC (Commercial Real Estate Finance Council) and also a Board Member at StreetWise Partners - non-profit organization focusing on mentoring and coaching.
Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History.
Darrell Wheeler leads CMBS and CRE CLO research at Moody’s Ratings, with over 30 years in commercial real estate and securitization research. He has developed innovative mortgage models, managed structured finance research at top firms including Cantor Fitzgerald, S&P Global Ratings, and Citigroup, and received multiple accolades, such as repeated Institutional Investors poll rankings. Darrell is also an active contributor and editorial board member for CREFC’s E-primer.