Market share of the largest CMBS underwriters in the U.S. 1H 2023
Citigroup, Wells Fargo Securities, and Goldman Sachs were the three largest underwriters of commercial mortgage-backed securities (CMBS) in the United States in the first half of 2023. The three firms were responsible for the book-running of almost half of the balance of CMBS issued during that period. Underwriting is part of the issuance process and involves the assessment of the level of credit risk associated with the securitized commercial real estate loans. That includes reviewing property appraisals and other third-party reports, as well as considering factors such as borrowers' net worth and credit history.
