Tariff policies disrupt the CMBS market. Does it bode ill for real estate borrowers?

As real estate investors scramble to size up the effects of tariffs on global markets, some of the earliest impacts are already emerging in the commercial mortgage-backed securities market. US manager Pretium Partners is reportedly pumping the brakes on a $778.5 million single-family residential securitization it had planned to price on April 24, while a report this week from ratings agency Scope Ratings suggests that tariffs could threaten a significant recovery in European CMBS issuance since the start of the year. On a new episode of The PERE Podcast, Lucy Scott is joined by Daniel Cunningham and Samantha Rowan – editors of Real Estate Capital Europe and PERE Credit, respectively – to break down the latest CMBS headlines and explore what it all means for borrowers and real estate debt investors going forward. Also sharing his perspective on the outlook is Benjamin Bouchet, a senior director at Scope Ratings and the author of its latest research report.