2026 Sector Outlooks
Our annual sector outlooks discuss performance themes and key trends from 2025 as well as forecasts and expectations for 2026.
U.S. Structured Finance Sector Outlooks
CMBS, RMBS, ABS, Structured Credit
KBRA summarizes key points from its 2026 U.S. structured finance Sector Outlooks, which examine major trends from the past year along with expectations for 2026. The outlooks highlight continued momentum in 2025 new issue volumes that are on track for a post GFC record, stabilizing credit fundamentals across most asset classes, and other themes spanning ABS, CMBS, RMBS, and structured credit.
All Sector Outlooks
U.S. CMBS Outlook: Issuance Momentum Builds; Loan Distress Remains Elevated
KBRA’s 2026 CMBS Sector Outlook outlines issuance forecasts, property type trends, and performance drivers while reviewing 2025 conduit activity and rating expectations. Continued monetary easing and stable property fundamentals should sustain strong issuance in 2026, though elevated distress levels may lead to more negative rating actions.
U.S. ABS Sector Outlook: Growing Issuance Amid Diverging Sector Trends
KBRA’s 2026 ABS Sector Outlook highlights key market themes, collateral trends, forecasts, and surveillance activity, noting that issuance is expected to remain strong despite affordability challenges and credit normalization. Supportive monetary policy, robust investor demand, and a diverse mix of asset types should drive healthy issuance and stable performance across the market.
Structured Credit Sector Outlook: Record Issuance in a Maturing Credit Environment
KBRA’s 2026 Structured Credit Sector Outlook shows the market entering 2026 with solid momentum, supported by improving financing conditions, manageable credit performance, and continued investor demand.
European SF Sector Outlook: Resilient Foundations Supporting Continued Growth
KBRA’s 2026 European Structured Finance Outlook shows the market entering 2026 from a position of strength, supported by solid credit fundamentals, stable macro conditions, and strong investor demand. Despite ongoing geopolitical and trade risks, the outlook remains cautiously optimistic with issuance and credit performance expected to hold steady.
U.S. RMBS Sector Outlook: Normalizing Credit and Growing Issuance
KBRA’s 2026 U.S. RMBS Outlook highlights a stable market entering the year with solid fundamentals, strong investor demand, and improving issuance conditions. Despite modest credit softening, performance remains resilient and spreads are expected to stay tight through 2026.
U.S. Structured Finance Sector Outlooks
KBRA summarizes key points from its 2026 U.S. structured finance Sector Outlooks, which examine major trends from the past year along with expectations for 2026. The outlooks highlight continued momentum in 2025 new issue volumes that are on track for a post GFC record, stabilizing credit fundamentals across most asset classes, and other themes spanning ABS, CMBS, RMBS, and structured credit.
Explore KBRA's Private Credit Research
KBRA brings a unique lens to the evolving Private Credit landscape. Our team combines market expertise with independent thinking to provide sharp insights that cut through complexity. Through deep, data-driven research and dynamic webinars, we help market participants navigate shifting trends and emerging opportunities. Backed by rigorous rating analysis, KBRA delivers the clarity and confidence investors and issuers need in an increasingly competitive and sophisticated credit environment.