Commercial Mortgage-Backed Securities推荐.pdfVIP

CHAPTER TWENTY-SEVEN COMMERCIAL MORTGAGE-BACKED SECURITIES ANTHONY B. SANDERS , PH .D. Professor of Finance and John W. Galbreath Chair The Ohio State University Commercial mortgage-backed securities (CMBS) represent an interesting depar- ture from residential MBS. With residential MBS, the underlying collateral is loans on residential properties (one to four units). With CMBS, the underlying collateral is loans on retail properties, office properties, industrial properties, multifamily housing, and hotels. Unlike residential mortgage loans, commercial loans tend to be “locked out” from prepayment for 10 years. Counterbalancing the reduction of prepayment risk for CMBS is the increase in default risk. Both CMBS and real estate investment trusts (REITs) have grown tremen- dously over the past six years as investors’ tastes for new real estate–related products have increased. Investment banks were able to apply what they have learned from residential MBS (with some interesting twists) to the commercial real estate loan market. Not only is the U.S. market continuing to expand, but also CMBS are grow- ing at an ever-increasing rate in Europe (albeit at a much smaller scale). This chap- ter focuses on the interesting twists that make CMBS such a fascinating product. THE CMBS DEAL A CMBS is formed when an issuer deposits commercial loans into a trust. The issuer then creates securities in the form of classes of bonds backed by the com- mercial loans. As payments on the