Eres : Digital Library : Works

Paper eres2007_209:
Trends in US, EU and Australian Commercial Mortgage Backed Securities

id eres2007_209
authors Chikolwa, Bwembya
year 2007
title Trends in US, EU and Australian Commercial Mortgage Backed Securities
source 14th Annual European Real Estate Society Conference in London, UK
summary The paper explores some basic characteristics of US, EU and Australian Commercial Mortgage-Backed Securities (CMBS) markets and outlines similarities and dissimilarities in the three regions. The CMBS market has been one of the fastest growing asset-backed securities classes. Record issuance increases have been recorded in all the three regions since the beginning of the 2000ís. Whilst the US been the market leader in terms of issuance volumes and diversity of asset classes backing the issues, the other two regions have not lagged behind and are beginning to implement deals which have long been established in the US. Conduit/fusion type transactions are beginning to be undertaken in both EU and Australia. In all the regions floating rate notes are dominant and spreads have been tightening, making CMBS more attractive as a funding source. Performance of the global CMBS market has been good buoyed by the general stable or modest property market performance reflecting steady cash flow growth and occupancy trends. This is evident in the number of CMBS credit rating upgrades outstripping downgrades.
series ERES:conference
discussion No discussions. Post discussion ...
ratings Ratings: 3
session Session C7: Real Estate Finance I
last changed 2009/11/19 09:01
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