Eres : Digital Library : Works

Paper eres2007_210:
Investigating the Assessment of Property Risk in Australian Commercial Mortgage Backed Securities

id eres2007_210
authors Chikolwa, Bwembya
year 2007
title Investigating the Assessment of Property Risk in Australian Commercial Mortgage Backed Securities
source 14th Annual European Real Estate Society Conference in London, UK
summary In this paper we investigate the assessment of credit risk in Australian Commercial Mortgage-Backed Securities (CMBS). Adequate assessment of credit risk is critical to the success of CMBS issues. We follow Adair and Hutchinson’s (2005) segmentation of property risk in investigating how it has been assessed in Australian CMBSs which are primarily backed by direct property assets. Our analysis shows that investment quality risk, covenant strength risk, and depreciation and obsolescence risk are all well assessed in structuring CMBSs which is largely attributable to the dominance of issuers by Listed Property Trusts who legally have to report their activities and underlying collateral performance to regulatory regimes such as ASX/ASIC and their equity investors.
series ERES:conference
discussion No discussions. Post discussion ...
ratings
session Session C7: Real Estate Finance I
last changed 2009/11/19 09:01
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