Trends in US, EU and Australian Commercial Mortgage Backed Securities

Bwembya Chikolwa

ERES from European Real Estate Society (ERES)

Abstract: 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.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2007_209

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