September 2010
Real estate survey 2010: Awaiting resurrection – CMBS
The breakdown of the global securitization market has pared down most US and European banks’ ability to recycle their balance sheets in the search for new lending business. From a peak of $324 billion-equivalent of issuance in 2007, global CMBS issuance totalled $8 billion in the first half of 2010, according to data collected by US-based data provider Commercial Mortgage Alert. Meanwhile, with more than $250 billion of US CMBS maturing before 2014, including bonds referencing $90 billion of delinquent and distressed underlying loans, the restructuring crisis is even more perilous for securitized loans. With potentially hundreds of investors in each transaction representing often competing...
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