| Abstract: | For North American commercial mortgage-backed securities (CMBS), 2007 was a year of split behavior. Given the abundant capital and tight trading spreads in the first six months, it looked like issuance would break previous records by a wide margin. The second half was the polar opposite, however, as issuance slowed to a crawl, capital dried up, and credit spreads widened to levels they hadn't reached since the collapse of the Long Term Capital Management hedge fund and the Russian debt default in the autumn of 1998. North American CMBS performed well in 2007, but credit performance was not as strong as in 2006. Last year saw 257 new loan defaults, up from 195 in the previous year. Despite the rise
|
| Brief Excerpt: | RESEARCH Ratings Definitions Default Study: North American CMBS Defaults Rise In 2007, With More Defaults Expected In 2008 And 2009 Publication date: 17-Jul-2008 Primary Credit Analysts: James M Manzi, CFA, New York (212) 438-5319;...
|
| Report Type: | Commentary
|
| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, International Public Finance, Public Finance, Real Estate Companies, Residential MBS, Servicer Evaluations, Sovereigns, Structured Finance, Utilities
|
| Free Sample: |
Click Here to Download
|
| Format: | | HTML |  |
|
