Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets.

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  • Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets. CMBS issues are usually structured as multiple tranches, similar to collateralized mortgage obligations (CMO), rather than typical residential "passthroughs." The typical structure for the securitization of commercial real estate loans is a real estate mortgage investment conduit (REMIC), a creation of the tax law that allows the trust to be a pass-through entity which is not subject to tax at the trust level. Many American CMBSs carry less prepayment risk than other MBS types, thanks to the structure of commercial mortgages. Commercial mortgages often contain lockout provisions after which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders. European CMBS issues typically have less prepayment protection. Interest on the bonds may be a fixed rate or a floating rate, i.e. based on a benchmark (like LIBOR/EURIBOR) plus a spread. (en)
  • Un Commercial mortgage-backed security (CMBS) est une titrisation de crédits hypothécaires commerciaux couramment émis sur les marchés des capitaux aux États-Unis. Il s'agit d'un mortgage-backed security (MBS) adossé à des actifs commerciaux plutôt que des biens immobiliers (par exemple, immeuble). Les émissions de CMBS sont généralement structurées en tranches multiples, de façon semblable aux CMO. Plusieurs CMBS d'origine américaine comportent moins de risque de paiement anticipé que les autres types de MBS, grâce à la structure des hypothèques commerciales. Ces hypothèques sont souvent assorties de clauses punitives : clauses de défaisance, obligation de maintenir le taux de rendement et pénalités sur paiements anticipés. Les CMBS émis en Europe ont généralement moins de protection contre les paiements anticipés. L'intérêt sur les titres est habituellement flottant, tributaire, par exemple du LIBOR ou du EURIBOR plus une prime. (fr)
  • 商业地产抵押贷款支持证券(英语:Commercial Mortgage Backed Securities,简写为CMBS)是住房抵押贷款支持证券(英语:Mortgage Backed Security,MBS)的一种,它用商业地产抵押贷款而非住宅抵押贷款作支持。由于商业地产的独特属性,CMBS 比 RMBS(英语:Residential mortgage-backed security,即住宅地产抵押贷款支持证券)更为复杂,波动性也更强。 CMBS的结构通常体现为多个信贷分档(英语:Tranche,一译分级。为了与信用评级(英语:Credit Rating)相区分,此处采用“分档”的译法),这一点跟担保抵押贷款债务(英语:Collateralized Mortgage Obligations, CMOs)类似,却与典型的住宅地产“过手证券”有所不同。商业地产贷款证券化的典型形式是房地产抵押贷款投资渠道信托(英语:Real Estate Mortgage Investment Conduit,REMIC);相应赋税法律规定,这样的信托可以以过手机构的形式出现,并不需要在信托基金的层面上履行税务责任。 相比其它的住房抵押贷款支持证券(MBS)而言,许多美国的CMBS要承担较少的提前偿付风险(Prepayment Risk]]);这是由商业地产抵押贷款的结构决定的。商业地产抵押贷款通常要包含“闭锁期条款(lockout provisions)”;而在闭锁期过后,仍可有诸如废止条款(defeasance)、收益维护条款(yield maintenance),以及提前偿付罚金(prepayment penalties)等等内容,以保护证券持有人。欧洲的CMBS对提前偿付风险的规避保护则一般没有这么多。债券的利息可能基于固定利率,亦可为浮动利率(如在LIBOR或EURIBOR的基础上增加一定息差)。 (zh)
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http://purl.org/linguistics/gold/hypernym
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  • Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets. (en)
  • Un Commercial mortgage-backed security (CMBS) est une titrisation de crédits hypothécaires commerciaux couramment émis sur les marchés des capitaux aux États-Unis. Il s'agit d'un mortgage-backed security (MBS) adossé à des actifs commerciaux plutôt que des biens immobiliers (par exemple, immeuble). Les émissions de CMBS sont généralement structurées en tranches multiples, de façon semblable aux CMO. (fr)
  • 商业地产抵押贷款支持证券(英语:Commercial Mortgage Backed Securities,简写为CMBS)是住房抵押贷款支持证券(英语:Mortgage Backed Security,MBS)的一种,它用商业地产抵押贷款而非住宅抵押贷款作支持。由于商业地产的独特属性,CMBS 比 RMBS(英语:Residential mortgage-backed security,即住宅地产抵押贷款支持证券)更为复杂,波动性也更强。 CMBS的结构通常体现为多个信贷分档(英语:Tranche,一译分级。为了与信用评级(英语:Credit Rating)相区分,此处采用“分档”的译法),这一点跟担保抵押贷款债务(英语:Collateralized Mortgage Obligations, CMOs)类似,却与典型的住宅地产“过手证券”有所不同。商业地产贷款证券化的典型形式是房地产抵押贷款投资渠道信托(英语:Real Estate Mortgage Investment Conduit,REMIC);相应赋税法律规定,这样的信托可以以过手机构的形式出现,并不需要在信托基金的层面上履行税务责任。 (zh)
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  • Commercial mortgage-backed security (en)
  • Commercial mortgage-backed security (fr)
  • 商业地产抵押贷款支持证券 (zh)
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