Commercial mortgage-backed securities, CMBS (also referred to in German)

Securities backed by a pool of mortgage loans granted to finance commercial real estate. – In times of crisis, such as the global financial crisis that followed the subprime crisis, rental income from commercial properties such as factory buildings, bureaux or shopping centers falls sharply due to rising insolvencies. As a result, CBMS are considered to be highly dependent on cyclical movements and are subject to corresponding risk. – See mortgage debt, mortgage-backed securities, parity proviso, residential mortgage-backed securities, securitization. – Cf. Deutsche Bundesbank Monthly Report of March 2006, p. 40 (overview of securitization types), ECB Monthly Report of February 2008, p. 102 (on central bank eligibility).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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