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Commercial Mortgage-Backed Securities: A securitized products primer

Portfolio Managers John Kerschner and Portfolio Manager Jason Brooks discuss how commercial mortgage-backed securities (CMBS) are created, their key characteristics, and what they might offer investors.

John Kerschner, CFA

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager


Jason Brooks

Jason Brooks

Portfolio Manager | Securitised Products Analyst


6 Jun 2024
14 minute read

Key takeaways:

  • The U.S. CMBS market is comprised of five main subsectors: Multifamily housing (e.g., apartments, prefabricated homes), office, industrial (e.g., warehouses, data centers), retail, and hospitality (e.g., hotels, casinos, time shares).
  • At around $1.7 trillion in market capitalization, CMBS is bigger than the U.S. high yield market and is the second-largest securitized market in the U.S. behind agency mortgage-backed securities (MBS).
  • An actively managed portfolio may offer better diversification than passive CMBS benchmarks, which are heavily skewed to multifamily and office properties with little exposure to sectors that may offer better fundamentals and long-term growth potential.

 

Commercial mortgage-backed securities (CMBS) are collections of commercial mortgage loans that are bundled together, or securitized, and sold to investors. CMBS structures help to link the financing needs of real estate buyers with investors’ capital.

Commercial mortgage loans are loans issued by banks, insurers, and alternate lenders to finance purchases of commercial real estate, such as office, industrial, retail, hospitality, and multifamily housing facilities.

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Le performance passate non sono indicative dei rendimenti futuri. Tutti i dati dei rendimenti includono sia il reddito che le plusvalenze o le eventuali perdite ma sono al lordo dei costi delle commissioni dovuti al momento dell'emissione.

 

Le informazioni contenute in questo articolo non devono essere intese come una guida all'investimento.

 

Non vi è alcuna garanzia che le tendenze passate continuino o che le previsioni si realizzino.

 

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John Kerschner, CFA

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager


Jason Brooks

Jason Brooks

Portfolio Manager | Securitised Products Analyst


6 Jun 2024
14 minute read

Key takeaways:

  • The U.S. CMBS market is comprised of five main subsectors: Multifamily housing (e.g., apartments, prefabricated homes), office, industrial (e.g., warehouses, data centers), retail, and hospitality (e.g., hotels, casinos, time shares).
  • At around $1.7 trillion in market capitalization, CMBS is bigger than the U.S. high yield market and is the second-largest securitized market in the U.S. behind agency mortgage-backed securities (MBS).
  • An actively managed portfolio may offer better diversification than passive CMBS benchmarks, which are heavily skewed to multifamily and office properties with little exposure to sectors that may offer better fundamentals and long-term growth potential.