The development of commercial mortgage-backed securities in Australia

Chikolwa, Bwembya (2007) The development of commercial mortgage-backed securities in Australia. Pacific Rim Property Research Journal, 13(4), pp. 397-422.

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The paper explores the development of the Australian Commercial Mortgage-Backed Securities (CMBS) market from 1999 to 2006 and outlines similarities and dissimilarities with the United States (US) and European (EU) CMBS markets. Whilst the US has been the market leader in terms of issuance volumes and diversity of asset classes backing the issues, the other two regions have not lagged far behind and have replicated the US CMBS model to suit their local needs. In comparison to the much bigger US and EU CMBS markets, the Australian CMBS market is well matured as seen by the diversity of asset classes backing the issues and transaction types, tightening spreads and record issuance volumes. The strong commercial real estate market outlook supports further CMBS issuance, with Listed Property Trusts (LPTs) continuing their dominance as issuers

Impact and interest:

2 citations in Scopus
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ID Code: 19166
Item Type: Journal Article
Refereed: Yes
Additional Information: See Author's SSRN papers and download stats at Author link below
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Keywords: commercial mortgage backed securities, underlying collateral, credit rating, transaction type, spreads, performance
ISSN: 1444-8921
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Finance (150201)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Past > Schools > School of Urban Development
Copyright Owner: Copyright 2007 please consult the author
Deposited On: 26 Mar 2009 01:15
Last Modified: 29 Feb 2012 13:52

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