Commercial mortgage-backed securities (CMBS) conduit securitizations issued from 2012 through 2016 were predominantly collateralized by 10-year loans, most of which had prepayment protections that limited early refinancing. Almost all of the underlying loans have since reached their scheduled maturity dates or will by year-end, providing an opportunity to assess the performance of these transactions as they season beyond 10 years. While most of these securitizations remain outstanding, a substantial portion of their original collateral has paid down. Tail risk, adverse selection, potential maturity defaults, and variability in cash flow distributions are long-recognized behaviors of conduit CMBS and are considered in credit ratings at issuance. The typically long-dated rated final distribution dates of certificates also recognize the potential for loan extensions and protracted asset resolutions beyond original loan maturities.
This report examines the performance of 235 CMBS conduit…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.