THE DEVELOPMENT OF COMMERCIAL MORTGAGE-BACKED SECURITIES IN AUSTRALIA

被引：2
作者：
Chikolwa, Bwembya [1 ]
机构：
[1] Queensland Univ Technol, Brisbane, Qld, Australia
来源：
PACIFIC RIM PROPERTY RESEARCH JOURNAL | 2007年 / 13卷 / 04期
关键词：
Commercial Mortgage-Backed Securities; underlying collateral; credit rating; transaction type; spreads; performance;
D O I：
10.1080/14445921.2007.11104239
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：397 / 422
页数：26
相关论文
共 45 条
[31]  
Newell G., 2007, 13 PAC RIM REAL EST
[32]   The significance and performance of retail property in Australia [J].
Newell, Graeme ;
Hsu, Wen Peng .
JOURNAL OF PROPERTY INVESTMENT & FINANCE, 2007, 25 (02) :147-+
[33]  
PCA/ IPD, 2007, INV PERF IND DEC 200
[34]  
Reserve Bank of Australia, 2006, FIN STAB REV MARCH 2
[35]  
Richardson K, 2003, PROPERTY AUSTR, P36
[36]  
Roche T., 2000, AUSTR LAND EC REV, P73
[37]  
Standard & Poors, 2006, STAND POORS CMBS SUR
[38]  
Standard & Poors, 2007, EUR CMBS OUTL 2007 Y
[39]  
Standard & Poors, 2005, AUSTR NZ CMBS PERF W
[40]  
Standard & Poors, 2005, AUSTR CMBS MARK STOR
12345