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Development and Structuring of CMBS in Australia. Edition No. 1
VDM Publishing House, April 2009, Pages: 264
CMBS are an
important segment of the real estate debt markets
which reduce the commercial property sector’s
dependence on bank financing. Until the advent of
the ‘credit squeeze’ in Q3:2007, the CMBS market was
one of the most dynamic and fastest-growing sectors
in the capital markets, for a market which was
virtually non-existent prior to 1990. Very little
academic literature exists on the development and
structuring of Australian CMBSs. Through a cogent
review and explanation of features of international
and Australian CMBSs, the book provides a better
understanding of the status and changing nature of
the Australian CMBS market. Artificial neural
networks and ordinal
regressions are used as alternative methods to
determine CMBS credit ratings. Surveys on Australian
CMBS arrangers and issuers provide insights into
structuring issues they consider necessary to obtain
a high credit rating and pricing issues necessary
for the success of an issue. The findings of this
book can be useful to revive the frozen Australian
CMBS market, and should be especially useful to
students and professionals in property investment
and finance.
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