European CMBS Monthly Bulletin (May 2012): A Closer Look Into The Two Largest Jurisdictions May 12

Abstract
This month, Standard & Poor's Ratings Services examines loan performance by jurisdiction and sector for Germany and the U.K. as of May 1, 2012. Up to that date, these jurisdictions together compose about 76% of the total maturing loan balance of all of the European commercial mortgage-backed securities (CMBS) that we have rated?the U.K. accounting for 35% and Germany for 41%. Of the loans in these two jurisdictions, fewer than one in three have repaid at maturity, and nearly half have defaulted. Additionally, performance to date may be deceiving, as higher-quality loans may already have repaid?potentially leaving increasing default rates ahead as the remaining loans struggle to repay in a difficult market. European CMBS is dominated by German and U.K....

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Research Type: Commentary
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