CMBS derivatives gather pace

New angles

Credit default swaps (CDSs) on commercial mortgage-backed securitisations (CMBSs) are beginning to develop. Even though the market is still in its infancy, some CMBS analysts are wondering whether CMBS CDSs have affected cash spreads. “In the first two months of 2005, the CMBS market saw an extraordinary tightening in CMBS spreads that was larger than anything we have seen before. We haven’t seen new buyers in the market, so we looked at some of the CMBS derivatives products, which may be in

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