CMBS derivatives gather pace

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A market for credit default swaps (CDS) on commercial mortgage-backed securities is beginning to develop; some analysts are even wondering whether the new market is affecting cash spreads on commercial mortgage-backed securities (CMBS). “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 i

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