商業抵押擔保證券(英文版)(pdf 8頁)

商業抵押擔保證券(英文版)內容提要：
The CMBS (Commercial Mortgage - Backed Securities) market, once highly preferred by
developers as an alternative funding instrument, has come to standing still in recent years,
thanks to the ample banking liquidities and relaxed lending policy.
Developers widely used CMBS during the 98 – 99 credit crunch period after the Asia
Financial Crisis as it offered advantages unrivalled by other conventional financing options.
Cheaper pricing is one of its benefits.
However, the intense competition in the loan market has undercut its edge. Banks’
eagerness to throw large credit lines at even cheaper rates have driven developers with less
incentive to structure the complex the CMBS deals.
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