Abstract
Commercial mortgage-backed securities (CMBSs) are a type of fixed income investment backed by commercial loans. They can be appealing to investors because they generally offer high credit quality, a reasonable degree of credit stability, cash-flow stability, and low-spread volatility. Choosing a particular CMBS investment involves careful consideration of the characteristics of the underlying commercial loans, bond structure, risk appetite, and typical deal features. Keywords: commercial mortgage-backed securities (CMBSs); commercial loans; CMBS bond structure; CMBS deal features; prepayment penalties; defeasance; yield maintenance
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