Thursday 7 September 2017 15:37 London/ 10.37 New York/ 23.37 Tokyo
Pari-passu loans are increasing as a percentage of US conduit CMBS transactions. A recent Deutsche Bank analysis suggests that there are now 500 split loans in CMBS 2.0 deals and while split conduit loans can be of high quality, some investors prefer loan diversity over overlap.
Split loans can reduce diversification across a CMBS portfolio, particularly when individual portions of ...
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