2022年1月1日 · CMBX Indices are a group of financial indexes that track the commercial mortgage-backed securities (CMBS) market. These indexes represent 25 tranches (French word meaning “slice”) of CMBS, each...

CMBX Indices: CMBX.NA.AAA, CMBX.NA.AS, CMBX.NA.AA, CMBX.NA.A, CMBX.NA.BBB- and CMBX.NA.BB (collectively, the “CMBX Indices” and each, a “CMBX Index”). Each CMBX Index will be composed of twenty-five (25) reference obligations (“Reference Obligations”) that are tranches of commercial mortgage-backed securities offerings (each, a

The CMBX index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities (CMBS). CMBX provides insight into the performance of the CMBS market. Its liquidity and standardization help investors accurately gauge market sentiment around CMBS, and take long or short positions accordingly.

2020年7月21日 · The cost of protection for insuring CMBX 6 BBB- at the end of 2019 was about 500 basis points. While that was the most expensive BBB- index to insure (from among CMBX indexes 6-13) it was only about 150 to 200 basis points more to insure than the rest of the post

2020年10月8日 · The cost of protection for insuring CMBX 8 BBB- at the end of 2019 was about 320 basis points. As of late September 2020, that cost of protection rose to about 700 basis points. It is now the third least expensive CMBX BBB- post-crisis index to insure. The top 10 loans behind the index are these:

2020年6月10日 · Since 2017, when concerns over mall loans began to appear, various investors shorted CMBX 6 BBB- as a way to take a position against mall debt. On a recent episode of The TreppWire Podcast with MP Securitized Credit Partners' Dan McNamara and Catie McGee, we asked why CMBX was the short of choice rathen than shorting REITs or specific retail ...

2024年3月28日 · CMBX offers five distinct indexes catering to different credit ratings, ranging from “AAA” to “BBB-.” Each index is based on a basket of 25 Credit Default Swaps (CDSs) referencing CMBS securities. The indexes undergo reconstitution every six months to reflect the ever-evolving health of the CMBS market.

2023年9月16日 · There are five separate CMBX indexes for ratings going from "AAA" to "BBB-" in light of a basket of 25 CDSs, which reference CMBS securities. The CMBX indexes are reconstituted like clockwork to get new securities and thereby persistently mirror the current strength of the CMBS market.

2019年10月24日 · While this figure sounds high, the equivalent defeasance-adjusted credit enhancement of the series has also improved since origination, from 6.8% to 10.7% for BBB– tranches and from 5.3% to 8.2% for BB.

2020年6月30日 · • As the spread on the BBB- rated tranche of the CMBX Series 6 Index widened sharply over the following months, the spread o n the CMBS deals that underly the index remained fairly steady. This divergence created the opportunity for CMBS investors to earn a premium by holding the