Heavier Pro-rata Pay Accentuates EMEA CMBS Asset Idiosyncrasies
Banking & Financial Services / Middle East / Wed 04 Jul, 2018
The uptick in EMEA CMBS issuance in recent months has seen heavier use of pro-rata principal allocation, which creates risks that can be disguised by prudent senior note-to-value ratios. Consequently, and as CMBS expands to include more operating assets, it becomes more important to look through headline leverage into the details of individual