NEW YORK--(BUSINESS WIRE)--As the issuance of post-crisis commercial real estate (CRE) collateralized loan obligation (CLO) transactions continues to surge in 2018, Kroll Bond Rating Agency (KBRA) has published two new research reports that focus on key themes in CRE CLO space. The reports are CRE CLOs: A Primer, Today’s CRE CLOs aren’t Yesterday’s CRE CDOs and Something Old, Something New: A Synopsis of Post-Crisis CRE CLO Structural Features.
The primer highlights several aspects across the sector, including transaction volume, key structural features, and the underlying collateral. The publication also contains three appendices which include a listing of all the CRE CLOs issued post crisis, credit metrics for recent KBRA rated transactions, and a glossary of commonly used terms in the sector.
The second report provides a summary of the terms of the key structural features that have become prevalent across KBRA-rated CRE CLOs. These include the post-closing acquisition of assets, future funding obligations, advancing, coverage tests, events of default, and the disposition of defaulted assets.
Both publications also compare current CRE CLOs transactions with, and distinguish them from, pre-crisis CRE CDOs and, where applicable, CMBS.
Please feel free to reach out to us with any comments or questions on our study.
About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.