J.P. 摩根-美股-房地产行业-摩根大通私人CMBS手册（2019版）-2019.4.4-54页.pdfVIP免费

NorthAmericaSecuritizedProductsResearch04April2019J.P.MorganPrivateLabelCMBSHandbook2019EditionCMBSResearchGarethDavies,CFAAC(1-212)270-2017gareth.davies@jpmorgan.comChongSin(1-212)834-2611chong.c.sin@jpmorgan.comJacobTKurosaki,CFA(1-212)270-4130jacob.t.kurosaki@jpmchase.comJ.P.MorganSecuritiesLLCSeepage52foranalystcertificationandimportantdisclosures.www.jpmorganmarkets.comWelaunchthesecondeditionoftheJ.P.MorganPrivateLabelCMBSHandbook,providinganoverviewofthevariousproductsavailabletoCMBSinvestorswithinthespace,alongwithasummaryofrecentmarketactivityAsalways,wewelcomeanyandallclientfeedbackforsuggestionsonhowtoimprovethispublicationforthenexteditionForhardcopiesofthispublication,pleasecontacttheanalysts.Alsoavailableinthisseries:J.P.MorganAgencyCMBSHandbook.2NorthAmericaSecuritizedProductsResearchJ.P.MorganPrivateLabelCMBSHandbook04April2019GarethDavies,CFA(1-212)270-2017gareth.davies@jpmorgan.comChongSin(1-212)834-2611chong.c.sin@jpmorgan.comJacobTKurosaki,CFA(1-212)270-4130jacob.t.kurosaki@jpmchase.comTableofContentsProductOverview:PrivateLabelCMBS.................................4PrivateLabelCMBSmarketsnapshot......................................................................4ConduitCMBS........................................................................10OverviewofConduitCMBS.................................................................................10ConduitCMBSdealstructure................................................................................11InvestorBase........................................................................................................15ConduitCMBScollateralcharacteristics................................................................16ConduitCMBScollateralperformance..................................................................18SASBCMBS............................................................................21OverviewofSASBCMBS..........................................................................