REALpac 2009 CMBS Maturities Update
The Real Property Association of Canada (REALpac) released today their 2009 CMBS Maturities Update, a realization of Condor Consulting Group.
This study extends the CMBS analysis done by the Association in 2008, to provide the most comprehensive overview of the Canadian CMBS market undertaken to date. In particular, it seeks to resolve the question of what will happen when loans with conduit debt mature and borrowers return to the traditional capital market for refinancing.
The main findings of this study are that the decline in the Canadian CMBS market has created a modest funding gap with little potential to be a channel for financial instability. However, the risk of concentrated losses for some market participants cannot be ruled out.