"Commercial Mortgage-Backed Securities" (or "CMBS") are Asset-Backed Securities which are collateralised by a commercial real estate asset, either a single property, or - more often - a portfolio of several properties. The commercial properties can be office buildings, but also warehousing facilities, or even properties used for a very specific purpose, such as power distribution or telephone switch. CMBS are to be distinguished from "Residential Mortgage-Backed Securities" (or "RMBS").

(See Chapter 22 Shares of the Vernimmen)

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