About The CMBS Database

The CMBS Database captures the initial terms of all rated securities collateralized by commercial and multi-family properties. It covers issues from the inception of the CMBS market in the mid-1980s through the end of the last week. See sample database entry.

For questions about the CMBS Database, call Jim Alexander at 201-234-3993.

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The database includes issues sold to investors in the U.S. and in other countries. To be included, an issue must:

  • Be secured by mortgages or leases on income-producing properties, either commercial or multi-family.
  • Have a rating from a major agency.
  • Have a trustee.

CMBS.xls Data Fields

Field Name Detailed Description
CODE The "CMA code" is a unique, eight-digit number that can be used to link together the different modules of the CMBS Database. The first four digits represent the year and the next four represent a unique number (for example: 20010108).
ISSUER The name of the issuing entity, exactly as it is shown on the prospectus.
SECURE The descriptive name applied to the securities, exactly as it is shown on the prospectus.
SERIES The series name of the offering, exactly as it is shown on the prospectus.
AMOUNT The sum of the original face amount of all classes (in millions of dollars). For issues that aren't denominated in U.S. dollars, the amount shown is the dollar equivalent.
CLOSING The closing date. This is usually the settlement date of the issue.
PRICING The date when final pricing for all or most of the entire issue was completed.
SELLER The party deemed to be the primary beneficiary of the transaction. For single-borrower deals, it is the borrower. For multiple-borrower deals, the seller of the loans. For lease-backed deals, the tenant is sometimes identified in this field.
SBT Seller/borrower type. A code that describes the party that was deemed to be the primary beneficiary of the transaction:
  • B Bank/thrift
  • D Developer/real estate firm
  • E Investment group
  • F Finance/mortgage company
  • G Government entity
  • I Insurer
  • P Pension fund
  • R RTC/FDIC
  • S Securitization program
  • T REIT
  • W Investment bank
  • Y Retailer
  • Z Other
BOOKRNR1/BOOKRNR2 The broker-dealer that ran the books and coordinated distribution of the securities. If there are two joint bookrunners on a deal, the BOOKRNR2 field is also used. For two bookrunners to be listed, the prospectus cover must clearly state that specific underwriters are "joint bookrunners" or "co-bookrunners." If three or more firms are identified as bookrunners, only the first two firms will appear in the BOOKRNR1 and BOOKRNR2 fields.
SERVICER The master servicer hired to process payments and administer performing mortgages that serve as the issue's collateral.
SPSERV The special servicer hired to handle workouts and liquidations of nonperforming loans in the securitized portfolio.
OPADV The operating advisor.
TRUSTEE The trustee hired to hold the bond collateral for the benefit of investors.
COUNSELUW The underwriter counsel.
COUNSELISS The issuer counsel.
RM/RS/RF/RD/RR/RK/RO An "x" in one of these fields indicates that some or all of the deal's classes were rated by Moody's, S&P, Fitch, DBRS/Duff, Morningstar, Kroll or another agency.
DEAL The deal type:
  • B   Conduit (lease-backed)
  • C   Conduit (regular)
  • D   Distressed/non-performing assets
  • F   Government agency (Fannie/Freddie/Ginnie)
  • G   Freddie Mac (non-guaranteed certificates)
  • L   Lease-backed (single borrower)
  • M   Large-loan (all loans in the pool exceed $20 million)
  • O   Single-borrower (non-leasebacked)
  • P   Seasoned collateral
  • R   Resecuritization
  • S   Floating rate (multiple borrowers)
  • T   Transitional properties
  • U   Fusion (conduit and large loans in the pool)
  • Z   Other
OFF Offering type, that is, the method of securities distribution:
  • A   Rule 144A
  • F   Fannie/Freddie
  • I   Outside U.S.
  • P   Private placement
  • S   SEC-registered
DENT Country of denomination (blank if U.S.)
DENT/AMT Amount in denomination (blank if U.S. dollars)
DIS Region where distributed:
  • A   Asia (except Japan)
  • C   Canada
  • E   Europe
  • F   Africa
  • J   Japan
  • K   Australia
  • L   Latin America and Caribbean
  • M   Mideast
  • U   U.S.
FRQ The frequency of interest and/or principal payments:
  • M   Monthly
  • Q   Quarterly
  • S   Semi-annual
SEC The security type:
  • R   Remic (structured as real estate mortgage investment conduits for federal tax purposes).
  • F   Fasit
  • Z   Other
OFS Whether the collateral was originated for securitization (Y/N).
CON Whether the collateral consists of conduit mortgages (Y/N).
LSB Whether the securities are primarily backed by lease receivables (Y/N).
SGL Whether the collateral is tied to a single borrower (Y/N).
#PROP The number of properties that collateralize loans in the securitized pool.
#LOAN The number of loans in the pool.
QUA The loan quality:
  • P   Performing
  • N   Nonperforming
  • X   Mixed
LRATE The rate type of the collateral loans:
  • A   Floating-rate
  • F   Fixed-rate
  • X   Mixed
NRATE The rate type of the notes:
  • A   Floating-rate
  • F   Fixed-rate
  • X   Mixed
WAC Weighted average coupon rate of all loans in the securitized pool.
WAM Weighted average maturity, or remaining term, for all loans in the securitized pool.
LTV Weighted average loan-to-value ratio for all mortgages in the securitized pool.
DSC Weighted average debt-service coverage ratio for all mortgages in the securitized pool.
LOCATION Identifies states with at least 10% of the underlying real estate collateral.
Region/COL Region of collateral:
  • A   Asia (except Japan)
  • C   Canada
  • E   Europe
  • F   Africa
  • J   Japan
  • K   Australia
  • L   Latin America and Caribbean
  • M   Mideast
  • U   U.S.
Country/COL Country where collateral is located.
F% Office mortgages as a percentage of the pool.
H% Hotel mortgages as a percentage of the pool.
M% Multi-family mortgages as a percentage of the pool.
N% Nursing/retirement mortgages as a percentage of the pool.
P% Mobile-home-park mortgages as a percentage of the pool.
R% Retail mortgages as a percentage of the pool.
W% Warehouse/industrial mortgages as a percentage of the pool.
Z% Other mortgages as a percentage of the pool. This category includes mixed-use and credit-linked collateral.

PRICE.xls Data Fields

Field Name Detailed Description
CODE The "CMA code" is a unique, eight-digit number that can be used to link together the different modules of the CMBS Database. The first four digits represent the year and the next four represent a unique number (for example: 19990108).
CLASS The tranche identifier.
AMOUNT The original face amount of the class (in millions of dollars). For classes that aren't denominated in U.S. dollars, the amount shown is the dollar equivalent.
NOTAMT The notional amount of the class (in millions of dollars). For classes that aren't denominated in U.S. dollars, the amount shown is the dollar equivalent.
DEN Country of denomination (blank if U.S.).
DEN/AMT Amount in denomination (blank if U.S. dollars).
RATINGM Initial rating assigned by Moody's.
RATINGS Initial rating assigned by S&P.
RATINGF Initial rating assigned by Fitch.
RATINGD Initial rating assigned by DBRS or Duff.
RATINGR Initial rating assigned by Morningstar.
RATINGK Initial rating assigned by Kroll.
SUB% Percent subordination.
COUPON Coupon rate -- the initial annual pay rate. For fixed-rate classes, the coupon is stated as a percentage. For floating-rate classes, it is the stated margin in basis points over a certain benchmark rate.
PRICE Initial price per $100 of bonds.
CBE Corporate bond equivalent yield, which allows investors to compare all fixed-income securities to corporate bonds, which pay interest semi-annually and are based on a 360-day year.
MATURE The final rated maturity date for the class.
LIFE The weighted average expected retirement date of each class of securities (in years).
SPREAD The difference, in basis points, between the initial yield and a benchmark rate, usually Treasury securities or Libor.
BENCH The benchmark rate -- usually a Treasury yield or Libor -- used to price the notes.
RATE Coupon-rate structure on the securities:
  • A   Floating-rate
  • F   Fixed-rate

NOTES.txt Data Fields

Field Name Detailed Description
CODE The "CMA code" is a unique, eight-digit number that can be used to link together the different modules of the CMBS Database. The first four digits represent the year and the next four represent a unique number (for example: 19990108).
NOTE Text describing collateral, terms and conditions of the securities. This section also cites any related articles published in Commercial Mortgage Alert.