As the phenomenon of large-loan pool commercial mortgage-backed securities deals slowly becomes a thing of the past in the minds of CMBS players, Standard & Poor's Ratings Group issued a special report last week concerning past performance and future prospects of the large-loan pool market.

Introduced and popularized by Nomura Securities International Inc. under its MegaDeal label, large-loan transactions, to date, have consisted of 12 or fewer loans to significant borrowers. Viewed as hybrid pools, large-loan transactions are analyzed on a property-specific basis, but received credit support levels reflecting the benefit derived from aggregating a portfolio of loans.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.