{"id":2669,"date":"2017-03-20T08:43:59","date_gmt":"2017-03-19T23:43:59","guid":{"rendered":"http:\/\/finance-gfp.com\/?p=2669"},"modified":"2024-07-17T06:43:04","modified_gmt":"2024-07-16T21:43:04","slug":"cmbs%e3%81%ae%e4%bb%95%e7%b5%84%e3%81%bf%e3%81%a8%e3%83%9d%e3%82%a4%e3%83%b3%e3%83%88","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=2669","title":{"rendered":"CMBS\u306e\u4ed5\u7d44\u307f\u3068\u30dd\u30a4\u30f3\u30c8\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u8aac\u660e"},"content":{"rendered":"<p><span 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Securities\uff09\u300d\u306e\u4e16\u754c\u306b\u304a\u3051\u308b\u300cCMBS\u300d\u306e\u4f4d\u7f6e\u3065\u3051\u304b\u3089\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h2>\u300cCMBS\u300d\u306f\u300cMBS\u300d\u306e\u4e00\u7a2e\u3001\u300cMBS\u300d\u306f\u300cABS\u300d\u306e\u4e00\u7a2e<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16285\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/cmbs_abs.png\" alt=\"ABS\u306e\u4e2d\u306b\u3042\u308bCMBS\" width=\"600\" height=\"351\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/cmbs_abs.png 600w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/cmbs_abs-300x176.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>\u300cABS \uff08Asset Backed Securities\uff09\u300d\u3068\u306f\u5404\u7a2e\u8cc7\u7523\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u88cf\u4ed8\u3051\uff08\u62c5\u4fdd\uff09\u306b\u767a\u884c\u3055\u308c\u308b\u50b5\u5238\u3067\u3059\u3002<\/p>\n<p>\u300cABS\u300d\u306e\u4e3b\u306a\u88cf\u4ed8\u3051\uff08\u62c5\u4fdd\uff09\u8cc7\u7523\u3068\u3057\u3066\u300c\u30ea\u30fc\u30b9\u50b5\u6a29\u300d\u300c\u30ed\u30fc\u30f3\u50b5\u6a29\uff08CDO\uff09\u300d\u300c\u4e0d\u52d5\u7523\u62c5\u4fdd\u30ed\u30fc\u30f3\u50b5\u6a29\uff08MBS\uff09\u300d\u7b49\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u300c<span class=\"rmarker-s\">ABS<\/span>\u300d\u306e\u4e00\u7a2e\u3067\u3042\u308b\u300c<span class=\"rmarker-s\">\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff1aMortgage backed securities\uff09<\/span>\u300d\u306f\u5927\u304d\u304f2\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u30ed\u30fc\u30f3\u50b5\u6a29\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u767a\u884c\u3055\u308c\u308bMBS\u2192\u5546\u696d\u7528\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\uff08<span class=\"rmarker-s\">CMBS<\/span>\uff1aCommercial Mortgage Backed Securities\uff09<\/li>\n<li>\u4f4f\u5b85\u30ed\u30fc\u30f3\u3092\u62c5\u4fdd\u3068\u3057\u3066\u767a\u884c\u3055\u308c\u308bMBS\u2192\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08<span class=\"rmarker-s\">RMBS<\/span>\uff1aResidential mortgage-backed security\uff09<\/li>\n<\/ol>\n<p><span class=\"ymarker-s\">\u3064\u307e\u308a\u3001\u300cMBS\u300d\u306f\u300cABS\u300d\u306e\u4e00\u7a2e\u3067\u3001\u300cCMBS\u300d\u306f\u300cMBS\u300d\u306e\u4e00\u7a2e\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u300cCMBS\u300d\u3068\u300cRMBS\u300d\u306e\u57fa\u672c\u7684\u306a\u4ed5\u7d44\u307f\u306f\u540c\u3058\u3067\u3059\u3002<\/p>\n<p>\u4e0b\u8a18\u3067\u306f\u300cCMBS\u300d\u3092\u4f8b\u306b\u3068\u3063\u3066\u4ed5\u7d44\u307f\u3068\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h2>CMBS\uff08\u5546\u696d\u7528\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\uff09\u306e\u4ed5\u7d44\u307f<\/h2>\n<p>CMBS\u306f\u5546\u696d\u7528\u4e0d\u52d5\u7523\u5411\u3051\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\uff0d\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3057\u305f\u50b5\u5238\u3067\u3059\u3002<\/p>\n<p>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u3068\u306f\u30aa\u30d5\u30a3\u30b9\u30d3\u30eb\u30fb\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30bb\u30f3\u30bf\u30fc\u30fb\u30db\u30c6\u30eb\u30fb\u7269\u6d41\u65bd\u8a2d\u306a\u3069\u5c45\u4f4f\u7528\u4ee5\u5916\u306e\u4e0d\u52d5\u7523\u306e\u3053\u3068\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<p>CMBS\u306e\u4ed5\u7d44\u307f\u3092\u5206\u304b\u308a\u3084\u3059\u304f2\u6bb5\u968e\u3067\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<h3>\u7b2c1\u6bb5\u968e\uff1a\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306e\u4ed5\u7d44\u307f<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2681\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan20170320.png\" alt=\"\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\" width=\"218\" height=\"216\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan20170320.png 218w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan20170320-150x150.png 150w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan20170320-30x30.png 30w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan20170320-100x100.png 100w\" sizes=\"auto, (max-width: 218px) 100vw, 218px\" 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Value\u3001\u501f\u5165\u6bd4\u7387\uff09\u306f60\uff05\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u3061\u306a\u307f\u306b\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3068\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u5834\u5408\u3067\u3082\u62c5\u4fdd\u4e0d\u52d5\u7523\u4ee5\u5916\u306e\u50b5\u52d9\u8005\u306e\u4ed6\u306e\u8cc7\u7523\u306b\u306f\u8a34\u6c42\u51fa\u6765\u306a\u3044\u30ed\u30fc\u30f3\u306e\u3053\u3068\u3067\u3059\uff61<\/p>\n<p>\u3088\u3063\u3066\u3001\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306e\u5be9\u67fb\u3067\u306f\u7269\u4ef6\u306e\u7af6\u4e89\u529b\u304c\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span 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class=\"ymarker-s\">\u8907\u6570\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3092\u30d1\u30c3\u30b1\u30fc\u30b8\u3057\u3066CMBS\u3092\u7d44\u6210\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>\u305f\u3060\u3057\u3001\u5358\u7d14\u306b\u30d1\u30c3\u30b1\u30fc\u30b8\u3059\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u3053\u3053\u3067\u3082\u4e0a\u8a18\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u51fa\u8cc7\u306e\u95a2\u4fc2\u306e\u3088\u3046\u306a\u300c<span class=\"ymarker-s\">\u512a\u5148\u52a3\u5f8c\u69cb\u9020<\/span>\u300d\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u4f8b\u3067\u306f\u3001\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u81ea\u4f53\u304c\u4e0d\u52d5\u7523\u4fa1\u683c\u304c40\uff05\u4e0b\u843d\u3057\u3066\u3082\u640d\u5931\u304c\u767a\u751f\u3057\u306a\u3044\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u3055\u3089\u306b\u512a\u5148\u52a3\u5f8c\u69cb\u9020\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u6700\u4e0a\u4f4d\u306eCMBS\u306e\u4fe1\u7528\u88dc\u5b8c\u3092\u5927\u304d\u304f\u3057\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2683\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan_cmbs20170320.png\" alt=\"CMBS\" width=\"469\" height=\"379\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan_cmbs20170320.png 469w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan_cmbs20170320-300x242.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/03\/non-recourse-loan_cmbs20170320-30x24.png 30w\" sizes=\"auto, (max-width: 469px) 100vw, 469px\" \/><\/p>\n<p>\u30a4\u30e1\u30fc\u30b8\u7684\u306b\u306f\u56f3\u306e\u901a\u308a\u3067\u3001\u4e00\u822c\u7684\u306aCMBS\u306f\u683c\u4ed8\u3051\u304cAAA\u306e\u90e8\u5206\u304c\u5927\u304d\u306a\u5272\u5408\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u3082\u30d1\u30c3\u30b1\u30fc\u30b8\u3055\u308c\u3066\u3044\u308b\u500b\u5225\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306b\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306f\u4e0b\u4f4d\u306eCMBS\u304b\u3089\u6bc0\u640d\u3057\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u4e00\u822c\u7684\u306aCMBS\u3067\u306fAAA\u3088\u308a\u4e0b\u4f4d\u306e\u4fe1\u7528\u88dc\u5b8c\u90e8\u5206\u306f20\uff05\u8fd1\u304f\u3042\u308b\u3088\u3046\u3067\u3059\u3002\uff08<span class=\"ymarker-s\">CMBS\u306f\u6614\u3088\u308a\u4fdd\u5b88\u7684\u306a\u69cb\u9020\u306b\u306a\u3063\u3066\u3044\u307e\u3059<\/span>\uff09<\/p>\n<p>\u7c73\u56fd\u306e\u50b5\u5238\u5e02\u5834\u3067\u306fAAA\u306eCMBS\u306f\u5e02\u5834\u898f\u6a21\u304c\u5927\u304d\u304f\u975e\u5e38\u306b\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u305f\u3081\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4f4e\u683c\u4ed8\u3051\u306eCMBS\u306f\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u304c\u4e00\u822c\u7684\u306b\u6295\u8cc7\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>CMBS\u3078\u306e\u6295\u8cc7\u306b\u3064\u3044\u3066<\/h2>\n<h3>CMBS\u306f\u683c\u4ed8\u3051\u3054\u3068\u306b\u30ea\u30b9\u30af\u304c\u5927\u304d\u304f\u7570\u306a\u308b<\/h3>\n<p>\u4e00\u8a00\u3067CMBS\u3068\u8a00\u3063\u3066\u3082AAA\uff5eB\u683c\u307e\u3067\u3042\u308a\u307e\u3059\u306e\u3067\u4e00\u6982\u306b\u826f\u3057\u60aa\u3057\u3092\u8a9e\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>AAA\u683c\u306eCMBS\u3067\u3042\u308c\u3070\u30ea\u30b9\u30af\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3068\u8a00\u3048\u307e\u3059\u304c\u3001\u305d\u306e\u5206\u5229\u56de\u308a\u306f\u4f4e\u304f\u56fd\u50b5\u306b\u5bfe\u3059\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u6570\u30d9\u30fc\u30b7\u30b9\uff5e\u6570\u5341\u30d9\u30fc\u30b7\u30b9\u306e\u30ec\u30d9\u30eb\u3067\u3059\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u306b\u95a2\u3057\u3066\u306f\u3001\u4e0a\u8a18\u306e\u4e00\u822c\u7684\u306a\u4f8b\u3067\u304a\u8a71\u3057\u3059\u308b\u3068\u3001\u305d\u3082\u305d\u3082\u4e0d\u52d5\u7523\u4fa1\u683c\u304c40\uff05\u4ee5\u4e0a\u4e0b\u843d\u3057\u306a\u3051\u308c\u3070\u30ed\u30fc\u30f3\u306f\u6bc0\u640d\u3057\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u308c\u306fAAA\u306b\u9650\u3089\u305a\u3001\u5168\u3066\u306eCMBS\u306b\u5171\u901a\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u4f8b\u3048\u3070CMBS\u306e\u62c5\u4fdd\u5bfe\u8c61\u306e\u7269\u4ef6\u306e\u5185\u30013\u5272\u306e\u7269\u4ef6\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u304c\u534a\u5206\uff0850%\u306e\u4e0b\u843d\uff09\u3068\u306a\u3063\u305f\u5834\u5408\u3092\u60f3\u5b9a\u3057\u3066\u307f\u307e\u3059\u3002<\/span><\/p>\n<p>\u307e\u305a\u4e0d\u52d5\u7523\u4fa1\u683c\u304c50\uff05\u6e1b\u5c11\u3057\u305f\u5834\u5408\u300160\u306e\u30ed\u30fc\u30f3\u306b\u5bfe\u3057\u306610\u306e\u640d\u5931\u3068\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u3053\u306e\u7269\u4ef6\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306f\u7d0417\uff05\u6bc0\u640d\uff0810\/60=\u7d0417%\uff09\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u30ed\u30fc\u30f3\u30d7\u30fc\u30eb\u306e\u5185\u30013\u5272\u3067\u767a\u751f\u3057\u305f\u3068\u3059\u308b\u306817\uff05\u00d70.3\u3067\u30ed\u30fc\u30f3\u30d7\u30fc\u30eb\u306e\u5185\u30015.1 %\u304c\u6bc0\u640d\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p><span class=\"ymarker-s\">\u4e0a\u8a18\u306b\u3042\u308b\u3088\u3046\u306bAAA\u3088\u308a\u52a3\u5f8c\u3059\u308b\u90e8\u5206\u304c20\uff05\u3042\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3068\u8003\u3048\u308b\u3068\u3001\u3084\u306f\u308aAAA\u306f\u305d\u308c\u307b\u3069\u30ea\u30b9\u30af\u306f\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/span><\/p>\n<p>B\u683c\u306e\u90e8\u5206\u306e\u5834\u5408\u306f\u3001\u5927\u304d\u306a\u30b7\u30e7\u30c3\u30af\u304c\u767a\u751f\u3057\u3066\u4e0d\u52d5\u7523\u4fa1\u683c\u304c\u66b4\u843d\u3059\u308b\u3068\u4e00\u90e8\u3001\u640d\u304c\u767a\u751f\u3059\u308b\u3082\u306e\u3082\u51fa\u3066\u304d\u307e\u3059\u306e\u3067\u3001\u6848\u4ef6\u3054\u3068\u306b\u30ea\u30b9\u30af\u7ba1\u7406\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u524d\u306eCMBS<\/h3>\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u524d\u306f\u3001\u305d\u3082\u305d\u3082\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306eLTV\uff08Loan to Value\u3001\u501f\u5165\u6bd4\u7387\uff09\u304c\u73fe\u5728\u306e\u6c34\u6e96\uff0860\uff05\u524d\u5f8c\uff09\u3088\u308a\u9ad8\u304f\u300180\uff05\u524d\u5f8c\u3068\u306a\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u3055\u3089\u306bAAA\u672a\u6e80\u306e\u4fe1\u7528\u88dc\u5b8c\u304c\u73fe\u5728\u306e\u7d0420\uff05\u5bfe\u305710\uff05\u7a0b\u5ea6\u3068\u4f4e\u3044\u5272\u5408\u3067\u3057\u305f\u3002<\/p>\n<p>\u3053\u308c\u3067\u4e0a\u8a18\u306e\u4f8b\u3068\u540c\u69d8\u306bCMBS\u306e\u62c5\u4fdd\u5bfe\u8c61\u306e\u7269\u4ef6\u306e\u5185\u30013\u5272\u306e\u7269\u4ef6\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u304c\u534a\u5206\uff0850%\u306e\u4e0b\u843d\uff09\u3068\u306a\u3063\u305f\u5834\u5408\u3092\u8a08\u7b97\u3059\u308b\u3068\u300150\uff05\u4e0b\u843d\u3057\u305f\u7269\u4ef6\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306f\u30ed\u30fc\u30f380\u306b\u5bfe\u3057\u306630\u6bc0\u640d\u3059\u308b\u306e\u3067\u300137.5% \uff0830\/80=37.5%\uff09\u306e\u6bc0\u640d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u30ed\u30fc\u30f3\u30d7\u30fc\u30eb\u306e\u5185\u30013\u5272\u3067\u767a\u751f\u3057\u305f\u3068\u3059\u308b\u306837.5%\u00d70.3\u3067\u30ed\u30fc\u30f3\u30d7\u30fc\u30eb\u306e\u5185\u300111.25%\u304c\u6bc0\u640d\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>AAA\u672a\u6e80\u306e\u4fe1\u7528\u88dc\u5b8c\u304c10\uff05\u3060\u3068\u3059\u308b\u3068AAA\u3082\u6bc0\u640d\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306f\u767a\u884c\u6642\u306bAAA\u3067\u3042\u3063\u305fCMBS\u3067\u3082\u5927\u304d\u304f\u683c\u4e0b\u3052\u3068\u306a\u3063\u305f\u308a\u3001\u4e00\u90e8\u3067\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3059\u308b\u3082\u306e\u3082\u767a\u751f\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p><span class=\"ymarker-s\">\u3053\u306e\u7d4c\u9a13\u304b\u3089\u305d\u306e\u5f8c\u306b\u767a\u884c\u3055\u308c\u308bCMBS\u306f\u4fdd\u5b88\u7684\u306a\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3>CMBS\u306e\u30ea\u30b9\u30af\u306f\u4e0d\u52d5\u7523\u5e02\u6cc1\u3068\u91d1\u5229\u4e0a\u6607<\/h3>\n<p>CMBS\u306f\u4e00\u822c\u7684\u306b\u671f\u9593\u304c10\u5e74\u7a0b\u5ea6\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u6e80\u671f\u6642\u306f\u30ed\u30fc\u30f3\u3092\u501f\u308a\u63db\u3048\u308b\u304b\u7269\u4ef6\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u8cc7\u91d1\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p><span class=\"ymarker-s\">\u5e02\u6cc1\u306b\u554f\u984c\u306a\u3051\u308c\u3070\u591a\u304f\u306f\u30ed\u30fc\u30f3\u306e\u501f\u308a\u63db\u3048\u306b\u3088\u308a\u30b9\u30e0\u30fc\u30ba\u306b\u8cc7\u91d1\u304c\u56de\u53ce\u3067\u304d\u307e\u3059\u304c\u3001\u4e0d\u52d5\u7523\u5e02\u6cc1\u304c\u5927\u304d\u304f\u60aa\u5316\u3057\u305f\u308a\u91d1\u5229\u6c34\u6e96\u304c\u5927\u304d\u304f\u4e0a\u6607\u3057\u305f\u5834\u5408\u306f\u554f\u984c\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u4e0d\u52d5\u7523\u8cc7\u6599\u304c\u5927\u304d\u304f\u60aa\u5316\u3057\u305f\u5834\u5408\u3001\u305d\u3082\u305d\u3082\u30ed\u30fc\u30f3\u3067\u8abf\u9054\u3067\u304d\u306a\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u51fa\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3068\u304d\u4e0d\u52d5\u7523\u7269\u4ef6\u3092\u5e02\u5834\u3067\u58f2\u5374\u3059\u308b\u5fc5\u8981\u6027\u304c\u767a\u751f\u3057\u307e\u3059\u304c\u3001\u5e02\u6cc1\u304c\u60aa\u5316\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u5927\u304d\u304f\u640d\u5931\u304c\u767a\u751f\u3057\u30ed\u30fc\u30f3\u3082\u6bc0\u640d\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u91d1\u5229\u6c34\u6e96\u304c\u5927\u304d\u304f\u4e0a\u6607\u3059\u308b\u3068\u501f\u308a\u63db\u3048\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u8cc3\u6599\u53ce\u5165\u3082\u4f38\u3073\u3066\u3044\u308b\u306a\u304b\u3067\u306e\u91d1\u5229\u4e0a\u6607\u3067\u3042\u308c\u3070\u5438\u53ce\u53ef\u80fd\u3067\u3059\u304c\u3001\u666f\u6c17\u304c\u305d\u308c\u307b\u3069\u3088\u304f\u306a\u3044\u4e2d\u3067\u306e\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306a\u3069\u304c\u8d77\u3053\u308b\u3068\u501f\u308a\u63db\u3048\u306b\u554f\u984c\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>CLO\u306a\u3069\u3082\u4ed5\u7d44\u307f\u306f\u540c\u3058<\/h2>\n<p>CMBS\u3068\u540c\u3058\u3088\u3046\u306a\u4ed5\u7d44\u307f\u306e\u50b5\u5238\u3068\u3057\u3066CLO\uff08Collateralized Loan Obligation\uff09\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=2448\" target=\"_blank\" rel=\"noopener noreferrer\">CLO(\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238)\u306e\u4ed5\u7d44\u307f\u3068\u30dd\u30a4\u30f3\u30c8\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a><\/li>\n<\/ul>\n<p>\u50b5\u5238\u5e02\u5834\u306e\u5168\u4f53\u50cf\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=15759\" target=\"_blank\" rel=\"noopener\">\u50b5\u5238\u5e02\u5834\u306e\u5168\u4f53\u50cf\u3010\u50b5\u5238\u306e\u7a2e\u985e\u3092\u4e00\u89a7\u3067\u5206\u304b\u308a\u3084\u3059\u304f\u7d39\u4ecb\u3011<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300cCMBS\uff08\u5546\u696d\u7528\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\uff09\u300d\u306b\u3064\u3044\u3066\u4f53\u7cfb\u7684\u306b\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac &#8230; <\/p>\n","protected":false},"author":1,"featured_media":2683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-15"],"_links":{"self":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts\/2669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2669"}],"version-history":[{"count":0,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts\/2669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/media\/2683"}],"wp:attachment":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}