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CMBS
Commercial Mortgage Backed Security. A type of bond commonly issued in the securities markets. CMBS's are a type of mortgage-backed security, but they're backed by commercial loans rather than residential real estate.
Many CMBS have less prepayment risk than other types of MBS due to the structure of commercial mortgages. Commercial mortgages often have lockout provisions after which the holder risks defeasance, yield maintenance and prepayment penalties to protect bondholders.
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