Level is calculated from unpublished micro data on gross issuance by property type available from Barclays, Bank of America, and Morgan Stanley and data available by subscription from Commercial Mortgage Alert, less unpublished data on defeasance from Citigroup; excluding international deals, Freddie Mac/Fannie Mae deals, securitized leases, and resecuritizations. Unadjusted transactions are the change in the level; seasonally adjusted transactions are obtained using the X-13-ARIMA procedure.
Last edited on: 01/06/2010