Analyzing CMBS Conduit Transactions
I'm looking for any advice on how to begin analyzing conduit CMBS transactions. My company has recently decided to expand our CMBS portfolio, and until they are able to hire a full time CMBS analyst, I am in charge of analyzing potential CMBS deals. While I have looked at CMBS's before, most of the deals I have seen are SA/SB transactions where underwriting is similar to underwriting any property. 

However, with our expansion emphasis will be placed on conduit transactions. I have seen a few of these already and am not quite sure where to begin. I was wondering if anyone had any advice on how to wrap my head around one of these deals. My company is looking into subscribing to TREPP; how will I be able to leverage TREPP data to supplement my underwritings?
[{"id": "dp3lxk4", "text": "Couldn't tell by your post - is your firm looking to begin contributing loans to CMBS transactions or invest in tranches of new or existing CMBS deals? Assuming it's the latter, are they looking into the remaining pre-crisis CMBS 1.0 stuff or 2.0? Newly issued or looking to trade seasoned tranches?\n\nTrepp is strong for CMBS data, as many common providers (Bloomberg, Thomson Reuters, etc) are relatively slim on CMBS info. Very easy to look up deals, specific loans, etc. Intex is also a must if you want to model anything CMBS.", "replies": [{"id": "dp3ssj7", "text": "We are looking to invest in tranches of new CMBS deals. While we might change our investment criteria as we invest in more deals and become more familiar with the landscape, to begin with we will only be buying tranches in new CMBS deals (so CMBS 2.0 risk retention). While we will be initially investing in mostly the AAA tranche, we still need to justify our investment decisions for regulatory reasons. \n\nWhat is Intex and how much does it cost? Is it possible to build your own models using Trepp info/info from deal offerings? How would you begin to analyze a conduit deal?\n\n\n\n", "replies": [], "depth": 2}], "depth": 1}, {"id": "dp3tuhu", "text": "Ive been working in CMBS for 2 years. PM me.", "replies": [], "depth": 1}]