New York, April 15, 2016 -- Defeasance activity in US commercial mortgage-backed securities (CMBS) last year reached its highest level since 2007, as borrowers sought to capitalize on still-low interest rates and complete refinancing ahead of the wave of 10-year loans securitized in 2006-07 that are about to mature, Moody's Investors Service says in a new report. But current spread volatility could impinge on refinancing activity, and therefore also on defeasance activity, in 2016.

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