NEW YORK CITY—Since the first few securitizations following the CMBS market’s near-death experience began appearing in 2009, analysts have observed a gradual re-emergence of patterns that characterized so-called CMBS 1.0 loans. Among them are increasing loan-to-value ratios and a tilt toward interest-only loans.

A recent Moody’s Investors Service report, which said the industry has begun to experience “déjà vu all over again,” found that about two-thirds of the CMBS deals originated in the third quarter were IO, compared to 50% of the loans originated during 2013. Similarly, Fitch Ratings found that IO and partial-IO combined represented nearly 60% of the conduit loans issued year-to-date through Q3, up from a total of 33.1% at the end of 2012.

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