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NEW YORK CITY—On the face of it, CSMC Trust 2014-ICE is not a bell-ringer among recent CMBS issues. At $655 million worth of commercial mortgage pass-through certificates, it’s considered large but not unusually so in a year that already has seen more than a few $1-billion-plus securitizations, although it’s among the biggest on record for its property type. Yet the transaction, for which Fitch Ratings and Standard & Poor’s have issued presale reports, illustrates the more conservative underwritings that have characterized so-called CMBS 2.0 thus far—even if S&P reported earlier this month that conduit loans’ credit metrics have begun deteriorating.

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