Moody’s Investor Service has published an excoriating report on the overheated commercial-backed securities market, saying it faces the risk of “boiling frog syndrome” after U.S. CMBS conduit loan leverage reached a CMBS 2.0 record high.

“The CMBS market appears to be at risk of ‘boiling frog syndrome,’ a situation in which participants fail to react to gradual changes until....

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