Delinquency rates rose last month on collateralised debt obligations that package together commercial real estate loans and slice them into different pieces of risk, as the outlook for the property sector continues to deteriorate.

Ratings agency Derivative Fitch, which compiles an index of 35 commercial real estate CDOs covering 1,100 loans with a balance of $23.5bn, found the delinquency rate, where borrowers are more than 60 days late in making interest payments, rose almost 50% in November compared to the previous month. However, the rate remains at an historical low.