CMBS

Commercial mortgage-backed securities, or CMBS, are bonds or notes created via securitisation that are backed by commercial mortgages or other commercial real estate assets. CMBS originators are typically financial institutions that originate commercial real estate or commercial mortgage loans, including banks, building societies/savings & loans and mortgage finance companies. To create commercial mortgage-backed securities, or CMBS, institutions sell pools of their loans to a special-purpose vehicle, or SPV, which then sells the loans to a trust. The trust then repackages the loans as interest-bearing securities and issues them. This true sale of the loans to the SPV ensures that the CMBS is treated as bankruptcy-remote from the originator.

• ABSPP plans published

  Sector developments and company hires

  APP reinvestment set The ECB has outlined the technical parameters for the reinvestment of the pri...

  Market moves    14 December 2018

• STS guidelines published

  Sector developments and company hires

  P2P head hired Dynamic Credit has hired Giles Andrews as chairman of its supervisory board. The bo...

  Market moves    13 December 2018

• Star performer

  CDX beats cash bonds but CMBX leads

  Strong returns in CMBX have made it a ‘standout performer’ in the credit derivat...

  News Analysis    13 December 2018

• Prepayment offer

  European CMBS market update

  European CMBS BWIC activity has swelled after the Taurus 2018-3 DEU deal priced today. Unusually, no...

  Market Reports    12 December 2018

• Global leader appointed

  Sector developments and company hires

  Amended complaint filed The state of Colorado has filed a Second Amended Complaint relating to sta...

  Market moves    12 December 2018

• Libor consultation launched

  Sector developments and company hires

  ILS Peak Reinsurance Company has launched Asia’s first sidecar transaction via a new Ber...

  Market moves    11 December 2018

• UK CMBS markets

  Transaction marks first for rating agency

  A Brookfield Asset Management entity, BSREP International II (A), is the sponsor of a new £...

  News    11 December 2018

• Bid scarcity

  European ABS market update

  A major UK bank is focusing efforts of European NPLs in the coming weeks, as spreads continue to wid...

  Market Reports    7 December 2018

• BTL securitisation planned

  Sector developments and company hires

  Europe Accunia has promoted Mads Romild as head of Accunia’s CLO platform. Romild will c...

  Market moves    6 December 2018

• Enforcement uncertainty

  Set-back for STS-eligible issuance

  The recent statement issued by the Joint Committee of the ESAs (SCI 4 December) is unlikely to be su...

  News    5 December 2018

• Activity upsurge

  European ABS market update

  The European primary and secondary ABS markets are seeing a surge in activity, due to uncertainty ov...

  Market Reports    4 December 2018

• BDC merger announced

  Sector developments and company hires

  BDC merger Golub Capital BDC (GBDC) has merged with Golub Capital Investment Corporation (GCIC), w...

  Market moves    4 December 2018

• Proportional approach

  ESAs tackle delay in transparency requirements

  The joint European Supervisory Authorities (ESAs) - which consist of the EBA, ESMA and the European...

  News    4 December 2018

• ESAs suggest 'proportion'

  Sector developments and company hires

  Aussie securitisation fund The Australian government has introduced a A$2bn Australian Business Se...

  Market moves    3 December 2018

• SCI Start the Week - 3 December

  A review of securitisation activity over the past seven days

  Market commentary European ABS activity remained subdued last week, with spreads drifting wider, du...

  News    3 December 2018

• Funding boost for online lender

  Sector developments and company hires

  Alesco CDOs transferred The collateral management agreements for the Alesco Preferred Funding X to...

  Market moves    29 November 2018

• Mezz concessions

  US CMBS market update

  US CMBS new issues appear to be struggling, following market volatility at the beginning of the week...

  Market Reports    28 November 2018

• Start the week - 26 November

  A review of securitisation activity over the past seven days

  Market commentary US CLO equity and double-B bonds were casualties of last week’s drop i...

  News    26 November 2018

• UK SLABS slated

  Sector developments and company hires

  EMEA Eurocastle Investment has appointed Hammad Khan to its board as a non-executive director, inc...

  Market moves    23 November 2018

• Early warning?

  Cov-lite Euro CMBS gaining traction

  The influences of the leveraged loan market and non-traditional CMBS investors, along with the compe...

  News    22 November 2018

• CRT tranche downgraded

  Sector developments and company hires

  Acquisitions Spruce Finance has been acquired by HPS Investment Partners. Spruce will be headquart...

  Market moves    21 November 2018