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.

• Whole biz downgrade announced

  Company developments and company hires

  Acquisitions Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. Th...

  Market moves    16 August 2019

• NPL disposals inked

  Sector developments and company hires

  ABSF tender The Australian Office of Financial Management is inviting tender submissions for the p...

  Market moves    14 August 2019

• Balancing act

  European CMBS learning from US CRE structures

  European CMBS are increasingly likely to continue following patterns set by their US counterparts an...

  News Analysis    14 August 2019

• Tweaking tradition

  Dutch securitisation evolving across established sectors

  The Dutch securitisation market is seeing innovation and growth away from its traditional strong foc...

  News Analysis    13 August 2019

• STS mirage

  "Still no level playing field" despite regulation

  Despite the high bar that issuers must clear to achieve the STS designation on securitisations, the...

  News Analysis    12 August 2019

• SCI Start the Week - 12 August

  A review of securitisation activity over the past seven days

  SCI CRT awards Don't miss out on your chance to win: the submissions deadline for the inaugural SCI...

  News    12 August 2019

• AM acquisition

  Sector developments and company hires

  Asset management acquisition Assured Guaranty US Holdings is set to acquire all of the outstanding...

  Market moves    9 August 2019

• Alt credit co-head hired

  Company hires and sector developments

  Alt credit co-head nabbed Ares has hired Joel Holsinger to its credit group as c...

  Market moves    7 August 2019

• CLO partner appointed

  Sector developments and company hires

  CLO firm partner promotion DFG Investment Advisers has promoted Timothy Milton to partner. Since j...

  Market moves    6 August 2019

• SCI Start the Week - 5 August

  A review of securitisation activity over the past seven days

  Market commentary Portuguese RMBS outperformed other securitisation asset classes last week, booste...

  News    5 August 2019

• CLO head hired

  Sector developments and company hires

  BUMF 6 injunctions granted Final injunctions have been granted against Greencoat Investments (GIL)...

  Market moves    2 August 2019

• Affordable loan credit insurance risk transfer closed

  Sector developments and company hires

  Affordable CIRT closed Fannie Mae has executed a new credit insurance risk transfer (CIRT) transac...

  Market moves    31 July 2019

• Closer look

  US CRE CLOs are booming, but caution is advised

  A landmark US CRE CLO is currently marketing and grabbing investors’ attention. Away from...

  News Analysis    29 July 2019

• SCI Start the Week - 29 July

  A review of securitisation activity over the past seven days

  Transaction of the week Unusual securitisation backed by music rights collateral (SCI 23 July) SE...

  News    29 July 2019

• Mortgage firm completes residuals sale

  Company hires and sector developments

  Residual sale Charter Mortgages is set to sell its residual economic interest in the Precise Mortg...

  Market moves    26 July 2019

• Unique approach

  Underwriting flex space in CMBS examined

  Coworking company exposures in US CMBS are expected to increase as the buildings they occupy are ref...

  News Analysis    26 July 2019

• Italian renaissance?

  Spike in new issuance supported for now

  The uptick in Italian ABS/MBS primary issuance in the past month or so gives the impression of a lon...

  News Analysis    24 July 2019

• Esoteric ABS head announced

  Sector developments and company hires

  Esoteric ABS head named MUFG has hired Keith Allman as md and head of esoteric ABS, effective Augu...

  Market moves    23 July 2019

• ABS head named

  Company hires and sector developments

  Euro ABS head appointed Santander has hired Francesco Dissera as head of continential Europe, secu...

  Market moves    22 July 2019

• Co-ceo named

  Sector developments and company hires

  Co-ceo named Värde Partners has named Ilfryn Carstairs as co-ceo, alongside co-founder Ge...

  Market moves    19 July 2019

• Additional resources for disclosure published

  Sector developments and company hires

  Agri-investing appointment Arable Capital Partners has appointed Matt Reus a vp in the Bellevue, W...

  Market moves    18 July 2019