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.

• Breathing space?

  EU banks benefit from Basel 3 delay

  The Basel Committee's decision last week to delay implementation of the final Basel 3 rules...

  News    2 April 2020

• CRR compliance for NHG guarantee

  Sector developments and company hires

  EMEA Addleshaw Goddard has hired structured finance partner Rachel Kelly from McDermott Will &...

  Market moves    1 April 2020

• CECL delayed

  EU banks await IFRS 9 relief

  The US Fed, the FDIC and the OCC last week approved an extension of the new credit loss accounting s...

  News    31 March 2020

• Basel 3 implementation deferred

  Sector developments and company hires

  APAC fund launch Pierfront Capital Fund Management has been awarded its capital market services l...

  Market moves    30 March 2020

• Capacity constraints

  Covid-19 not yet posing solvency issues

  Government and central bank actions have kept both the financial system and the real economy afloat...

  News Analysis    30 March 2020

• SCI Start the Week - 30 March

  A review of securitisation activity over the past seven days

  Transaction of the week Northern Arc Capital and fintech platform CredAble have closed a trade fina...

  News    30 March 2020

• Euro CLO coronavirus exposure mitigated

  Sector developments and company hires

  Euro CLO coronavirus exposure mitigated A portion (15%) of European CLO collateral is derived from...

  Market moves    27 March 2020

• PPIP call

  CRT and non-agency MBS still in need of purchasing power

  Non-agency MBS and CRT deals in particular are still in need of government support, according to sec...

  News    27 March 2020

• UK WBS hit expected

  Sector developments and company hires

  APAC Frontier Advisors has appointed Joe Clark as senior consultant in its alternatives and deriv...

  Market moves    26 March 2020

• Forced selling

  REITs struggling to meet margin calls

  US MBS rallied yesterday (25 March) in the wake of the announcement that Congress has agreed the ter...

  News Analysis    26 March 2020

• Call for TALF expansion

  Sector developments and company hires

  BlackRock hired The New York Fed has retained BlackRock Financial Markets Advisory as a third-party...

  Market moves    25 March 2020

• TALF response mixed

  Fed facility could be found wanting

  The US Fed’s introduction of the new iteration of the Term Asset-Backed Securities Loan Fa...

  News Analysis    24 March 2020

• SASB stress

  RWN action reflects hotel pressure

  Fitch has placed 81 classes from 15 US single-borrower hotel CMBS on negative watch, reflecting the...

  News Analysis    24 March 2020

• Fed revives the TALF programme

  Sector developments and company hires

  Return of the TALF The US Fed announced a slew of new measures to support the credit markets this m...

  Market moves    23 March 2020

• SCI Start the Week - 23 March

  A review of securitisation activity over the past seven days

  SCI NPL Securitisation Awards 2020 - new deadline SCI NPL Securitisation Awards 2020 - new de...

  News    23 March 2020

• EIB mulls SME ABS purchase plan

  Sector developments and company hires

  Dealer credit facility launched The US Fed has established a Primary Dealer Credit Facility (PDCF)...

  Market moves    18 March 2020

• Liquidity concerns

  European ABS pipeline coming to a halt

  The European ABS primary market is grinding to a halt amid coronavirus-related volatility, with many...

  News Analysis    17 March 2020

• Greencoat liquidator appointed

  Sector developments and company hires

  EMEA Ocorian has appointed Abigail Holladay as director of transaction management. Based in Londo...

  Market moves    16 March 2020

• Elevated risk

  US conduit hotel loans vulnerable

  Hotel loans securitised in US conduit CMBS are more vulnerable to coronavirus disruption than hotel...

  News    16 March 2020

• SCI Start the Week - 16 March

  A review of securitisation activity over the past seven days

  SCI NPL Securitisation Awards 2020 As a result of COVID-19, the SCI NPL Securitisation semina...

  News    16 March 2020

• Native blockchain securitisation debuts

  Sector developments and company hires

  Ares facility inked Non-Standard Finance (NSF) has entered into a new six-year securitisation fac...

  Market moves    13 March 2020