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.


  • SCI Start the Week - 21 September

    A review of securitisation activity over the past seven days

    REMINDER: SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualif...

    News    21 September 2020
  • Tech crazy

    Securitizations of tech assets finding favour in Covid world

    Securitizations of technology assets are proving popular with US investors in the Covid marketplace,...

    News Analysis    18 September 2020
  • SYME securitisation underway

    Sector developments and company hires

    SYME securitisation underway Supply@ME Capital (SYME) reports that it has received offers, subjec...

    Market moves    11 September 2020
  • Multi-level Libor exposure eyed

    Sector developments and company hires

    Multi-level Libor exposure eyed Japanese securitisations with exposure to Libor on multiple level...

    Market moves    9 September 2020
  • Euro CLO payment mismatch grows

    Sector developments and company hires

    Euro CLO payment mismatch grows The payment frequency mismatch between underlying loans and Europea...

    Market moves    8 September 2020
  • SCI Start the Week - 7 September

    A review of securitisation activity over the past seven days

    SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying perio...

    News    7 September 2020
  • Hotel headache

    Hotel-backed US CMBS sector eyes crucial year-end

    The hotel/lodging-backed US CMBS market sits on a knife edge. No area of the ABS market is less prot...

    News Analysis    4 September 2020
  • CMBS cure rates eyed

    Sector developments and company hires

    CMBS cure rates eyed August US CMBS remittance data shows declining 30-plus day delinquency rates,...

    Market moves    3 September 2020
  • Negative rating actions tallied

    Sector developments and company hires

    Negative rating actions tallied Fitch reports that global structured finance negative rating action...

    Market moves    2 September 2020
  • View from an investor Part II

    Last week DuPont Capital's Karlis Ulmanis told us where he sees value; this week it's the other side...

    Things not to like CRT Three GSE CRT bonds have been issued since early March, when the lockdown...

    Talking Point    1 September 2020
  • FDIC sued over Madden rule

    Sector developments and company hires

    FDIC sued over Madden rule The states of California, Illinois, Massachusetts, Minnesota, New Jersey...

    Market moves    25 August 2020
  • View from an investor

    SCI hears from an US MBS buyer about what he likes in the market... and next week what he doesn't

    Karlis R. Ulmanis, CFA, is a portfolio manager at DuPont Capital. In these waning days of summer, he...

    Talking Point    25 August 2020
  • Skilled nursing CMBS eyed

    Sector developments and company hires

    Skilled nursing CMBS eyed DBRS Morningstar is reviewing its ratings on the CSMC 2019-SKLZ, Greyston...

    Market moves    24 August 2020
  • SCI Start the Week - 24 August

    A review of securitisation activity over the past seven days

    Last week's stories Car capital relief JPM Chase tests the auto loan waters with new CRT deal ...

    News    24 August 2020
  • Seasoned QMs proposed

    Sector developments and company hires

    Seasoned QMs proposed The CFPB has issued a notice of proposed rulemaking (NPRM) to create a new ca...

    Market moves    20 August 2020
  • Special servicing assets transferred

    Sector developments and company hires

    Special servicing assets transferred The assignment of substantially all of the assets of C-III Ass...

    Market moves    18 August 2020
  • Suburban bounce

    SFR volumes up as renters vacate cities

    Single-family rental (SFR) securitisation issuance has picked up this year, despite coronavirus-rela...

    News Analysis    18 August 2020
  • Hotels dominate special servicing transfers

    Sector developments and company hires

    Hotels dominate special servicing transfers During 1H20, 1,065 US CMBS loans totalling US$40.1bn (r...

    Market moves    17 August 2020
  • SCI Start the Week - 17 August

    A review of securitisation activity over the past seven days

    Last week's stories Collections clarity Payment arrangement ABS strengthened Problem solving ...

    News    17 August 2020
  • 'Flip clause' complaint dismissed

    Sector developments and company hires

    ‘Flip clause’ complaint dismissed The US Court of Appeals for the Second Circui...

    Market moves    14 August 2020
  • Piraeus taps HAPS

    Sector developments and company hires

    Piraeus taps HAPS Piraeus Bank has filed an application for inclusion of its Phoenix non-performi...

    Market moves    11 August 2020