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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.


  • Consistently attractive CMBS

    CMBS is still the TALF favourite, but overall take-up could increase

    Some 58% of loans requested under TALF 2.0 during the first subscription period, or $145m, were for...

    News    2 July 2020
  • Tentative TALF 2.0

    The next TALF subscription date is July 6, but no fireworks expected

      The second TALF 2.0 subscription period begins on July 6, and it is expected to be even...

    News Analysis    26 June 2020
  • Volcker changes finalised

    Sector developments and company hires

    Volcker changes finalised The CFTC, FDIC, OCC, SEC and US Fed have finalised a rule modifying the V...

    Market moves    26 June 2020
  • Apartment recovery?

    Multifamily CMBS collections 'encouraging'

    The recovery of the apartments sector post-coronavirus is expected to be seen sooner than other US c...

    News Analysis    23 June 2020
  • SCI Start the Week - 22 June

    A review of securitisation activity over the past seven days

    FREE - Capital Relief Trades Virtual Panel - LIVE Join SCI live again this Thursday, 25 June, for a...

    News    22 June 2020
  • CMBS scores in first TALF window

    Sector developments and company hires

    CMBS scores in first TALF subscription Investors requested US$252m in loans under the first TALF 2....

    Market moves    18 June 2020
  • Seductive specifieds

    An investor's view

    SCI spoke to Brendan Doucette, government bond portfolio manager of GW&K Investment Manageme...

    The Structured Credit Interview    18 June 2020
  • Older CLOs underperforming

    Sector developments and company hires

    Older CLOs underperforming A significant proportion of all the US BSL CLOs S&P has on negat...

    Market moves    16 June 2020
  • SCI Start the Week - 15 June

    A review of securitisation activity over the past seven days

    Last week's stories Addressing inconsistencies Performance metrics switched Calabria confiden...

    News    15 June 2020
  • Demand decline

    Remote working accelerates change for office CRE

    A decline in demand for office real estate is expected amid the coronavirus fallout and record job l...

    News    15 June 2020
  • Californian auto loans eyed

    Sector developments and company hires

    Californian auto loans eyed The Westlake Automobile Receivables Trust 2020-2 issuer has disclosed t...

    Market moves    12 June 2020
  • Risky retention

    Haircuts become more severe in Covid 19 world

    Issuers of mortgage-backed bonds are at the moment finding it increasingly difficult to fund the ris...

    News Analysis    12 June 2020
  • Risk transfer round-up - 10 June

    CRT sector developments and deal news

    Santander has exercised a 10% clean-up call for its Red-1 Finance CLO 2017-1 transaction. The UK com...

    News    10 June 2020
  • Resolve and resilience

    Content sponsored by Ocorian

    James Maitland, regional head of Americas, Bermuda & Caribbean, and global head of capita...

    Talking Point    10 June 2020
  • CLO business integrated

    Sector developments and company hires

    CLO business integrated RBC’s US-based CLO management business is being integrated into B...

    Market moves    8 June 2020
  • SCI Start the Week - 8 June

    A review of securitisation activity over the past seven days

    FREE - Capital Relief Trades Virtual Panel - LIVE For a discussion on how the Covid-19 fallout has...

    News    8 June 2020
  • Conduit CMBS on watch

    Sector developments and company hires

    Conduit CMBS on watch S&P has placed its ratings of 96 classes from 30 US conduit CMBS on...

    Market moves    4 June 2020
  • More Euro CLOs on review

    Sector developments and company hires

    More Euro CLOs on review Moody’s has put a further 234 tranches from 77 European BSL CL...

    Market moves    3 June 2020
  • New paradigm?

    Trustee discretion required in virtual environment

    The coronavirus crisis ushered in a new paradigm for securitisation noteholder communication and doc...

    News Analysis    2 June 2020
  • Equity opportunities?

    Sector developments and company hires

    Equity opportunities? Despite a lack of visibility and liquidity and with cashflows likely to deter...

    Market moves    1 June 2020
  • SCI Start the Week - 1 June

    A review of securitisation activity over the past seven days

    Last week's stories Accessing guarantees CBILS securitisation warehouses mulled Forbe...

    News    1 June 2020