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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.


  • Co-cio and liquid markets head appointed

    Company hires and sector developments

    Credit expert poached Crestline Investors has appointed Michael Aingorn as an md, based in New Yor...

    Market moves    24 May 2019
  • Enforcement incentive?

    CMBS 2.0 downgrade 'likely'

    While a loan event of default has occurred on the Maroon loan backing Elizabeth Finance 2018-1, perf...

    News Analysis    23 May 2019
  • Positive performance prompts upgrades

    Sector developments and company hires

    Director hired to rebranded CLO platform DFG Investment Advisers has hired John Hwang as a directo...

    Market moves    22 May 2019
  • UK CMBS loan defaults

    Company hires and sector developments

    Euro CMBS 2.0 default Elizabeth Finance 2018 has become the second European CMBS 2.0 deal to suffe...

    Market moves    20 May 2019
  • CLO director nabbed

    Company hires and sector developments

    Europe Hermes Investment Management has hired Kevin Roche as a director for private debt...

    Market moves    17 May 2019
  • CMBS sees prompt prepayment

    Company hires and sector developments

    Auction platform Mortgage Capital Trading has launched Trade Auction Manager (TAM) to enable more...

    Market moves    16 May 2019
  • Senior appointments abound

    Company hires and sector developments

    Acquisition Priority Income Fund has completed its acquisition of Stira Alcentra Global Credit Fun...

    Market moves    14 May 2019
  • SCI Start the week - 13 May

    A review of securitisation activity over the past seven days

    Transaction of the week Last week saw an unusual Irish CMBS hit the European pipeline, from debut...

    News    13 May 2019
  • Irish debut CMBS prepped

    Flurry of European ABS hit pipeline

    A rush of European securitisations have hit the pipeline, across asset classes and jurisdictions. Th...

    News    10 May 2019
  • STS 'not enough' for European ABS revival

    Securitisation 'needs to be used more' as funding tool

    At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new he...

    News Analysis    3 May 2019
  • Rating agency appoints new SF head

    Company hires and sector developments

    Bank bulks up Macquarie has appointed Carolyn Porretta md, structured finance and real estate, bas...

    Market moves    3 May 2019
  • First SOFR-indexed MBS tranche inked

    Sector developments and company hires

    Claims predictability to improve? The Florida legislature last month passed a bill to reform the re...

    Market moves    2 May 2019
  • Single-source solution

    Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions

    Q: How and when did Sabal Capital Partners become involved in the securitisation market? A: I found...

    The Structured Credit Interview    2 May 2019
  • SFR issuer prepays class F notes

    Sector developments and company hires

    EMEA Alantra has reinforced its portfolio advisory capabilities with the addition of six senior p...

    Market moves    30 April 2019
  • Rating agency names managing director

    Sector developments and company hires

    EMEA Scope has named Guillaume Jolivet as md. He joins the firm’s management board, along...

    Market moves    25 April 2019
  • Risk transfer round-up - 18 April

    CRT sector developments and deal news

    Credit Suisse is believed to be readying a corporate capital relief trade from its Elvetia programme...

    News    18 April 2019
  • BMF administration order filed

    Sector developments and company hires

    BMF 6 tender An application for an administration order in respect of Business Mortgage Finance 6 w...

    Market moves    16 April 2019
  • Firm bulks out CRE capability

    Sector developments and company hires

    Board directors appointed ISDA has appointed three new board directors and re-elected ten others....

    Market moves    11 April 2019
  • BWIC boom

    Quarterly SCI data update

    The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q1...

    News Analysis    11 April 2019
  • European bank in major restructure

    Company hires and sector developments

    COO hired Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was r...

    Market moves    9 April 2019
  • On the up?

    CRE CLO market growth set to continue

    After a buoyant CRE CDO market all but vanished following the financial crisis, it has only recently...

    News Analysis    8 April 2019