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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.


  • CMBS repeat loan volume declines

    Sector developments and company hires

    CMBS repeat loan volume declines The percentage of US CMBS repeat loans dropped to 17.7% in 2019 an...

    Market moves    10 August 2020
  • Problem solving

    Paul Wilden, global head of capital markets at Apex Group, answers SCI's questions

    Q: How is Apex Group involved in the securitisation market? A: We provide a combination of SPV admi...

    Provider Profile    10 August 2020
  • SCI Start the Week - 10 August

    A review of securitisation activity over the past seven days

    Last week's stories Asset-backed attenuation Stricter underwriting in auto, credit card and home...

    News    10 August 2020
  • CMBS perturbation

    Fitch report shows July US delinquency surge, especially in hotels and retail

    Despite the stronger than expected non-farm payroll released today, certain sectors of the US ABS ma...

    News    7 August 2020
  • Alternative CLO ETF announced

    Sector developments and company hires

    Alternative CLO ETF announced Alternative Access Funds (AAF) has announced the registration of it...

    Market moves    7 August 2020
  • CMBS DQ rate declined

    Sector developments and company hires

    CMBS DQ rate declined The overall US CMBS delinquency rate dropped to 8.53% last month, while 25.78...

    Market moves    6 August 2020
  • MM CLO test failures rise

    Sector developments and company hires

    MM CLO test failures rise The continued deterioration in credit quality of issuers due to the coron...

    Market moves    4 August 2020
  • Euro CLO equity edges ahead

    Sector developments and company hires

    Euro CLO equity edges ahead European CLO equity cashflow returns average 9.3% year-to-date and - as...

    Market moves    3 August 2020
  • Nuanced approach

    Call for clarity in defining ESG

    A nuanced approach to ESG considerations is emerging within the securitisation market. Nevertheless,...

    News    3 August 2020
  • SCI Start the Week - 3 August

    A review of securitisation activity over the past seven days

    Last week's stories Blockchain boost DLT opportunity for ABS market CMBS concerns Tailored B...

    News    3 August 2020
  • CMBS concerns

    Tailored Brands exposure eyed

    Tailored Brands has revealed that coronavirus-related financial disruption means it is considering u...

    News    31 July 2020
  • The perils of Covid CRE

    While CRE market has proved robust so far, help is still needed.

      The US commercial real estate market, and by extension the CMBS sector, has performed b...

    News Analysis    31 July 2020
  • AGs fight Madden rule

    Sector developments and company hires

    AGs fight Madden rule The attorneys general of California, Illinois and New York have filed a suit...

    Market moves    30 July 2020
  • Blockchain boost

    DLT opportunity for ABS market

    Coronavirus-related concerns are boosting the use of technology within the securitisation market. Bl...

    News Analysis    30 July 2020
  • CLO ETF prepped

    Sector developments and company hires

    CLO ETF prepped Janus Henderson Investors has filed a preliminary registration statement with the U...

    Market moves    29 July 2020
  • CLO equity defies predictions

    Sector developments and company hires

    CLO equity defies predictions US CLO equity cashflow performance is defying pessimistic predictio...

    Market moves    27 July 2020
  • 'Switch' success

    Aussie non-bank issuance on the rise

    The Australian securitisation market has seen a rise in non-bank issuance post-coronavirus. Such act...

    News Analysis    27 July 2020
  • SCI Start the Week - 27 July

    A review of securitisation activity over the past seven days

    Last week's stories Carrots and sticks 'Wide-ranging and ambitious' recommendations welcomed ...

    News    27 July 2020
  • ReoCo restructuring in the works

    Sector developments and company hires

    ReoCo restructuring in the works The Leviticus SPV issuer is set to implement a ReoCo structure, ha...

    Market moves    23 July 2020
  • Canadian CMBS forbearance highlighted

    Sector developments and company hires

    Canadian CMBS forbearance highlighted As of the June 2020 remittance reports for the Canadian condu...

    Market moves    22 July 2020
  • Second CLN references WaMu loans

    Sector developments and company hires

    Second CLN references WaMu loans JPMorgan is in the market with its second public synthetic RMBS, C...

    Market moves    21 July 2020