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.


  • Hong Kong landmark

    First-of-a-kind deal could herald broader securitisation market return

    A landmark ABS deal in Hong Kong is anticipated to be the first of many. At the same time, there is...

    News Analysis    4 February 2020
  • SCI Start the Week - 3 February

    A review of securitisation activity over the past seven days

    Transaction of the week Goldman Sachs has completed an unusual catastrophe bond that covers the tai...

    News    3 February 2020
  • Hedge fund liquidated amid accounting probe

    Sector developments and company hires

    EMEA Jonathan Bowers and Philip Grose have founded London-based Acer Tree Investment Management....

    Market moves    27 January 2020
  • SCI Start the Week - 27 January

    A review of securitisation activity over the past seven days

    Transaction of the week ResponsAbility Investments has announced the first closing of an innovative...

    News    27 January 2020
  • Chinese reference centre upgrade 'credit positive'

    Sector developments and company hires

    Credit system upgraded The People's Bank of China’s Credit Reference Center last...

    Market moves    23 January 2020
  • SCI Start the Week - 20 January

    A review of securitisation activity over the past seven days

    Stories of the week Consumer boost Santander completes innovative SRTs Under pressure US stu...

    News    20 January 2020
  • 'No Data' threshold consultation underway

    Sector developments and company hires

    C-PACE partnership Eyzenberg & Company and Greenworks Lending have formed Eyzenberg Green...

    Market moves    17 January 2020
  • SCI Start the Week - 13 January

    A review of securitisation activity over the past seven days

    Transaction of the week Goldman Sachs is marketing River Green Finance 2020, which is expected to b...

    News    13 January 2020
  • First green CMBS prepped

    Goldman Sachs is marketing River Green Finance 2020, which is expected to be the first green Europea...

    News    8 January 2020
  • THEAT 2007-1 and 2007-2 set to repay

    Sector developments and company hires

    Asia Pacific ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia p...

    Market moves    7 January 2020
  • SCI Start the Week - 23 December

    A review of securitisation activity over the past seven days

    Transaction of the week A pair of Italian non-performing loan securitisations – dubbed Fu...

    News    23 December 2019
  • Canadian restructuring

    Alberta energy market stress hits CMBS

    Calgary-based real estate investment firm Strategic Group last week submitted an initial application...

    News    20 December 2019
  • GSE price-fixing lawsuit settled

    Sector developments and company hires

    CLO manager transfer Hunt Investment Management has assigned collateral manager duties for the Hunt...

    Market moves    18 December 2019
  • Structured credit pro returns to the buy-side

    Sector developments and company hires

    EMEA Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Polle...

    Market moves    17 December 2019
  • SCI Start the Week - 16 December

    A review of securitisation activity over the past seven days

    Transaction of the week The National Bank of Greece has completed its first secured non-performing...

    News    16 December 2019
  • Sticking with the programme

    ABSPP hits new high, but total volumes remain low

    Latest figures from the ECB show that its ABSPP holdings are at an all-time high. However, the progr...

    News    12 December 2019
  • Alternative credit platform expands

    Sector developments and company hires

    CFO appointed Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its ope...

    Market moves    10 December 2019
  • SCI Start the Week - 9 December

    A review of securitisation activity over the past seven days

    Transaction of the week NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI,...

    News    9 December 2019
  • Core qualities

    Caroline Chen, svp and research analyst at Income Research & Management, answers SCI's quest...

    Q: How and when did Income Research & Management become involved in the securitisation marke...

    The Structured Credit Interview    9 December 2019
  • Turbo feature for CLO reset

    Sector developments and company hires

    Early upgrade DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to dou...

    Market moves    9 December 2019
  • Alternative appetite

    Euro CMBS specialist property exposure to rise

    Appetite for European CMBS secured by specialist or alternative assets is expected to grow in 2020,...

    News    6 December 2019