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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.


  • UK SLABS slated

    Sector developments and company hires

    EMEA Eurocastle Investment has appointed Hammad Khan to its board as a non-executive director, inc...

    Market moves    23 November 2018
  • Early warning?

    Cov-lite Euro CMBS gaining traction

    The influences of the leveraged loan market and non-traditional CMBS investors, along with the compe...

    News    22 November 2018
  • CRT tranche downgraded

    Sector developments and company hires

    Acquisitions Spruce Finance has been acquired by HPS Investment Partners. Spruce will be headquart...

    Market moves    21 November 2018
  • Long goodbye

    First non-Libor linked ABS anticipated

    Lloyds became the first bank to issue a benchmark covered bond tied to the sterling overnight index...

    News Analysis    20 November 2018
  • Credit clutch

    European ABS market update

    The European ABS slow-down continues, with prices drifting wider and subdued credit growth across th...

    Market Reports    20 November 2018
  • SCI Start the Week - 19 November

    A review of securitisation activity over the past seven days

    Market commentary Pepper Group is prepping an Australian RMBS that is expected to include a short U...

    News    19 November 2018
  • Less liquidity

    US CMBS secondary market update

    Risk aversion continues in the US CMBS market, with flows described as “anaemic”...

    Market Reports    16 November 2018
  • CMBS desk launched

    Sector developments and company hires in structured finance

    Europe Simmons & Simmons has hired James Grand to lead its CLO offering. Grand was previou...

    Market moves    15 November 2018
  • Trading countdown

    US CMBS primary market update

    The US CMBS market is facing a heavy primary calendar this week, which is overshadowing secondary ma...

    Market Reports    14 November 2018
  • NPL transaction markets

    Sector developments and company hires in structured finance

    NPL deal markets Banco Santander Totta is in the market with Hefesto STC (Guincho), a €98...

    Market moves    13 November 2018
  • SCI Start the Week - 12 November

    A review of securitisation activity over the past seven days

    Market commentary The Dilosk No. 2 Irish legacy RMBS was in focus in the European primary market la...

    News    12 November 2018
  • Unpredictable factors

    Macro and micro challenges highlighted

    European market participants are facing three unpredictable factors in 2019, all of which will drive...

    News Analysis    9 November 2018
  • CLO investor poached

    Company hires and sector developments in structured finance

    Acquisitions LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certa...

    Market moves    9 November 2018
  • CRE platform acquired

    Sector developments and company hires in structured finance

    Acquisitions AXA Investment Managers has expanded its global debt platform through the acquisition...

    Market moves    8 November 2018
  • Mezzanine muddling

    European CLO and CMBS markets update

    European traders are focusing on secondary US CLO paper today, with 21 lines on BWICs compared with...

    Market Reports    7 November 2018
  • Global head hired

    Company hires and sector developments in structured finance

    Dechert has hired Cameron Mitcham as a partner in London at the firm’s global finance prac...

    Market moves    6 November 2018
  • Housing practice pinched

    Company hires and sector developments in structured finance

    Fund launch Trium Capital is partnering with Ellington Global Asset Management to launch the Ellin...

    Market moves    5 November 2018
  • Strong technicals

    European RMBS and CMBS primary market update

    Technicals remain strong in the European CMBS and RMBS primary markets. The Dilosk No. 2 deal is i...

    Market Reports    5 November 2018
  • SCI Start the Week - 5 November

    A review of securitisation activity over the past seven days

    Transaction of the week Waterfall Asset Management is marketing the first publicly-rated RMBS backe...

    News    5 November 2018
  • Market moves update

    Company hires and sector developments

    ACIS resets due The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Manag...

    Market moves    2 November 2018
  • Market moves update

    Company hires and sector developments in structured finance

    Acquisitions Lennar Corporation has agreed to sell its Rialto Investment and Asset Management busi...

    Market moves    31 October 2018