Structured Credit Investor SCI’s 5th Annual Capital Relief Trades Seminar 17 October 2019, London
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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.


  • Euro secondary staves off summer

    The European securitisation secondary market has not yet quite shutdown for summer with a pick-up in...

    SCIWire    27 July 2017
  • Bond classification trends eyed

    Banks have favoured adding hold to maturity (HTM) bonds to their portfolios in recent years. However...

    News    24 July 2017
  • SCI Start the Week - 24 July

    A look at the major activity in structured finance over the past seven days.

    PipelineA mix of ABS, RMBS and CMBS hit the pipeline last week. There were US$1bn-plus deals announc...

    News    24 July 2017
  • Job swaps round-up - 21 July

    Acquisitions BGC Partners has acquired commercial real estate finance company Berkeley Point Financ...

    Job Swaps    21 July 2017
  • Unusual Austrian CMBS readied

    An unusual CMBS has begun marketing (see SCI's deal pipeline). NOE Verwaltungszentrum-Verwertungsges...

    News    21 July 2017
  • SCI Start the Week - 17 July

    A look at the major activity in structured finance over the past seven days.

    Pipeline Pipeline activity stepped up again last week. The additions consisted of eight ABS, an I...

    News    17 July 2017
  • Job swaps round-up - 14 July

    North America Mortgage Capital Trading has hired Bill Berliner to the newly created role of direct...

    Job Swaps    14 July 2017
  • Mall-backed CMBS defies retail concerns

    JPMorgan and Column Financial are in the market with a US$150m CMBS. West Town Mall Trust 2017-KNOX...

    News    13 July 2017
  • SCI Start the Week - 10 July

    A look at the major activity in structured finance over the past seven days

    Pipeline Pipeline activity picked up a little last week, but remained fairly muted. Additions con...

    News    10 July 2017
  • Grocery-backed CMBS prepped

    Citi and Morgan Stanley are in the market with an unusual US$706.7m CMBS sponsored by Madison Intern...

    News    10 July 2017
  • Job swaps round-up - 7 July

    North America Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on struc...

    Job Swaps    7 July 2017
  • CMBS green bond debuts

    Natixis has issued the first-ever 'green' tranche in a CMBS, in collaboration with Ivanhoe Cambridge...

    News    6 July 2017
  • Early redemption for Annington CMBS

    The Annington Group is set to refinance its capital structure, after investors passed an extraordina...

    News    4 July 2017
  • Further Sears closures threatens CMBS

    Sears is set to terminate its master lease at 20 unprofitable locations owned by Seritage Growth Pro...

    News    3 July 2017
  • SCI Start the Week - 3 July

    A look at the major activity in structured finance over the past seven days

    PipelineOnly a handful of transactions remained in the pipeline last week. Of these, RMBS accounted...

    News    3 July 2017
  • Job swaps round-up - 30 June

    North America Alexander Popov has joined Carlyle Group as md to lead the credit opportunities busi...

    Job Swaps    30 June 2017
  • GSE SFR deal 'first of its kind'

    The Fannie Mae Grantor Trust 2017-T1 single-family rental securitisation from April was the first tr...

    News    29 June 2017
  • Euro secondary solid

    The European securitisation secondary market remains solid despite distractions from primary and mon...

    SCIWire    29 June 2017
  • Houston lodging loans plagued by oversupply

    Of all US CMBS loans secured by lodging properties, 10% are exposed to an elevated level of credit r...

    News    28 June 2017
  • 'Novel' single-borrower CMBS prepped

    Blackstone is marketing an unusual US$536m single-borrower CMBS. Dubbed IMT Trust 2017-APTS, the tra...

    News    28 June 2017
  • Euro secondary steps up

    Activity has started to step up across the European securitisation secondary market following an ext...

    SCIWire    27 June 2017