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.


  • SCI Start the Week - 13 March

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

    Pipeline New ABS transactions accounted for more than half of last week's pipeline additions. There...

    News    13 March 2017
  • Debut CRE CLO prepped

    Greystone is in the market with its debut US$366.6m CRE CLO. Dubbed Greystone Commercial Real Estate...

    News    9 March 2017
  • Retailer's bankruptcy raises CMBS risk

    Hhgregg's bankruptcy filing and plans to close 91 locations, announced this week, may elevate long-t...

    News    9 March 2017
  • Replacement risk weighing on BWIC volume?

    International ABS BWIC volume totalled €9.7bn in 2016, according to JPMorgan figures. Aver...

    News    9 March 2017
  • Euro secondary simmers

    The European securitisation secondary market is still simmering without yet fully coming to the boil...

    SCIWire    9 March 2017
  • Hope note recovery rates examined

    The principal recovery rate of liquidated US CMBS hope notes hit 27.2% in 2016, its highest point si...

    News    7 March 2017
  • Enforcement actions to remain rare

    European CMBS note EODs have occurred frequently, but with few instances in which enforcement action...

    News    6 March 2017
  • SCI Start the Week - 6 March

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

    Pipeline The volume of additions to the pipeline increased a little last week. There were eight new...

    News    6 March 2017
  • CMBX mall exposures stressed

    A new Morgan Stanley study applies stress scenarios to mall exposures across the IHS Markit CMBX.6 t...

    News    3 March 2017
  • Horizontal retention CMBS debuts

    JPMorgan is prepping an innovative US$1.1bn conduit CMBS collateralised by 43 commercial mortgage lo...

    News    2 March 2017
  • Closures to increase CMBS strain

    The effect of the expected closure of Macy's and Sears stores has already been anticipated by the CM...

    News    2 March 2017
  • Proposed retention metric assessed

    Risk retention regulations in Europe and the US are severely flawed with respect to their key intent...

    News    1 March 2017
  • Trading expansion underlines optimism

    INTL FCStone's broker-dealer rates group has expanded its trading remit into US agency CMBS and a wi...

    News    28 February 2017
  • Crossover opportunities touted

    Although the investor community tends to remain 'monogamous' with regard to CLO and CMBS exposures,...

    News    28 February 2017
  • SCI Start the Week - 27 February

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

    Pipeline Additions to the pipeline last week were fairly steady compared to the week before, as the...

    News    27 February 2017
  • CMBS liquidation trust prepped

    An innovative liquidation vehicle backed mainly by commercial real estate loans is marketing. Dubbed...

    News    24 February 2017
  • Defeasance trending down on volatility

    US CMBS defeasance activity trended lower last year, after steadily increasing year-over-year betwee...

    News    23 February 2017
  • Euro ABS/MBS edges in

    European ABS/MBS secondary spreads continue to edge in. "The market remains strong and well-suppor...

    SCIWire    23 February 2017
  • MC Sports filing threatens CMBS

    Of the 15 US CMBS loans exposed to MC Sports, there are six which stand to be particularly affected...

    News    22 February 2017
  • Deploying capital

    Chris Redmond, global head of credit at Willis Towers Watson, answers SCI's questions

    Q: How and when did Willis Towers Watson become involved in the securitisation market? A: Willis To...

    The Structured Credit Interview    20 February 2017
  • Student accommodation CMBS prepped

    Brookfield Asset Management affiliate GL Europe RE Holdings is prepping a £215m single-tran...

    News    20 February 2017