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.

• 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

• Retail rifts

  UK CMBS impact limited despite store closures

  Debenhams is the most recent UK retailer to announce a raft of store closures, further signalling th...

  News Analysis    30 October 2018

• Health check

  Sears bankruptcy exposure gauged

  Morningstar Credit Ratings has identified 28 CMBS loans, representing an allocated property balance...

  News    30 October 2018

• SCI Start the Week - 29 October

  A review of securitisation activity over the past seven days

  Market commentary The US secondary CLO market saw heightened activity last week, with bid-lists cir...

  News    29 October 2018