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


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.

  • Academy adds structured products pair

    Academy Securities has made two additions to its structured products group, poaching Steve Kenney an...

    Job Swaps    31 January 2017
  • Euro secondary sluggish

    Activity across the European securitisation secondary market remains sluggish. After a small pick-...

    SCIWire    31 January 2017
  • Loan drops level off

    KBRA has examined how the composition of US CMBS conduit pools changed over the course of the rating...

    News Round-up    30 January 2017
  • SCI Start the Week - 30 January

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

    Pipeline Additions to the pipeline started to pick up pace last week. There were seven ABS and eigh...

    News    30 January 2017
  • Land Securities tap prepped

    Land Securities Capital Markets is expected to issue two additional classes of notes, the proceeds o...

    News Round-up    27 January 2017
  • L-shaped retention debuts

    Citi and Deutsche Bank are in the market with CD 2017-CD3, the first conduit CMBS to comply with the...

    News    24 January 2017
  • Euro secondary still seeks supply

    Demand continues to outstrip supply in the European securitisation secondary market. Tone remains...

    SCIWire    24 January 2017
  • SCI Start the Week - 23 January

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

    Pipeline There was a clear skew towards auto ABS additions for the pipeline last week. As...

    News    23 January 2017
  • CMBS pro named president

    ReadyCap Commercial has named Anuj Gupta as president, responsible for loan originations, affinity r...

    Job Swaps    23 January 2017
  • CRE lawyer promoted

    Sutherland has elected three new partners and nine new counsel to the firm. One of the new counsel -...

    Job Swaps    20 January 2017
  • Investment grade loss for CMBS 2.0

    The US CMBS 2.0 market has seen its biggest loss to date, following the liquidation of the US$48.9m...

    News    20 January 2017
  • Euro ABS/MBS accelerates

    Activity has accelerated in the European ABS/MBS secondary market after a slow start to the week. ...

    SCIWire    19 January 2017
  • Net negative

    GSE reform could have widespread impact

    Privatisation of Fannie Mae and Freddie Mac could have widespread negative consequences for the US R...

    News Analysis    19 January 2017
  • RFC issued on IO approach

    DBRS is requesting comment on its proposed stand-alone methodology for rating North American CMBS in...

    News Round-up    18 January 2017
  • Euro secondary slow

    It's been slow start to the week so far for the European securitisation secondary markets. Partici...

    SCIWire    17 January 2017
  • Multifamily drives delinquencies down

    Fitch reports that US CMBS delinquencies closed out 2016 at US$12.1bn, down 21% by balance from year...

    News Round-up    16 January 2017
  • SCI Start the Week - 16 January

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

    Pipeline There were a few more additions to the pipeline last week. The final count consisted of tw...

    News    16 January 2017
  • Rare mod for 2014 loan

    The US$8.7m Black Gold Suites Hotel Portfolio loan, securitised in COMM 2014-UBS6, has been modified...

    News Round-up    13 January 2017
  • CMBS defaults, delinquencies diverge

    The 12-month rolling loan maturity default rate for European CMBS rated by S&P increased fro...

    News Round-up    13 January 2017
  • Co-working exposure gauged

    Co-working is expected to play an increasingly significant role in commercial real estate, posing ch...

    News    13 January 2017
  • Sub debt raises CMBS defaults

    The more subordinate debt US CMBS senior loans carry, the more likely they are to default, especiall...

    News Round-up    10 January 2017