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.


  • ReoCo restructuring in the works

    Sector developments and company hires

    ReoCo restructuring in the works The Leviticus SPV issuer is set to implement a ReoCo structure, ha...

    Market moves    23 July 2020
  • Canadian CMBS forbearance highlighted

    Sector developments and company hires

    Canadian CMBS forbearance highlighted As of the June 2020 remittance reports for the Canadian condu...

    Market moves    22 July 2020
  • Second CLN references WaMu loans

    Sector developments and company hires

    Second CLN references WaMu loans JPMorgan is in the market with its second public synthetic RMBS, C...

    Market moves    21 July 2020
  • Positive pick-up

    European ABS market update

    The positive tone across the European securitisation market appears to be continuing this week, foll...

    Market Reports    21 July 2020
  • UK Mortgages offer disclosed

    Sector developments and company hires

    UK Mortgages offer disclosed M&G Investment Management (MAGIM), on behalf of one of its m...

    Market moves    20 July 2020
  • SCI Start the Week - 20 July

    A review of securitisation activity over the past seven days

    FREE - CRT modelling panel The next in SCI's series of capital relief trades virtual debates is bei...

    News    20 July 2020
  • Euro CLO par burn rises

    Sector developments and company hires

    Euro CLO par burn rises After a relatively stable Q1, European CLO managers burnt an average -19bp...

    Market moves    16 July 2020
  • Seeking clarity

    Call to reassess repo language

    The AG MIT CMO versus Royal Bank of Canada case, which recently settled (SCI 3 June), highl...

    News    16 July 2020
  • Conflict-free trading

    Benjamin Arnold, founding partner and ceo of Meraki Global Advisors, answers SCI's questions

    Q: How and when did Meraki Global Advisors become involved in the securitisation market? A: Meraki...

    The Structured Credit Interview    16 July 2020
  • October cliff edge looms

    The apparent recovery of many parts of the MBS market may be a false dawn

    Mortgage-backed securities have in general rebounded with confidence in recent weeks, but there is a...

    News Analysis    15 July 2020
  • LCX platform expanded

    Sector developments and company hires

    LCX platform expanded LendingClub has expanded its LCX platform to make it easier for registered...

    Market moves    13 July 2020
  • SCI Start the Week - 13 July

    A review of securitisation activity over the past seven days

    Last week's stories Arch restarts MILNs Relaunched Bellemeade Re 2020-1 priced Collection boo...

    News    13 July 2020
  • OC ratios examined

    Sector developments and company hires

    OC ratios examined Drivers behind and expectations for European CLO OC ratios have been examined in...

    Market moves    10 July 2020
  • Restructuring events?

    Uncertainty over CRE values weighs on CRTs

    Restructuring credit events in capital relief trades backed by commercial real estate loans will lik...

    News Analysis    9 July 2020
  • CQS portfolio refinanced

    Sector developments and company hires

    CQS portfolio refinanced AnaCap Financial Partners has acquired and refinanced a portfolio of sal...

    Market moves    8 July 2020
  • Positive signs for CLOs

    Sector developments and company hires

    Positive signs for CLOs US CLO manager metrics have begun to improve or stabilise, according to JPM...

    Market moves    7 July 2020
  • Volcker revision impact modest

    Sector developments and company hires

    Volcker revision impact modest The impact of the changes made to the Volcker Rule (SCI 26 June) wil...

    Market moves    6 July 2020
  • Consistently attractive CMBS

    CMBS is still the TALF favourite, but overall take-up could increase

    Some 58% of loans requested under TALF 2.0 during the first subscription period, or $145m, were for...

    News    2 July 2020
  • Tentative TALF 2.0

    The next TALF subscription date is July 6, but no fireworks expected

      The second TALF 2.0 subscription period begins on July 6, and it is expected to be even...

    News Analysis    26 June 2020
  • Volcker changes finalised

    Sector developments and company hires

    Volcker changes finalised The CFTC, FDIC, OCC, SEC and US Fed have finalised a rule modifying the V...

    Market moves    26 June 2020
  • Apartment recovery?

    Multifamily CMBS collections 'encouraging'

    The recovery of the apartments sector post-coronavirus is expected to be seen sooner than other US c...

    News Analysis    23 June 2020