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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.


  • Residual value buffer provided

    Sector developments and company hires

    Residual value buffer provided Volkswagen Financial Services UK will calculate a collateral resid...

    Market moves    11 May 2020
  • SCI Start the Week - 11 May

    A review of securitisation activity over the past seven days

    Last week's stories CRM tool CBILS guarantees eligible for CRR recognition EC decision awaite...

    News    11 May 2020
  • Pipeline clearance

    Structural features support CMBS

    The US non-agency CMBS market appears to have stabilised, allowing sponsors to clear out existing pi...

    News    7 May 2020
  • STS synthetics proposals published

    Sector developments and company hires

    STS synthetics proposals published The EBA has published its proposals for developing an STS framew...

    Market moves    6 May 2020
  • Ladder locks in financing

    Sector developments and company hires

    Ladder locks in financing Ladder Capital has entered into a strategic financing arrangement with ...

    Market moves    5 May 2020
  • WAM guidelines finalised

    Sector developments and company hires

    WAM guidelines finalised The EBA has published its final guidelines on the determination of the wei...

    Market moves    4 May 2020
  • SCI Start the Week - 4 May

    A review of securitisation activity over the past seven days

    Last week's stories Cautiousness prevails European CLO market update CRT vol aims for the sta...

    News    4 May 2020
  • MBS overvaluation case settled

    Sector developments and company hires

    Overvaluation case settled The US SEC has accepted an offer of settlement from Semper Capital Manag...

    Market moves    1 May 2020
  • Targeted action

    Wholesale ratings downgrades questioned

    The raft of negative rating actions currently hitting the securitisation market is perceived to be d...

    News Analysis    1 May 2020
  • Prudential flexibility reiterated

    Sector developments and company hires

    Prudential flexibility reiterated The European Commission has adopted a package to help facilitate...

    Market moves    29 April 2020
  • Securitisation support

    AOFM initiatives to boost volumes

    The Australian Office of Financial Management has acted quickly to support the Australian securitisa...

    News Analysis    28 April 2020
  • European SME ABS struggling

    Sector developments and company hires

    European SME ABS struggling Coronavirus-driven disruption is creating financial difficulties for...

    Market moves    27 April 2020
  • SCI Start the Week - 27 April

    A review of securitisation activity over the past seven days

    Last week's stories Accessing liquidity The role technology plays in securitising trade finance...

    News    27 April 2020
  • Stalwart Canadians

    Canadian CMBS better positioned than US

    There is some evidence that the Canadian CMBS market is in a better state to ride out the turbulence...

    News    24 April 2020
  • Non-agency CMBS goes it alone

    The non-agency CMBS market is an orphan of the storm

    While a raft of measures to aid liquidity and forestall insolvency have been introduced by the US au...

    News Analysis    24 April 2020
  • Grandfathering for Dutch CLO issuers

    Sector developments and company hires

    Grandfathering for Dutch CLO issuers The Dutch tax authorities have provided written confirmation t...

    Market moves    23 April 2020
  • GSE advancing obligations aligned

    Sector developments and company hires

    GSE advancing obligations aligned The US FHFA has aligned Fannie Mae's and Freddie Mac&...

    Market moves    22 April 2020
  • Moody's puts CLOs under review

    Sector developments and company hires

    Moody’s puts CLOs under review Moody's has placed on review for downgrade its r...

    Market moves    20 April 2020
  • Bright spot?

    European logistics gaining momentum

    The logistics sector is set to be a bright spot in European commercial real estate post Covid-19. Co...

    News    20 April 2020
  • SCI Start the Week - 20 April

    A review of securitisation activity over the past seven days

    Last week's stories Bilateral activity Opportunistic capital redeployment underway Coverage...

    News    20 April 2020
  • CMBS secured, unsecured sub debt weighed

    Sector developments and company hires

    CMBS secured, unsecured sub debt weighed Senior US CMBS loans with unsecured subordinate debt (s...

    Market moves    16 April 2020