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.


  • Basel 3 implementation deferred

    Sector developments and company hires

    APAC fund launch Pierfront Capital Fund Management has been awarded its capital market services l...

    Market moves    30 March 2020
  • Capacity constraints

    Covid-19 not yet posing solvency issues

    Government and central bank actions have kept both the financial system and the real economy afloat...

    News Analysis    30 March 2020
  • SCI Start the Week - 30 March

    A review of securitisation activity over the past seven days

    Transaction of the week Northern Arc Capital and fintech platform CredAble have closed a trade fina...

    News    30 March 2020
  • Euro CLO coronavirus exposure mitigated

    Sector developments and company hires

    Euro CLO coronavirus exposure mitigated A portion (15%) of European CLO collateral is derived from...

    Market moves    27 March 2020
  • PPIP call

    CRT and non-agency MBS still in need of purchasing power

    Non-agency MBS and CRT deals in particular are still in need of government support, according to sec...

    News    27 March 2020
  • UK WBS hit expected

    Sector developments and company hires

    APAC Frontier Advisors has appointed Joe Clark as senior consultant in its alternatives and deriv...

    Market moves    26 March 2020
  • Forced selling

    REITs struggling to meet margin calls

    US MBS rallied yesterday (25 March) in the wake of the announcement that Congress has agreed the ter...

    News Analysis    26 March 2020
  • Call for TALF expansion

    Sector developments and company hires

    BlackRock hired The New York Fed has retained BlackRock Financial Markets Advisory as a third-party...

    Market moves    25 March 2020
  • TALF response mixed

    Fed facility could be found wanting

    The US Fed’s introduction of the new iteration of the Term Asset-Backed Securities Loan Fa...

    News Analysis    24 March 2020
  • SASB stress

    RWN action reflects hotel pressure

    Fitch has placed 81 classes from 15 US single-borrower hotel CMBS on negative watch, reflecting the...

    News Analysis    24 March 2020
  • Fed revives the TALF programme

    Sector developments and company hires

    Return of the TALF The US Fed announced a slew of new measures to support the credit markets this m...

    Market moves    23 March 2020
  • SCI Start the Week - 23 March

    A review of securitisation activity over the past seven days

    SCI NPL Securitisation Awards 2020 - new deadline SCI NPL Securitisation Awards 2020 - new de...

    News    23 March 2020
  • EIB mulls SME ABS purchase plan

    Sector developments and company hires

    Dealer credit facility launched The US Fed has established a Primary Dealer Credit Facility (PDCF)...

    Market moves    18 March 2020
  • Liquidity concerns

    European ABS pipeline coming to a halt

    The European ABS primary market is grinding to a halt amid coronavirus-related volatility, with many...

    News Analysis    17 March 2020
  • Greencoat liquidator appointed

    Sector developments and company hires

    EMEA Ocorian has appointed Abigail Holladay as director of transaction management. Based in Londo...

    Market moves    16 March 2020
  • Elevated risk

    US conduit hotel loans vulnerable

    Hotel loans securitised in US conduit CMBS are more vulnerable to coronavirus disruption than hotel...

    News    16 March 2020
  • SCI Start the Week - 16 March

    A review of securitisation activity over the past seven days

    SCI NPL Securitisation Awards 2020 As a result of COVID-19, the SCI NPL Securitisation semina...

    News    16 March 2020
  • Native blockchain securitisation debuts

    Sector developments and company hires

    Ares facility inked Non-Standard Finance (NSF) has entered into a new six-year securitisation fac...

    Market moves    13 March 2020
  • Multi-tranching?

    Investor diversification raises triple-tranche prospects

    Seer Capital sees a future for triple tranche structures in significant risk transfer transactions....

    News Analysis    13 March 2020
  • Definition debate

    Call for coalescence around ESG standards

    Impact is still being defined in the capital markets, both at a conceptual level and in terms of gen...

    News Analysis    12 March 2020
  • AXA IM creates two key units

    Sector developments and company hires

    AXA IM restructuring AXA Investment Managers intends to create a new €137bn business unit...

    Market moves    11 March 2020