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.


  • 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
  • SCI Start the Week - 9 March

    A review of securitisation activity over the past seven days

    Transaction of the week AmTrust International has completed its inaugural capital relief trade, whi...

    News    9 March 2020
  • Retail repositioning

    Euro CMBS sponsor strategies weighed

    The trend towards online shopping has had an impact on traditional retail outlets, such as shopping...

    News Analysis    6 March 2020
  • IRPH index ruling 'credit negative'

    Sector developments and company hires

    CMBS property sales KBRA has been notified of the sale of 29 properties in the Eos (ELoC No. 35) CM...

    Market moves    3 March 2020
  • Retail hit

    Potential impact on Italian CMBS eyed

    Retail and tourism are the sectors which have been most affected by the outbreak of COVID-19 (Corona...

    News    2 March 2020
  • SCI Start the Week - 2 March

    A review of securitisation activity over the past seven days

    New MRT report SCI has published a new Special Report on the US Mortgage Risk Transfer sector &...

    News    2 March 2020
  • Diversification offered

    European ABS market update

    The European ABS pipeline is swelling in the run-up to March. Newly announced deals are providing so...

    Market Reports    28 February 2020
  • GM withdrawal from Aussie autos 'credit negative'

    Sector developments and company hires

    CMBS analytics platform Thetica Systems has launched a web platform for CMBS pricing and analytic...

    Market moves    25 February 2020
  • Social factors

    Positive ESG scores for post-crisis vintages

    ESG relevance scores (ESG.RS) are more likely to be negative for seasoned securitisations, according...

    News    24 February 2020
  • Rare CMBS prepped

    BofA brings 'one-off' Dutch transaction

    BofA is in the market with a Dutch CMBS, dubbed Taurus 2020-1 NL. The €620.6m deal is the f...

    News    24 February 2020
  • SCI Start the Week - 24 February

    A review of securitisation activity over the past seven days

    REMINDER: SCI NPL Securitisation Awards 2020 Nominations are now open for the inaugural SCI N...

    News    24 February 2020
  • SRT fund launched

    AXA engineers return

    AXA Investment Managers has completed its eighth partner capital solutions fund. With the move, the...

    News    21 February 2020
  • Rarity value

    European ABS market update

    The European ABS market remains characterised by a lack of free flow. Against this backdrop, the sen...

    Market Reports    21 February 2020
  • Minority equity interest acquired

    Sector developments and company hires

    Equity interest acquired Affiliated Managers Group has acquired a minority equity interest in Com...

    Market moves    20 February 2020
  • C-PACE fund debuts

    Standalone platform leads origination

    Samas Asset Management (SAM) has launched its debut fund, a closed-end vehicle dubbed SAMAS FUNDING...

    News    20 February 2020
  • Ares co-founder steps down from board

    Sector developments and company hires

    North America Ares Management Corporation has appointed Kipp deVeer to its board. Concurrently, J...

    Market moves    17 February 2020
  • SCI Start the Week - 17 February

    A review of securitisation activity over the past seven days

    REMINDER: SCI NPL Securitisation Awards 2020 Nominations have now opened for the inaugural SC...

    News    17 February 2020
  • Italian private market JV inked

    Sector developments and company hires

    EMEA Oxane Partners has appointed Andrew Tisdall as director, portfolio management solutions. Tis...

    Market moves    13 February 2020
  • Doubling up

    European ABS market update

    A pair of deals in the pipeline have captured the interest of European ABS market participants. Skip...

    Market Reports    13 February 2020
  • CRT upgraded due to 'substantial' increase in CE

    Sector developments and company hires

    Canadian MBS ETF BMO Asset Management has launched a new stable of ETFs trading on the TSX, inclu...

    Market moves    12 February 2020
  • CMBS trustee assumption refuted

    Sector developments and company hires

    EMEA Michael Newell has joined Cadwalader, Wickersham & Taft as a partner in London. A me...

    Market moves    10 February 2020