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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.


  • 'Constant demand'

    UK firms hiring across range of SF roles

    Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment a...

    News Analysis    28 March 2019
  • Picking up pace

    European ABS market update

    European ABS secondary market activity has been relatively subdued so far this week. However, the pr...

    Market Reports    28 March 2019
  • Noteholders exposed?

    Concerns raised over recent French CMBS

    Bank of America Merrill Lynch (BAML) is marketing a €249.6m European CMBS. Dubbed Taurus 20...

    News    27 March 2019
  • CRT credit event

    Company hires and sector developments

    CRT credit event HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The...

    Market moves    27 March 2019
  • Purchase option to be exercised

    Sector developments and company hires

    EMEA Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 M...

    Market moves    22 March 2019
  • Majority stake acquired

    Sector developments and company hires

    Balance sheet normalisation The US Fed has confirmed it intends to continue to allow its holdings o...

    Market moves    21 March 2019
  • Double Dutch

    Office and retail exposure on offer

    Goldman Sachs is in the market with a Dutch CMBS secured by 17 predominantly office and retail asset...

    News    20 March 2019
  • Private credit firm launched

    Sector developments and company hires

    Firm launch AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and T...

    Market moves    18 March 2019
  • Benchmark Sonia deal prepped

    Unique UK RMBS transaction adds momentum to IBOR transition

    The first third party hedged UK RMBS with Sonia-linked notes has been prepped by Principali...

    News    15 March 2019
  • Bright spot

    European ABS market update

    De Lage Landen’s newly mandated UK equipment lease ABS represents a bright spot in an othe...

    Market Reports    12 March 2019
  • R-PACE rulemaking proposals outlined

    Sector developments and company hires

    Credit line secured Foundation Home Loans has entered into a new £350m warehouse credit...

    Market moves    11 March 2019
  • Inaugural Italian CRE deal in the works

    Italian assets 'well-suited' to securitisation

    A Maltese first time issuer, Polymath & Boffin, is preparing a €166m securitisation...

    News Analysis    11 March 2019
  • Merger opposed

    Company hires and sector developments

    Astra case development Judge Jennifer Frisch of the Minnesota District Court, Second Judicial Dist...

    Market moves    8 March 2019
  • Control rights

    Synthetic CRE investors gain comfort

    Investors in risk transfer transactions referencing commercial real estate loans have become more co...

    News Analysis    8 March 2019
  • CDS reforms proposed

    Company hires and sector developments

    Australia Mortgage House has hired Steven Mixter as head of securitisation and structured finance....

    Market moves    7 March 2019
  • REMIC route

    Unusual CRE CLO prepped

    Bancorp is in the market with an unusual static CRE CLO dubbed Bancorp 2019-CRE5. The US$518.3m tran...

    News    7 March 2019
  • CRE investor bulks out

    Company hires and sector developments

    CDX-linked ETF launched Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover...

    Market moves    5 March 2019
  • 'Long term solution needed'

    Day three from SFIG Vegas

    The last full day at SFIG Vegas was again abuzz with strong attendance and widespread optimism. On...

    News    27 February 2019
  • Structured finance 'well positioned' for downturn

    Second day at SFIG Vegas sees continued optimism

    Day two at SFIG Vegas saw a bountiful turnout of attendees, all looking to hear the latest on struct...

    News    26 February 2019
  • Tough stance

    ESMA insists on private securitisation disclosures

    On 31 January, ESMA published a document that amends its draft regulatory technical standards (RTS)...

    News Analysis    22 February 2019
  • CLO partnership launched

    Sector developments and company hires

    CDS trends discussed Mayer Brown has commented on trends in single-name CDS credit event determina...

    Market moves    21 February 2019