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.

  • Australian ABS undergoing period of transition

    Bank retreat diversifying securitisation landscape

    The Australian ABS market is undergoing a period of transition, driven by reduced activity from major banks, growing participation from non-bank lenders and a slow but steady evolution in green securitisation. These themes were discussed during the Australian Securitisation Forum’s recent London Investor Seminar, during which speakers discussed funding dynamics, environmental risk considerations and consumer resilience amid tightening financial .......

    News 16 June 2025

  • Job swaps weekly: RenaissanceRe promotes senior SRT executives

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees RenaissanceRe elevating two SRT leaders in a round of senior executive promotions. Elsewhere, Bayview Asset Management is building out its ABF capabilities with the addition of a senior advisor in its insurance asset management business, while AlbaCore Capital Group has appointed an md and portfolio manager for its European CLO platform. 

    Market Moves 13 June 2025

  • Views from Barcelona: EC vote, positive CLO outlook and fintech considerations

    Global ABS participants anticipate smoother sailing ahead fo...

    Securitisation markets may benefit from increased stability in the months ahead, according to speakers at FT Live Fixed Income Events' Global ABS conference. Practitioners broadly expressed hope that turbulence surrounding Trump’s Liberation Day tariffs was easing, and looked ahead as the European Commission prepares to vote on the joint committee proposals for EU securitisation regulation.

    The new proposed .......

    News 11 June 2025

  • Job swaps weekly: Howden acquires Granular Investments to bolster CRT capabilities

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Howden make a major acquisition to strengthen its European credit risk transfer capabilities, which will see two vendor founders work closely with its global credit and political risk team. Elsewhere, the TCW Group has named three co-portfolio managers to lead its newly launched private asset-backed finance interval fund, while a former .......

    Market Moves 6 June 2025

  • European DataWarehouse expands to India with Bangalore office

    New hub to serve global clients and develop securitisation products

    European DataWarehouse (EDW) has started its operations in India by opening a new office in Bangalore. The goal of the company’s new centre for IT operations is to provide round-the-clock service for clients operating in non-European time zones, with software development and support for EDW’s flagship platforms on securitisation. 

    Dr Christian Thun, ceo at EDW, tells .......

    News 4 June 2025

  • SCI In Conversation Podcast: Scott Frame, Bank Policy Institute

    We discuss the hottest topics in securitisation today...

    In this episode of SCI In Conversation, Scott Frame, senior vice president and deputy head of research, at the Bank Policy Institute in Washington DC, talks to US editor Simon Boughey about how post-GFC regulation capped growth in the securitisation market and what types of beneficial changes might emanate from the current administration. 

    This episode can be accessed  News Analysis 30 May 2025

  • Job swaps weekly: Lane42 names senior execs for new strategy launch

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Lane42 Investment Partners naming six senior executives to spearhead the launch of its capital opportunities investment strategy. Elsewhere, K&L Gates has promoted a structured finance partner to global managing partner, while DunPort Capital Management has followed the launch of its strategic partnership with Vertis Capital Partners by making three senior leadership .......

    Market Moves 30 May 2025

  • 'Strong comeback' for European ABS market

    Managers highlight mezz demand amid Liberation Day volatility

    The European and UK ABS/MBS market was last month dominated by volatility from the US Liberation Day tariff announcements, which significantly disrupted global trade and financial markets. Monthly fund factsheets monitored by SCI suggest that asset managers are repositioning to mitigate losses from anticipated macroeconomic impacts and identifying where demand is now concentrated.

    The wider macroeconomic issues tested .......

    News 23 May 2025

  • Job swaps weekly: LGT names leadership team for European CLO platform

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to support the launch of dedicated European CLO management platform Legato. Elsewhere, Reed Smith has hired a new partner to serve as head of its Asia-Pacific corporate trust and agency practice, while Ogier has recruited a counsel in its Luxembourg-based banking and finance team. 

    Market Moves 23 May 2025

  • Job swaps weekly: SAF Group hires md for new ABF strategy

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees SAF Group naming the md who will lead its new ABF strategy. Elsewhere, BCLP has appointed a London-based partner in its corporate and finance transactions department, while SMBC has hired a new head of FIG coverage and securitised products for the EMEA region. 

    SAF Group has recruited Nur Khan as .......

    Market Moves 16 May 2025

  • Job swaps weekly: MUFG snaps up Barclays head of CLO primary

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees MUFG hiring Barclays’ head of CLO primary as md and head of CLO. Elsewhere, Starwood Capital Group has appointed a cio for its newly launched Starwood Insurance Strategies platform, while Obra Capital has promoted from within, as it also names a new cio. 

    MUFG has appointed Barclays’ John Clements as .......

    Market Moves 9 May 2025

  • CMBS issuance surges despite rising risks

    Scope Ratings reports record Q1 CMBS issuance, though warns...

    The European commercial real estate and CMBS market roared into 2025 with the strongest quarterly issuance seen since the global financial crisis, Scope Ratings reveals in its latest Q1 review.

    Total issuance in the first quarter hit €3.3bn across six deals, surpassing the entire volume seen in 2024 and marking a milestone moment for the sector. Scope .......

    News Analysis 28 April 2025

  • European ABS stands firm amid volatility

    European and UK ABS defy volatility with strong Q1 issuance,...

    Despite growing geopolitical tensions, rate uncertainties and a spike in volatility toward the end of March, European and UK ABS have proven resilient, and in some areas, remarkably buoyant, according to monthly European and UK factsheets monitored by SCI.

    TwentyFour AM Momentum Bond Fund’s managers report €11bn of issuance across ABS sectors during March, highlighting “a significant uptick” in consumer and auto .......

    News 22 April 2025

  • Job swaps weekly: 400CM promotes five as investment strategy heads

    Securitisation people moves and key promotions

    This week’s round-up of job swaps sees 400 Capital Management (400CM) beef up its securitisation strategy team with a handful of promotions. Elsewhere, Ares Management Corporation has named a co-head of Europe for alternative credit, while Taylor Wessing has strengthened its banking and finance team.

    400 Capital Management has announced five new heads of investment strategy. Portfolio manager Quinn .......

    Market Moves 17 April 2025

  • Leumi UK strikes first CRE loan-on-loan deal for Martley Capital

    Specialty lender's portfolio transaction supports multi-sect...

    Leumi UK has arranged its first loan-on-loan (LOL) transaction, leading a bespoke £42.9m facility to refinance a diversified commercial real estate (CRE) portfolio managed by Martley Capital Group. Co-lent with Cynergy Bank, the facility refinances an existing loan book secured against 20 assets spanning office, retail warehouse, retail, industrial and open shopping centres anchored by supermarkets.

    “This strategic .......

    News 17 April 2025

  • ORDE breaks records with RMBS debut and eyes global expansion

    ORDE Financial's ceo Paul Wells, debt capital marke...

    Q: What were the key factors that contributed to the success of your inaugural A$1bn RMBS issuance?
    A: Reflecting on our inaugural A$1bn RMBS transaction, ORDE Series 2024-1 – recognised as the largest inaugural non-bank RMBS issuance in Australian history – the success of the deal was the result of a deliberate, long-term strategy focused on building scalable, transparent and trusted .......

    Provider Profile 16 April 2025

  • Tariff tensions drive unease in European securitisation amid mounting volatility

    CLOs, CMBS and SMEs flagged as first in line to feel the heat from Trump's trade war

    Escalating trade tariffs from the second Trump administration are sending shockwaves through the global financial markets – and European structured finance is no exception. While immediate credit deterioration remains unlikely, the wheels of spread widening, shifting investor sentiment and heightened uncertainty are already in motion.

    "It’s no secret that recent market turmoil has created quite a bit of .......

    News 14 April 2025

  • Switch closes landmark US$3.5bn green data centre securitisations

    World's first public green data centre CMBS and largest green data centre ABS priced

    Las Vegas-based data centre provider Switch has closed on two green-labelled securitisations totalling US$3.5bn, setting new milestones for both the data centre and structured finance markets. 

    The consecutive transactions – a US$2.4bn green SASB CMBS and a US$1.1bn green ABS – mark Switch’s debut in the CMBS market, as well as its third ABS issuance under .......

    News 7 April 2025

  • Esoterics gather steam in APAC securitisation market

    Demand for new asset classes could bring rapid expansion of securitisation in region

    Traditional asset-backed securities in the Asia Pacific (APAC) region could become overshadowed by emerging asset classes and new players, as the demand for esoteric investments increases.

    The securitisation market in the Asia Pacific (APAC) region is well stablished, particularly in countries such as China, Australia, South Korea, and Japan, where annual issuance reaches billions of dollars. With China .......

    News Analysis 7 April 2025

  • Job swaps weekly: KBRA head of CMBS surveillance and research retires

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees KBRA naming a successor to outgoing head of CMBS surveillance and research Roy Chun, who is to retire. Elsewhere, Jefferies has named a new fixed income chief risk officer, while and MDPG Advisory director and an S&C Capital founder have formed a new London-based litigation finance and advisory .......

    Market Moves 4 April 2025

  • SCI in Focus: Securitisation and private credit in lockstep for Europe's data centre future

    Experts weigh in on public versus private deals, geopolitica...

    As Europe's data centre market continues to evolve, industry insiders say the continent will likely emerge as a diversification play alongside the US, with multiple European countries on the radar. Private credit and securitisation are both likely to play increasingly important roles in the build-out of the market. 

    According to Darrell Purcell, director EMEA structured .......

    News Analysis 2 April 2025
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