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.
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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
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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
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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
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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?
Provider Profile 16 April 2025
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 .......
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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
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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
Job swaps weekly: Morgan Lewis snaps up former SEC lawyer
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Morgan Lewis hiring a structured finance specialist and former SEC special counsel as partner. Elsewhere, Marathon Asset Management has promoted a long-standing senior portfolio manager to partner, while Close Brothers Property Finance has added two senior professionals to its new structured finance team in London.
Morgan Lewis has hired the .......
Market Moves 28 March 2025
SCI in Focus: Data centre securitisation - ESG risk or green opportunity?
Growing appetite for deals brings environmental commitments...
As data centre securitisation gains traction, some of the most prominent voices in the ESG movement are now at the forefront of this growing market. While the industry’s energy intensity may seem at odds with sustainability principles, ESG remains a fundamental consideration in the structured finance business – though now less prominent as a marketing tool.
News Analysis 28 March 2025
SCI In Conversation Podcast: Jason Smilovitz and Midroog's Moty Citrin (part 2)
We discuss the hottest topics in securitisation today...
In the second part of this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi continues her discussion about Israel’s securitisation market with Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz.
Citrin and Smilovitz discuss the impact of the country's recent legislative changes, investor sentiment, market liquidity, .......
News Analysis 27 March 2025
Finance Ireland's second auto ABS signals growing EV momentum
Latest deal strengthens issuer's ABS framework, boosts investor demand, and drives EV exposure
Finance Ireland has recently priced its second auto ABS transaction, marking another milestone in its securitisation program. Following its debut deal in October 2023, the latest issuance reflects refinements based on investor feedback and past performance, further solidifying the issuer's presence in the European ABS market.
The structuring of the new deal closely mirrors Finance Ireland’s previous auto .......
News Analysis 25 March 2025
Job swaps weekly: Gandy returns to the SRT fold
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SRT veteran Steve Gandy return to the industry as a board member at an SRT-focused fintech business. Elsewhere, Simpson Thacher & Bartlett has appointed a New-York-based securitisation-focused partner, while Trafigura Group has named a new global head of structured finance.
Iconicchain, a Finnish fintech specialising in SRT services for issuers, .......
Market Moves 21 March 2025
SCI In Conversation Podcast: Moty Citrin, Midroog, and Jason Smilovitz, independent consultant
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi speaks to Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel’s securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative .......
News Analysis 21 March 2025
Job swaps weekly: Wellington launches private real estate credit platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Wellington Management make a number of appointments to its newly launched private real estate credit platform. Elsewhere, KBRA Analytics has named a new chief strategy officer, while Marsh has appointed a head of political risk and structured credit.
Wellington Management has expanded its private investing capabilities with the formation of .......
Market Moves 14 March 2025
Job swaps weekly: Accunia bolsters Copenhagen team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Accunia Credit Management adding two structured finance pros to its Copenhagen office. Elsewhere, Pallas Partners has snapped up two partners from Kasowitz Benson Torres, while fintech firm Inbank has elected a senior structured finance executive from Spectrum Principal Asset Management to its supervisory board.
Accunia Credit Management has hired two .......
Market Moves 7 March 2025
FT snaps up Global ABS and ABS East
Sale of Invisso by Delinian sees structured finance conferences come under FT Live banner
The Financial Times has acquired Invisso, parent company of structured credit conferences Global ABS and ABS East, from Delinian. The deal will see the transfer of Invisso’s full portfolio – also including the Central & Eastern European Forum, the Covered Bond Congress and the Global Borrowers and Bond Investors Forum – to the FT Group.
The transaction comes .......
News 5 March 2025
Job swaps weekly: Santander rings changes in structured finance division
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Santander making a number of appointments as part of a major reshuffle of its structured finance advisory and lending platform. Elsewhere, DLA Piper has appointed a new co-head of its structured finance practice, while Piper Sandler has snapped up a new md and co-head of its structured finance group.
Santander has reorganised its structured .......
Market Moves 28 February 2025
Surging demand, power challenges to define data centre ABS growth
Investors weighing energy security and AI volatility, among other risks
Data centres emerged as one of the hottest topics at the Structured Finance Association’s SFVegas conference earlier this week, reflecting their rising prominence within digital infrastructure ABS. As AI, cloud computing and enterprise workloads continue to drive demand, power availability remains a critical bottleneck, however.
“Power is the biggest constraining factor in the industry when you are looking .......
News Analysis 28 February 2025