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.

  • Job swaps weekly: ARC promotes two and appoints APAC chair

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees ARC Ratings making a number of senior structured-credit-focused appointments spanning Europe and Asia. Elsewhere, Cadwalader has added three fund finance partners in London, while CIFC Asset Management has named a new md overseeing CLO tranche investing in its New York office.

    ARC Ratings has promoted two Lisbon-based structured finance executives .......

    Market Moves 14 February 2025

  • Job swaps weekly: Haynes Boone poaches asset securitisation team

    Securitisation people moves and key promotions

    This week’s round-up of securitisation job swaps sees Haynes Boone strengthen its fund finance and asset securitisation practices with the hiring of seven attorneys from Seward & Kissel in New York. Elsewhere, several other law firms have added partners in Australia and Japan, while ARC Ratings has recruited a new Hong Kong-based ceo to spearhead its expansion in the .......

    Market Moves 7 February 2025

  • MA reforms set to boost UK securitisation

    PRA to deliberate on 'Matching Adjustment Investment Accelerator' in 1H25

    The UK securitisation sector is poised to see a steady increase in activity, following the implementation of Matching Adjustment (MA) reforms introduced in late 2024. While the reforms offer more flexibility in asset-backed investments – shifting the requirement from a fixed to a highly predictable (HP) cashflow for part of insurers’ portfolios – the market can expect a gradual .......

    News Analysis 7 February 2025

  • Job swaps weekly: Oaktree puts the boosters on ABF team build-out

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Oaktree making a number of key appointments as it ramps up its asset-backed finance strategy. Elsewhere, Morgan Lewis has snapped up a structured finance partner from Akin Gump, while Blackstone has hired a former Atlas SP director as principal in its credit and insurance platform.

    Oaktree Capital Management has hired .......

    Market Moves 31 January 2025

  • Shaping Aperture's structured credit strategy

    Vladimir Lemin, global head of structured credit at Aperture Investors, answers SCI's questions

    Q: You recently joined Aperture to lead the newly launched structured credit strategy. What attracted you to the firm and role?

    A: Throughout my career, I’ve been fortunate to work with and learn from some of the best investors and risk managers at Magnetar Capital and One William Street Capital. My time at the Wharton School also sparked .......

    The Structured Credit Interview 28 January 2025

  • Job swaps weekly: Investcorp names successors to Ghose and Shandell

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Investcorp promoting two team members to lead its liquid credit investment strategies as part of a succession plan. Elsewhere, ARC Analytics has appointed a new ceo for its data business, while Ninety One has hired an RBC BlueBay Asset Management veteran as portfolio manager on its developed market specialist credit team.

    Market Moves 24 January 2025

  • Cautious optimism for European CMBS

    European CMBS market will navigate cautious optimism in 2025...

    As 2025 begins to unfold, the European CMBS market is evolving against a backdrop of cautious optimism, sectoral shifts and changing economic conditions. The coming months promise to be pivotal for market participants as they navigate the space.

    “Existing deals have so far performed quite well,” says Brian Snow, vice president and senior credit officer at Moody’s Ratings, .......

    News Analysis 24 January 2025

  • Strength prevails in European ABS

    European and UK ABS and MBS markets closed 2024 strong, over...

    European and UK ABS and MBS markets closed 2024 on a resilient note, weathering broader macroeconomic challenges, according to factsheets monitored by SCI. Insights from Aegon, Amundi and TwentyFour Asset Management provide a nuanced view of the market’s performance.

    Aegon European ABS Fund’s managers paint a picture of strength in the European ABS market, with issuance totalling €143bn .......

    News Analysis 20 January 2025

  • Australian ABS issuance primed for continued momentum

    Following record RMBS issuance and non-bank dominance in 202...

    It’s no secret that Australian ABS is coming off the back of a banner year in 2024, with RMBS having led the charge. As the market kicks back into gear following the new year, the signals are that momentum is likely to continue throughout 2025.

    RMBS issuance in Australia hit a record AUD61.1bn in 2024. According to Martin .......

    News Analysis 17 January 2025

  • Job swaps weekly: Axis hires structured credit lead

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Axis appointing a new SRT-focused structured credit lead in its capital risk solutions team. Elsewhere, Orrick has promoted two securitisation lawyers to partner in New York, while Ares Management has elevated a partner to co–head of alternative credit.

    Insurance and reinsurance business Axis has hired Bryan Niggli as structured credit lead .......

    Market Moves 17 January 2025

  • A volatile road ahead?

    BofA's SF analysts discuss the state of structured finance markets in 2025

    Bank of America’s structured finance research team, led by Alexander Batchvarov, head of international SF research, discussed the state of the structured finance market at a roundtable last week. Key analysts of the European SF research team, including Altynay Davletova, who specialises in RMBS, and Mark Nichol, focusing on credit, share insights on market trends, challenges and forecasts for the .......

    News Analysis 16 January 2025

  • Job swaps weekly: Aperture expands into structured credit

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Aperture Investors hiring a senior executive to lead its newly launched structured credit division. Elsewhere, JPMorgan is fleshing out its global CLO primary team with a number of senior promotions and new hires, while two industry veterans have co-founded capital markets service provider Altius Advisors.

    Aperture Investors has hired Vladimir .......

    Market Moves 10 January 2025

  • European SF to maintain 2024 levels

    S&P forecasts €135bn issuance in 2025 with...

    S&P Global Ratings forecasts a promising yet complex year ahead for European structured finance markets. With issuance projected to reach €135bn, matching the record set in 2024, the outlook reflects a mix of economic resilience and emerging sectoral challenges.

    According to S&P, the ABS sector, which achieved €43.5bn in issuance in 2024, is poised for continued activity in .......

    News Analysis 6 January 2025

  • Job swaps weekly: Gibson Dunn poaches digital infra specialist

    People moves and key promotions in securitisation

    The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a principal to its alternative credit team.

    Emily Naughton has joined Gibson Dunn’s Washington, DC office as a partner and member of the .......

    Market Moves 20 December 2024

  • Muted ABS reflects mixed sentiment

    European ABS slowed in November, reflecting seasonal trends...

    November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to European and UK factsheets monitored by SCI. While consensus emerged on the slowdown in primary issuance and market activity, asset managers TwentyFour Asset Management, Aegon and Amundi presented nuanced perspectives on the sector’s outlook, risks and opportunities.

    Across the .......

    News Analysis 17 December 2024

  • Job swaps weekly: Dentons elects Europe board members

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Dentons elect new members to its Europe board and hire a new partner in London. Elsewhere, Deutsche Bank has appointed a former Citi executive as lead structurer, while fintech company Intain has lured a structured credit, derivatives and mortgages veteran to its board.

    Dentons has elected its European and Italian .......

    Market Moves 13 December 2024

  • Job swaps weekly: HPS leaders to join BlackRock following acquisition deal

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees HPS Investment Partners’ ceo and governing partners joining BlackRock following the latter’s acquisition of the former. Meanwhile, Pemberton has appointed the former head of the secured funding and ABS team at Alantra as head of origination for its risk sharing strategy, while Encina Lender Finance (ELF) has added two structured credit .......

    Market Moves 6 December 2024

  • Early signs of European CMBS revival

    The European CMBS market is showing signs of reboun...

    The European CMBS market is gradually showing signs of a resurgence after years of stagnation, with 2024 bringing an uptick in issuance, according to panelists at SCI’s Annual European CRE Finance Seminar in London in late November. CMBS is becoming an increasingly important financing tool across various asset classes, including logistics, data centres and the evolving office space.

    Despite .......

    News Analysis 6 December 2024

  • Cruise control: Stable outlook for ABS and MBS in 2025

    JP Morgan strategists predict stable European, UK and Austra...

    As we approach 2025, strategists at JP Morgan foresee a year of steady performance for the ABS and MBS markets across Europe, UK and Australia. While 2024 set records for issuance volumes, the outlook for 2025 reflects a cautiously optimistic tone amid global uncertainties.

    JP Morgan’s research highlights that 2024 was a landmark year, with European ABS issuance .......

    News Analysis 5 December 2024

  • Job swaps weekly: Weil names new partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Weil Gotshal & Manges promoting three structured finance and derivatives specialists to partner. Meanwhile, Kirkland & Ellis has snapped up a veteran fund finance specialist as partner, while White & Case has made a number of promotions to local partner and counsel.

    Weil Gotshal & Manges has promoted three structured .......

    Market Moves 29 November 2024

  • Job swaps weekly: BBB elevates two to co-chief banking officer

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees The British Business Bank appointing two co-chief banking officers. Meanwhile, Latham & Watkins has poached an experienced White & Case structured credit executive as partner, while Centralis Group has hired a new Ireland Country head.

    The British Business Bank has appointed Richard Bearman and Reinald de Monchy as co-chief banking .......

    Market Moves 22 November 2024
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