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.

  • US industrial outdoor storage finds home in CMBS as investor appetite grows

    Institutional capital is moving deeper into industrial outdo...

    Industrial real estate is taking a larger share of US CMBS issuance as institutional investors deepen their exposure to industrial outdoor storage (IOS), while pricing differentials with traditional industrial continue to narrow.

    A recent KBRA report shows industrial collateral accounted for 19.3% of total CMBS issuance through July 2026, equivalent to US$14.3bn, compared with 14% and US$9.1bn .......

    News Analysis 2 October 2026

  • Reckoner doubles down on risk retention platform with Bush appointment

    Asset manager expands beyond CLO investing into risk retention financing

    Reckoner Capital Management is to deepen its presence on the financing side of securitisation markets, after appointing Robert Bush as md within Reckoner Capital Company (RCC).

    RCC was launched earlier this year to address what Reckoner sees as a structural gap in the market.

    The hire signals the firm's strategic drive to diversify from a CLO .......

    News Analysis 30 September 2026

  • SCI In Focus: AI rewires the machinery behind SRT

    AI is reshaping SRT, from monitoring and regulation to GPUs,...

    Artificial intelligence is beginning to move beyond generic back-office automation in securitisation, with technology providers and financial institutions exploring whether it can be used to analyse transaction documentation, monitor portfolios and validate the ongoing performance of significant risk transfer transactions.

    The potential attraction for SRTs is partly operational. Transactions can involve complex documentation, large datasets, portfolio replenishments and continuing .......

    News Analysis 28 September 2026

  • Job swaps weekly: Barings names head of global CLO issuance

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Barings appointing a head of global CLO issuance and capital markets. Elsewhere, Silver Point Capital has named a former Golub Capital veteran as md, head of credit financing and leverage solutions, while Vistina has hired an md tasked with expanding the firm’s structured finance capabilities.

    Ankit Aggarwal has joined Barings as head of global .......

    Market Moves 18 September 2026

  • TwentyFour preps new CLO and insurance-focused ABS strategies

    Asset manager plans triple-A and mezzanine CLO fund launches...

    TwentyFour Asset Management is launching three new strategies soon, comprising two CLO-related strategies and one ABS-related strategy, SCI has learned.

    Specifically, the strategies include a triple-A CLO fund, a mezzanine CLO fund and a senior ABS strategy that “fits particularly well for insurance companies, given the changes being seen on the regulatory side”, a spokesperson from the firm confirms.

    The .......

    News 18 September 2026

  • Missing ABS deals remain hung up after difficult summer launch

    Two European securitisations expected to price in July, Basa...

    Two European public securitisations originally expected to price in July remain missing as of September, with market participants turning to poor summer launch timing and investor feedback that has potentially prompted a restructuring.

    Basalt 2026-1 DE DAC, a €318.7m German CMBS linked to KKR’s refinancing of a 303-property portfolio, was announced on 2 July. Initial price talks (IPTs) were released on 21 July, with .......

    News 10 September 2026

  • Demand outstrips supply across European structured finance markets

    Issuance is surging across loans, CLOs and ABS, while new st...

    European structured finance markets are gathering pace, with issuance accelerating across multiple asset classes and investor demand increasingly outstripping supply, according to S&P Global.

    At the ratings agency’s 2026 European Structured Finance conference held in London today, S&P says the leveraged loan market, which proved more sensitive to volatility than some other credit markets, has already shrugged .......

    News 10 September 2026

  • ABS supply accelerates in Q2 as mezzanine demand drives spread compression

    Q2 ABS issuance accelerated as strong mezzanine demand drove...

    The ABS primary market picked up pace through the second quarter of 2026, with investors absorbing heavier issuance even as demand became increasingly concentrated further down the capital structure.

    SCI data shows 86 new public ABS transactions priced during the quarter, with activity rising from 21 deals in April to 32 in May and 33 in June. European .......

    News Analysis 10 September 2026

  • US CRE CLO issuance rebounds as bridge lending and back leverage fuel growth

    US CRE CLO issuance has surged in 2026 as stronger bridge le...

    US commercial real estate (CRE) CLO issuance has begun a sharp recovery in 2026, with stronger demand for bridge lending, increased bank back leverage, and improving investor acceptance pushing volumes back towards post-pandemic highs.

    Private label CRE securitisation supply through August is expected to remain comfortably ahead of last year, but the growth has been uneven across sectors. Conduit issuance is projected .......

    News Analysis 12 August 2026

  • Transformation and turbulence

    Readers recall the key events over SCI's first 20 years

    The first issue of Structured Credit Investor was published this week in 2006 and since then the publication has provided structured credit news and analysis to the buyside through ever-changing times. SCI has documented not only the evolution of the securitisation markets over the last 20 years, but also the broader transformation of risk transfer and capital formation across .......

    Talking Point 4 August 2026

  • Institutional appetite for CMBS remains strong, despite refinancing headwinds

    Relative value opportunities emerging across the capital structure

    Institutional investor demand for CMBS is expected to remain strong over the next 12-18 months, despite ongoing refinancing challenges facing parts of the commercial real estate market. Indeed, the current environment is creating attractive investment opportunities for active managers with the flexibility to invest across the capital structure.

    "The CMBS market continues to present attractive opportunities driven by cyclical factors, .......

    News 3 August 2026

  • Job swaps weekly: Blackstone appoints successor to Leonard

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone appointing a successor to outgoing European head of liquid credit strategies Alex Leonard. Elsewhere, SMBC Group has appointed a new head of its EMEA securitised products group syndicate, while Simpson Thacher & Bartlett has named a new London-based partner in its European finance and capital markets group.

    Market Moves 31 July 2026

  • The independent director myth: structured finance's most convenient governance fiction

    Peterson Frederick, chairman and interim ceo of Northern Pro...

    The ‘independent’ director on an SPV’s board is picked, paid and can be replaced by the very firm administering the vehicle they’re meant to police. Structured finance has spent three decades treating that as normal. It shouldn’t.

    Every offering memorandum carries the same reassuring line: the Issuer’s board includes an independent director. Investors read it and move on. .......

    Talking Point 30 July 2026

  • SCI In Conversation Podcast: Kate Galustian, BlackRock

    We discuss the hottest topics in securitisation today...

    In this episode of SCI In Conversation, SCI senior reporter Camilla Vitanza sits down with BlackRock's head of ABS, Kate Galustian, to discuss the firm's Global Securitized Fund. Galustian outlines the outlook for securitised markets, where the team is finding value across structured credit, and why active security selection remains a key driver of performance in today's market.

    News Analysis 29 July 2026

  • Banks reshape the narrative in Q2 securitisation hires

    Latest SCI Analytics Quarterly Job Swaps Report shows ABF do...

    ABF continued its winning streak in 2Q2026, dominating 60% of all hires at mid-, senior- and C-suite-level, according to data captured in the latest SCI Analytics Quarterly Job Swaps Report.

    The broader structured finance market has similarly continued to thrive as we reached the midpoint of the year. SCI captured 105 moves during 2Q2026, an 18% increase on .......

    News Analysis 23 July 2026

  • Job swaps weekly: Citi hires trading head, while Hogan Lovells Cadwalader adds global head of SRT

    People moves and key promotions in structured credit

    This week's roundup of structured credit job swaps is led by the newly combined Hogan Lovells Cadwalader naming New York-based partner Jed Miller as global head of SRT. Elsewhere, Lakemore and Aegon have expanded their strategic partnership to support the growth of their CLO platforms.

    The newly combined Hogan Lovells Cadwalader has named New York-based partner Jed Miller global .......

    Market Moves 3 July 2026

  • Former ESR CRE debt co-heads launch new ABF venture

    Paul House and Beatrice Dupont launch Penny Blue Capital in London

    ESR Europe’s former co-heads of commercial real estate debt are launching a new asset-backed finance venture, SCI has learned.

    Paul House and Beatrice Dupont have established Penny Blue Capital in London, which will focus on European asset-backed lending opportunities across real assets markets, sources told SCI.

    The firm, which will invest across the capital .......

    News 26 June 2026

  • Job swaps weekly: Aon and Carlyle make key hires

    People moves and key promotions in structured credit

    This week's roundup of structured credit job swaps is led by The Carlyle Group's appointment of James Dunn to head European liquid credit. Elsewhere, Aon, Standard Chartered and several firms across the ratings, legal and servicing sectors have announced senior hires and promotions.

    The Carlyle Group has appointed James Dunn as partner and head of European liquid credit. .......

    Market Moves 26 June 2026

  • Issuer demand drives Reckoner Capital's push into risk retention financing

    Asset manager launches dedicated platform as securitisation...

    Reckoner Capital Management sees growing demand from securitisation issuers for financing partners that can offer both capital and broader investment relationships, following its launch of a dedicated risk retention financing business.

    The new entity, Reckoner Capital Company (RCC), will provide financing against risk retention positions held by issuers across CLO, ABS, RMBS and CMBS transactions. The firm estimates .......

    News 22 June 2026

  • Job swaps weekly: Chorus appoints deputy cio, while Barings expands senior lineup

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Chorus Capital appoint Aidan McKeown as deputy cio, further strengthening its investment team as the specialist SRT manager. Meanwhile, Barings has expanded its senior lineup, while Golub has named a new co-president.

    The Maples Group has launched a corporate trust offering from its London office, enhancing the company’s ability to .......

    News 12 June 2026

  • Job swaps weekly: Avellinia appoints chief credit officer, while Davidson Kempner launches European CLO arm

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Davidson Kempner become the latest firm to launch a European CLO arm. Meanwhile, Avellinia has appointed a chief credit officer, and Sidley has elected 52 lawyers to its partnership.

    Katten Muchin Rosenman UK has recruited two partners in London from Crowell & Moring to launch a structured products and derivatives .......

    Market Moves 5 June 2026
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