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CMBS

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  • Vericrest Financial’s most recent residential mortgage-backed securities deal, VOLT 2012-NPL3, features changes from the programmatic RMBS issuer’s previous deals.
  • Bondholders in the German Residential Asset Note Distributor (GRAND) deal—the largest ever German multifamily commercial mortgage-backed securitization—have given the green light to Deutsche Annington Immobilien AG’s plan to restructure the stalled deal.
  • NIBC Bank’s Sound I B.V. and Sound II B.V. Dutch residential mortgage securitizations will not see any immediate change in ratings following the replacement of the Royal Bank of Scotland and NIBC by Bank Nederlandse Gemeenten as liquidity facility provider, according to Moody’s Investors Service.
  • The Commercial Real Estate Financial Council (CREFC) released CMBS 2.0, a set of best practice guidelines for the CMBS market, on Wednesday. Improved structuring practices and tighter spreads have raised hopes of more transactions next year, but Standard & Poor’s has warned there are still significant obstacles to a fully functioning market.
  • Bank of Queensland is rolling out an AUD500 million ($516.7 million) Australian residential mortgage securitization that includes a sterling-denominated tranche—repeating a similar sterling play in an Aussie auto ABS launched earlier this year.
  • The Prominent Funding No.1 U.K. commercial mortgage securitization will see its outstanding notes redeemed in full next month, with one loan remaining in the deal, a move welcomed by CMBS analysts in London.
  • The Commercial Real Estate Financial Council released CMBS 2.0, a set of best practice guidelines for the CMBS market, on Wednesday. Improved structuring practices and tighter spreads have raised hopes of more transactions next year, but Standard & Poor’s has warned there are still significant obstacles to a fully functioning market.
  • The European commercial mortgage-backed securities market is expected to see between EUR1 billion ($1.27 billion) and EUR5 billion ($6.37 billion) of issuance in 2013, according to most delegates at the Commercial Real Estate Finance Council Europe’s autumn conference in London on Wednesday.
  • The first securitizations to carry the Prime Collateralized Securities stamp—an industry kitemark for deals in Europe that meet industry best practices—are expected to emerge in the next month, according to market officials familiar with the matter.