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CMBS

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  • Larry Duggins, a longtime veteran of the non-investment grade commercial mortgage-backed securities market, is retiring.
  • Deutsche Bank, Goldman Sachs, UBS, Credit Suisse and Lehman Brothers are all easing back into play, according to executives at all those firms.
  • Panellists at the Global ABS conference in Cannes painted a bleak picture of the future of CMBS this week.
  • Moody’s Investors Service today said it may downgrade G-Force CDO 2006-1, a $878 million commercial real estate collateralized debt obligation that allowed for a sizeable investment in unrated, B-piece bonds.
  • The European Securitisation Forum will likely disclose a code of conduct for the securitization industry in the next few weeks.
  • Standard & Poor’s has revised the way it rates commercial real estate collateralized debt obligations and re-REMICS, leading it to place $18 billion of bonds from 59 transactions on ratings watch negative.
  • Developments to pillar three of the Basel II international capital framework, which has the most direct impact on securitization, are expected to be finalised in the next three months.
  • Fitch said this week that if banks declined to renew liquidity facilities backing commercial mortgage securitisations, it should not affect their credit quality.
  • The International Organization of Securities Commissions has published a report outlining new guidelines for credit ratings agencies to follow when dealing with structured finance transactions.