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  • 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.
  • Spanish securitizations have seen collateral deteriorate significantly since widespread use of the European Central Bank’s repo facility began.
  • CMBX 5, the latest iteration of the commercial mortgage-backed securities index, was rolled out last week after a month-long delay.
  • Annaly Capital Management is expanding into commercial real estate and has hired commercial mortgage-backed securities veteran Kevin Riordan to lead the effort.