Commercial MBS


Next Single-Borrower CMBS Backed by Industrial Properties

The $766.5 million CSMC Trust 2015-GLPA is backed by a single, fixed-rate whole loan secured by a fee interest in 114 industrial properties totaling 26.9 million square feet located in nine states.

CMBS Underwriting Standards Expected to Keep Slipping

Commercial mortgages bundled into securities will keep seeing their underwriting standards deteriorate from this year into 2016, say JPMorgan analysts. But they predict the pace of deterioration will slow down, with pressure from investors deterring lenders from lowering their standards much more.

Morgan Stanley Readies Next CMBS for $611M

The largest in the pool, for $70M, is secured by 525 Seventh Avenue, located in Manhattan’s Garment District at 38th street.

Should Asset-Backeds Go Back to Their Old Pricing Benchmark?

Much of the securitization universe—from auto loan deals to commercial-mortgage backeds—uses what’s known as the “swaps curve” to price floating-rate deals. Before 2000, Treasurys were the go-to benchmark. Pricing movements are causing some to ask whether the market should go back.

ReadyCap Launched $218M Small Balance Loan CMBS

ReadyCap Commercial Mortgage Trust 2015-2 is backed by 99 fixed rate and Hybrid ARM loans secured by 106 properties.The largest concentration by property type is multifamilly, at over 40% of the pool balance.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Editor's Letter

As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?


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Current Issue

Credit Barbelling in CMBS is on the Rise

As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.

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