Manager, CMBS Pricing and Agency Execution

Manager, CMBS Pricing and Agency Execution

Location:

1 N Wacker Drive, Chicago Illinois

The Manager, CMBS Pricing and Agency Execution serves as a senior market-facing specialist responsible for the pre-screening, structuring, and pricing of commercial real estate loan opportunities for conduit and SASB CMBS executions. This role requires deep expertise in rating agency methodologies, credit enhancement analysis, and capital markets pricing to ensure Key Bank's loan originations are competitively structured, accurately priced, and aligned with current market conditions.

The Manager, CMBS Pricing and Agency Execution partners closely with national production managers, commercial mortgage bankers, the CMBS Pricing Desk, and Key Banc Capital Markets to deliver timely and actionable market intelligence that drives informed origination and execution decisions.

Essential Functions

• Screen new CMBS loan opportunities from national production managers and commercial mortgage bankers, reviewing transactions for market acceptability, structural integrity, and alignment with Key Bank's risk parameters and securitization guidelines.
• Conduct detailed rating agency analysis for each prospective transaction, including the creation of rating agency cash flows and credit enhancement stacks using Key Bank's proprietary agency pricing tools.
• Price individual loan exposures in conjunction with the CMBS Pricing Desk, ensuring breakeven analysis reflects current market spreads, comparable deal treatment, and anticipated securitization economics.
• Review and structure Single Asset / Single Borrower (SASB) opportunities, creating multiple rating agency capital structures and analyzing best execution across fixed- and floating-rate alternatives.
• Collaborate with Key Banc Capital Markets to assign credit spreads to hypothetical SASB and conduit structures, ensuring pricing reflects current investor demand and secondary market conditions.
• Contribute to weekly CMBS pricing breakeven analysis in partnership with the CMBS Pricing Desk, Production Management, and Key Banc Capital Markets, providing market-informed recommendations on loan pricing and structuring.
• Monitor and interpret market trends, including rating agency criteria updates, comparable securitization performance, new issuance activity, and investor appetite, and disseminate actionable intelligence to the CMBS management team and commercial mortgage bankers.
• Maintain deep relationships with rating agencies (Fitch, KBRA, Moody's, S&P, DBRS Morningstar), subordinate bond buyers, loan sellers, and other debt capital markets participants to ensure Key Bank remains well-positioned and informed.
• Partner with the Underwriting Manager and Securitization Manager to ensure seamless coordination between deal screening, underwriting execution, and securitization delivery.
• Provide advisory support to commercial mortgage bankers and clients regarding permanent debt solutions, market structures, and optimal execution strategies.
• Partner with mortgage bankers in borrower meetings and deal calls to support loan application discussions and strengthen client confidence.
• Comply with all Key Bank policies and procedures, including acting professionally, conducting business ethically, avoiding conflicts of interest, and acting in the best interests of clients and Key Bank.

Education

• Bachelor's degree in finance, economics, real estate, or a related field required
• MBA or advanced degree in finance or real estate preferred

Work Experience

• Ten or more years' experience in CMBS, debt capital markets, or structured finance at a major bank, rating agency, or financial institution
• Demonstrated expertise in rating agency methodologies and credit enhancement analysis required
• Prior experience in a deal screening, loan pricing, or capital markets advisory role strongly preferred
• Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint) and Adobe products required
• Experience with CMBS rating agency cash flow models and proprietary pricing tools preferred
• Excellent verbal and written communication skills required

Skills

• Deep knowledge of CMBS and real estate debt capital markets
• Rating agency methodology expertise (Fitch, KBRA, Moody's, S&P, DBRS, Morningstar)
• Credit enhancement and capital structure analysis
• Loan pricing and breakeven analysis
• Market intelligence and trend analysis
• Relationship building with external market participants
• Analytical reasoning and financial modeling
• Decision-making under pressure in a fast-paced environment
• Strong written and verbal communication
• Collaboration across origination, underwriting, securitization, and capital markets teams
• Client service orientation and advisory capabilities
• Risk identification and mitigation awareness
• Confidentiality and ethical judgment
• Business and financial acumen
• Know Your Customer and Anti-Money Laundering compliance awareness

Core Competencies

All Key Bank employees are expected to demonstrate Key Bank's values and abide by Key Bank's Code of Conduct.

Physical Demands

• General…