Manager, CMBS Pricing and Agency Execution

Location:

1 N Wacker Drive, Chicago Illinois

Job Summary 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 loanopportunities 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 commercialmortgage 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'sproprietary agency pricing tools.

Price individual loan exposures in conjunction with the CMBS Pricing Desk, ensuringbreakeven analysis reflects current market spreads, comparable deal treatment, andanticipated securitization economics.

Review and structure Single Asset / Single Borrower (SASB) opportunities, creating multiplerating agency capital structures and analyzing best execution across fixed- and floating-ratealternatives.

Collaborate with Key Banc Capital Markets to assign credit spreads to hypothetical SASBand conduit structures, ensuring pricing reflects current investor demand and secondarymarket 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, comparablesecuritization performance, new issuance activity, and investor appetite, and disseminateactionable intelligence to the CMBS management team and commercial mortgage bankers.

Maintain deep relationships with rating agencies (Fitch, KBRA, Moody's, S&P, DBRSMorningstar), subordinate bond buyers, loan sellers, and other debt capital marketsparticipants 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 permanentdebt solutions, market structures, and optimal execution strategies.

Partner with mortgage bankers in borrower meetings and deal calls to support loanapplication 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 interestsof clients and Key Bank.

Education Bachelor's degree in finance, economics, real estate, or a related field requiredMBA 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 amajor bank, rating agency, or financial institution

Demonstrated expertise in rating agency methodologies and credit enhancement analysisrequired

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)
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