Manager, CMBS Pricing and Agency Execution

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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 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 KeyBanks 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 KeyBanc 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 KeyBanks 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 KeyBanks
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 KeyBanc 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 KeyBanc 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 Moodys S&P DBRS
Morningstar) subordinate bond buyers loan sellers and other debt capital markets
participants to ensure KeyBank 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 KeyBank policies and procedures including acting professionally
conducting business ethically avoiding conflicts of interest and acting in the best interests
of clients and KeyBank.

Education
Bachelors 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 Moodys 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 KeyBank employees are expected to demonstrate KeyBanks values and abide by KeyBanks Code of Conduct.
Physical Demands
General office environment
Prolonged sitting
Frequent use of a PC or laptop
Ability to communicate in person and by phone with teammates and clients
Occasional lifting pushing or pulling of backpacks or computer bags up to 10 pounds

Travel
Occasional travel including overnight stays to meet with rating agencies market participants and KeyBank production offices.

Work Location
In office schedule requiring four or more days in the office.

COMPENSATION AND BENEFITS

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

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