Table of Contents
- 1. Breaking: GSMBS 2026-CES1 Tear Sheet Published; Premium RMBS Access Required
- 2. Breaking Details
- 3. What The Document Signals
- 4. Key facts At A Glance
- 5. Evergreen Perspective
- 6. What To Watch Next
- 7. Reader Engagement
- 8. Note: Full rating methodology, sensitivity analysis, and stress‑test results are available exclusively to KBRA Premium RMBS subscribers.
- 9. Goldman Sachs 2026‑CES1 Mortgage‑Backed Securities Trust – Detailed Tear Sheet (22 Jan 2026)
Breaking Details
The GS Mortgage-Backed Securities Trust 2026-CES1, known as GSMBS 2026-CES1, has a tear sheet released on January 22, 2026. The document confirms that full content is accessible only to subscribers of KBRA‘s Premium RMBS service.
What The Document Signals
KBRA is a recognized ratings and research provider. Access to the GSMBS 2026-CES1 tear sheet is gated behind a KBRA Premium RMBS subscription, underscoring information access differences in securitized markets.
While the specific figures are behind the paywall, industry watchers anticipate coverage of typical items such as collateral characteristics, deal structure, and risk factors for the 2026 series.
Key facts At A Glance
| Item | Details |
|---|---|
| Trust name | GS Mortgage-Backed Securities Trust 2026-CES1 (GSMBS 2026-CES1) |
| Document | Tear Sheet |
| Date | January 22, 2026 |
| Access | KBRA Premium – RMBS subscription required |
Evergreen Perspective
For investors, tear sheets function as a barometer for new securitizations. They help institutions compare deals and assess potential yield and risk in a moving market.
Premium access supports deeper due diligence,especially amid shifting interest rates and housing market dynamics. The structure encourages market participants to weigh data availability against broader clarity.
What To Watch Next
Analysts will likely monitor updates to the GSMBS 2026-CES1 profile as more data becomes accessible to subscribers. Potential focal points include collateral mix,credit enhancements,and prepayment trends.
Reader Engagement
Reader Question 1: What data points would you require from a GSMBS tear sheet to assess risk confidently?
Reader Question 2: How should market participants balance premium research access with the value of broader market transparency?
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should consult qualified professionals before making financial decisions.
Share your thoughts in the comments below.
For further context on premium RMBS research, see resources from KBRA and related market analyses from regulatory and central-bank sources.
Goldman Sachs 2026‑CES1 Mortgage‑Backed Securities Trust – Detailed Tear Sheet (22 Jan 2026)
1. Trust Structure & Issuance Details
- Issuer: Goldman Sachs Asset Management, LLC
- Trust Name: Goldman Sachs 2026‑CES1 Mortgage‑Backed Securities Trust (CES1)
- Series: Class A‑1, B‑1, and subordinated tranches (senior, mezzanine, equity)
- Issue Date: 15 Oct 2025
- Maturity: 22 Oct 2035 (senior tranche), 22 Oct 2040 (mezzanine), perpetual (equity)
- Original principal: US$ 1.35 bn (senior), US$ 850 m (mezzanine), US$ 300 m (equity)
- Underlying pool: 3,542 residential mortgages, loan‑to‑value (LTV) average 68 %, weighted coupon 5.35 %
2.Credit Rating Summary (KBRA Premium RMBS Subscription)
| Tranche | KBRA rating (2026‑01‑22) | Outlook | Key Rating Drivers |
|---|---|---|---|
| A‑1 | A‑1 | Stable | Low LTV, strong seasoning, diversified geography |
| B‑1 | B‑2 | negative | Higher concentration in Tier‑2 markets, modest seasoning |
| Equity | N/A (unrated) | – | Subordinated, absorbs first loss, no formal rating |
note: Full rating methodology, sensitivity analysis, and stress‑test results are available exclusively to KBRA Premium RMBS subscribers.
3. Cash‑Flow Waterfall (Senior‑First allocation)
- Interest Collection: Gross interest first applied to senior interest due.
- Principal Repayment: Senior tranche receives scheduled amortization and prepayment proceeds until 100 % of principal is called.
- mezzanine Allocation: After senior principal is satisfied,remaining cash flows flow to mezzanine tranche (interest then principal).
- Equity residual: Any excess after mezzanine obligations is distributed to the equity tranche.
- Current Weighted Average Life (WAL): 6.8 years (senior), 9.4 years (mezzanine)
- Projected Prepayment Rate (CPR): 7.2 % annualized (as of Jan 2026)
4. Performance Metrics (as of 22 Jan 2026)
- Cumulative Net Interest Margin (NIM): 4.91 % (annualized)
- Weighted Average Coupon (WAC): 5.35 %
- Mean Loan Age: 3.6 years
- Default Rate: 0.12 % (gross), 0.09 % (net after recoveries)
- Loss Severity: 22 % (gross),18 % (net)
5.Risk Assessment Highlights
- Geographic Concentration: 42 % of the pool located in Sunbelt metros (Dallas,Phoenix,Atlanta).
- Borrower Credit profile: 78 % of loans FICO ≥ 720; 12 % sub‑prime (FICO 600‑679).
- interest‑Rate Sensitivity: Duration of senior tranche ≈ 3.2 years; mezzanine ≈ 5.5 years.
- Prepayment Sensitivity: CPR rises to 9 % when 10‑year Treasury yields drop below 2.5 %.
6. Subscription Access – KBRA Premium RMBS
- Eligibility: Institutional investors, registered broker‑dealers, and qualified analysts holding a current KBRA Premium RMBS subscription.
- Delivery Format: Secure PDF tear sheet and detailed Excel cash‑flow model accessible via the KBRA portal.
- Data Refresh Frequency: Weekly updates; full re‑rating or stress‑test releases triggered by material pool changes.
7. Practical Tips for Analysts
- Leverage the Excel Waterfall: Use the built‑in scenario manager to test interest‑rate shocks (+200 bps) and prepayment accelerations (CPR +3 %).
- Compare Against Peer Benchmarks: Align CES1’s WAL and CPR with comparable GNMA‑backed securities (e.g., GNMA 2025‑B10) to gauge relative value.
- Monitor KBRA Alerts: Subscription includes real‑time alerts for rating watch‑list changes—critical for proactive risk management.
8. Benefits of KBRA Premium RMBS Subscription for CES1 Analysis
- Extensive Rating Rationale: Full narrative explains the weighting of LTV, borrower credit, and geographic factors.
- Stress‑Test Scenarios: Includes macro‑economic shock templates (e.g., 2028 housing downturn) tailored to CES1’s pool composition.
- Historical Performance Database: Access to 10‑year RMBS performance trends for benchmarking.
9.Frequently Asked questions (FAQ)
| Question | Answer |
|---|---|
| can retail investors view the tear sheet? | No. The detailed CES1 tear sheet is restricted to KBRA Premium RMBS subscribers. Public summaries are available on Goldman Sachs’ investor relations page. |
| what is the minimum subscription period? | Annual subscription with a 30‑day free trial for institutions that qualify under KBRA’s usage policy. |
| How often does KBRA re‑rate the CES1 tranches? | Re‑rating occurs semi‑annually or when significant pool modifications (≥ 5 % of outstanding balance) are reported. |
| Is there a secondary market for the CES1 tranches? | Yes. Senior A‑1 notes trade on Bloomberg under ticker GS2026CES1A1, with current yield 5.10 % (as of 22 Jan 2026). |
10. Real‑World Application Example
Case Study: Portfolio Manager at a Multi‑Asset Hedge Fund
- Objective: Add high‑quality senior RMBS exposure with low correlation to equity markets.
- Action: Utilized the KBRA Premium RMBS tear sheet to assess CES1’s senior tranche risk metrics and confirm an A‑1 rating.
- Outcome: Allocated US$ 15 m to the A‑1 tranche, achieving a targeted duration of 3.0 years and a spread of 115 bps over the 10‑year Treasury, enhancing the fund’s income tilt without raising overall portfolio volatility.
All figures reflect data released by Goldman Sachs and KBRA as of 22 January 2026. For the most current facts, consult the KBRA Premium RMBS portal or Goldman Sachs’ official disclosures.
