Location:1 N Wacker Drive, Chicago IllinoisJob SummaryThe 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 KeyBank's loan originations are competitively structured, accurately priced, and aligned withcurrent 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 commercialmortgage bankers, reviewing transactions for market acceptability, structural integrity, andalignment with KeyBank's risk parameters and securitization guidelines.• Conduct detailed rating agency analysis for each prospective transaction, including thecreation of rating agency cash flows and credit enhancement stacks using KeyBank'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 KeyBanc 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 PricingDesk, Production Management, and KeyBanc Capital Markets, providing market-informedrecommendations 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 KeyBank remains well-positioned and informed.• Partner with the Underwriting Manager and Securitization Manager to ensure seamlesscoordination 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 KeyBank policies and procedures, including acting professionally,conducting business ethically, avoiding conflicts of interest, and acting in the best interestsof clients and KeyBank. 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 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 stronglypreferred• Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint) and Adobe productsrequired• 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 CompetenciesAll KeyBank employees are expected to demonstrate KeyBank's values and abide by KeyBank's 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 TravelOccasional travel, including overnight stays, to meet with rating agencies, market participants, and KeyBank production offices. Work LocationIn office schedule requiring four or more days in the office.COMPENSATION AND BENEFITSThis position is eligible to earn a base salary in the range of $128,000.00 - $268,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.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.Job Posting Expiration Date: 10/30/2026 KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, pregnancy, disability, veteran status or any other characteristic protected by law.Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com. #LI-Hybrid