Our fine little CRE CLO business has exploded over the past couple of years, hasn’t it? Last year, around this time, I recklessly predicted for my friends at Commercial Mortgage Alert that we might hit $30 billion of issuance in
Rick Jones
Crunched Everything is a blog authored by Rick Jones, a recognized practitioner in capital markets and securitization with extensive experience in commercial real estate finance. The blog provides expert commentary and insights on topics such as commercial real estate capital markets, securitization structures, regulatory developments, and economic factors influencing mortgage finance. It reflects Jones's professional perspective, drawing on his leadership roles in industry organizations and his active involvement in policy advisory committees. The content often addresses market trends, risk considerations, and the impact of government fiscal policies on interest rates and capital markets.
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2021 Golden Turkeys
By Rick Jones
Welcome, dear reader, to our annual Golden Turkey Awards. But for my commitment to absolute fairness and concern over the appearance of impropriety, I would have awarded the first Golden Turkey Award to Dechert for actually getting the Golden Turkey…
LIBOR and SOFR: Welcome to a Two-Speed Market?
By Rick Jones
The Great Index Reformation is coming. (I note in passing that the last Reformation led to the 100 Years War…just saying.) This is a massive change to our market that did not bubble up from the great unwashed on the…
Does A Red Carpet Full Of Black Swans Matter?
By Rick Jones
It’s coming up on awards season. The Emmys were last week and weirdly, I got a thought bubble about nominees in the Black Swan category, walking the red carpet looking for attention! Think the Masquerade scene from Phantom of the…
Dechert OnPoint: Term SOFR is Here!
While many of us may be sneaking in one final summer vacation, the ARRC showed no signs of a slowdown as they formally recommended the CME Term SOFR Rates. Issues with SOFR aside, it looks like the rate really is…
SASB: The (Shotgun?) Marriage of Mortgage and Mezz
There’s a lot of reasons to structure a large loan destined for securitization as a mortgage in part and a mezzanine loan in part. Sometimes it’s simply that the borrower is needy while the capital markets are charry. In that…
It’s Time for The Industry to Engage on SOFR’s Voldemort Problem
By Rick Jones
It’s a rule around here that I don’t write on the same topic twice in a row because if you don’t get bored, I will. I am making an exception this week to revisit last week’s blog about the industry’s…
The Powers That Be Are Rallying Around SOFR and That’s a Mistake
By Rick Jones
To my gentler readers, first an apology for this interregnum in publication. I’ve been sitting on this commentary like a hen on an egg for weeks. All I can say is having to work for a living gets in the…
Did the Distressed Debt Opportunity Slink by Me When I Wasn’t Looking?
By Rick Jones
I have spoken to a number of people over the past months who have raised money or built technology to take advantage of a broadly anticipated distressed opportunity which was certainly to be occasioned by the pandemic. Did I miss…
You’re Invited: Permanent & Private Capital Summit 2021
Alongside co-sponsors ING and KBW/Stifel, next week Dechert is proud to be (virtually) hosting the 2021 Permanent & Private Capital Summit. This two-day conference, happening on June 2nd and 3rd, will cover the latest developments and trends in the…