Just a few weeks back, I penned a sunny and optimistic piece about the growth of the CRE CLO market in 2022 and by implication, the general amicable economic conditions on which the growth of that technology would depend. Being
Latest from Crunched Credit
The CRE CLO Unleashed
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
2021 Golden Turkeys
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?
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?
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
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
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?
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