I’m going to tell you a story. This is the type of thing told around campfires designed to scare naïfs, who know too little, and PhDs who (think) they know too much. I don’t necessarily believe in the story, but
Crunched Credit
Legal Commentary on the Commercial Real Estate Debt Markets, Economics, Politics and More.
Crunched Credit, published by Rick Jones, focuses on the intersection of commercial real estate (CRE) capital markets and securitization. The blog covers topics such as CRE collateralized loan obligations (CLOs), regulatory developments affecting capital markets, mortgage finance trends, and economic factors influencing interest rates and asset valuations. Rick Jones shares insights drawn from his extensive experience in capital markets, discussing market dynamics, risk retention rules, and transactional structures like direct issuance in CRE securitizations. The blog also addresses broader economic and policy issues impacting CRE finance, including government debt and fiscal policy implications.
Latest from Crunched Credit - Page 6
Trading Is Not a Dirty Word (CRE CLO)
By Rick Jones
Trading Is Not a Dirty Word and Other Thoughts on a More Manageable CRE CLO
As we begin to reflate the CRE CLO business this year with shrinking spreads and hopefully shrinking SOFR, we need to think of this as…
Live in Hope…Die in Despair! Will Rates Come Down (Far Enough)?
By Rick Jones
Live in Hope…Die in Despair! Will Interest Rates Come Down (Far Enough) This Year?
I sure hope they will. While I’m a member in good standing of the higher-for-longer club, I would love to be convinced that rates are coming down…a…
The Golden Turkeys: 2.0
By Rick Jones
Hello, folks. I’m back. From now on, you can follow my musings on that which annoys, amuses and confounds me here in CrunchedEverything. I look forward to continuing to engage with my readership. Please don’t be shy about telling me…
Why Are We So Calm?
By Rick Jones
This is just a short note, with little actual utility, but it’s about something that’s really bothering me.
Why are we so calm? What has anesthetized us?
I’ve had numerous conversations with market-makers in and around our business and many,…
Winter Is Here: Buy a Snow Shovel
By Rick Jones
Winter is surely coming. One might hope it will arrive without the sorcery, murder, mayhem and intrigue of that memorable HBO show, but surely it will be freighted by its own quantum of trauma and anxiety. Actually, what am I…
Welcome to the New Normal – Funny Times Revisited
By Rick Jones
Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the next couple of…
The CRE CLO is Coming Back Soon: Who You Gonna Believe, Me or Your Lying Eyes?
By Rick Jones
I’ve written extensively about the CRE CLO technology for a long time and why it is the best leverage technology across securitization markets. With the sponsor typically holding up to 20% of the bottom of the capital stack, it represents…
Funny Times
By Rick Jones
What funny times in which we live; an observation perhaps highly dependent upon your notion of fun. Maybe curious is the better description. Daunting? Frightening? Opaque and unknowable? All probably good descriptions. True of politics. True of business.
Sticking to…
The CRE CLO Repurposed: Part II
By Rick Jones
I wrote about the disconnect between our CRE CLO technology and the task at hand (finding acceptable lever in an expanding leverage desert) in my last commentary. While the CRE CLO remains the best form of match-term, non-marked-to-market finance for…