Why don’t enough investors like CRE CLO securities? They all really should, and it would be terrifically helpful to the market if more of them did so. (Okay, terrifically helpful to me.)… Continue Reading
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 your basic risk-adverse type, I, of course, conditioned and limited my happy talk by excluding … Continue Reading
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. I was the outlier…by a lot. Well, it looks like we’ll finish the year … Continue Reading
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 Awards done this year. What a crazy year end. The market is insane. On the … Continue Reading
Here at Dechert, we have market-leading practices in CRE CLO as well as corporate CLOs, including broadly syndicated and middle market structures. So, every day that I peer into these two alternate universes, I’m astonished at how different these two fundamentally similar leverage technologies really are. Certainly, even at a modest remove, they look pretty … Continue Reading
One of the good things about the 24/7 news cycle, perhaps one of its few positive externalities, is that it’s a boon for the pontification business. It enables all sorts of otherwise serious people to make fools of themselves day in and day out predicting generally gloomy stuff, as sunshine doesn’t sell. As a card-carrying … Continue Reading
As is our tradition here at Crunched Credit, each year, about this time, we award our Golden Turkey Awards. Once again, I must say that we are utterly blessed with so many worthy candidates. The truly deserving have once again wrangled with vision and astounding persistence to earn a spot on our acclaimed list. To … Continue Reading
We have been writing off and on about the restoration to good graces of the commercial real estate CLO since the early days of this current recovery, and it’s important to keep the conversation going. Hey, if Pete Rose can get into the Hall of Fame (and as MLB is embracing gambling, that cannot but … Continue Reading
As we are just inking one of the very first pre-risk retention effective date risk retention deals (Potemkin Village anyone?), we are also seeing an increased flow of what are generically referred to as CRE CLOs. It’s time to consider how the Risk Retention Rule (the “Rule”) will apply to this growing market technology.… Continue Reading
