Brian Foley

KBRA released the May 2024 issue of CMBS Trend Watch. Heading into CRE Finance Council’s (CREFC) midyear conference, an overarching theme may be the resurgence of #CMBS private label issuance. In May, 14 deals comprising $9.3 billion of issuance priced, representing a year-over-year (YoY) increase of 158.9%. We do not expect the summer doldrums to slow issuance as we move further into June. Read the full report here: https://lnkd.in/evBv5vWf | #commercialbacked #commercialrealestate #financialmarket #insightfulresrach

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🏦 Understanding the complex nature of CRD VI ➡️ In this 2-part series, TFG’s Deepesh Patel spoke with Adam Harwood, Associate, A&O Shearman and Bob Penn, Partner, A&O Shearman, breaking down CRD VI and its implications on the syndicated lending and trade finance industry. ⚙️ Interbank lending will remain permitted. The EU authorities will conduct a review before implementation on whether the ‘interbank’ exemption should be extended to cover services provided to other financial sector entities. It is not clear what the scope of “financial sector entity” will be, though there is an existing definition for the term in CRR. 🪙 For the loan market, the effect of the changes will be to deprive in-scope non-EU firms of the ability to provide loans, guarantees and commitments into those EU Member States where those activities are currently unregulated, or a cross-border license is currently available, except where an exemption is available. 📖 Read the article, link in the comments section below ⬇️ #internationaltrade #CRDVI #EU #tradefinance

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🌟 News for Structured Finance Hackathon Participants! 🌟 RiskSpan is making MBS loan-level historical data available. This rich dataset includes comprehensive loan-level performance data from Fannie Mae, Freddie Mac, and Ginnie Mae, covering a staggering $9 trillion market. 📊 RiskSpan’s dataset is meticulously normalized to facilitate cross-market analysis, making it easier than ever for our participants to derive meaningful insights and develop robust financial solutions. With key fields such as current coupon, refinance incentive, and loan-to-value ratios, the possibilities for innovation are limitless. 🛠️ Harness this powerful data to challenge the status quo in mortgage-backed securities and drive transformation in structured finance. 👉 Register now to leverage RiskSpan’s groundbreaking data and join a community of forward-thinkers shaping the future of fintech. 🔗 Secure your spot here: https://lnkd.in/e_tBvmMd Let’s innovate and lead the change in the world of structured finance! #StructuredFinanceHackathon #RiskSpan #Fintech #DataScience #Innovation #Hackathon

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Regional banks bounce back… https://lnkd.in/gzKuwZZF TNTT - @PitchBook reported $1T+ remains in PE funds due to less exits; how might this influence fixed income demand in regional banks and such? Liquidity risk in regionals? Winners & losers? #Economics #Industry #Markets #Finance #WSJ

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🎙️Ep 115: Credit Market Updates with Aaron Kless at Andalusian Credit Partners & Joseph Weissglass at Configure Partners. Topics: - Factors and Complexities Within the Current Market - Challenges That RIA’s Face - The Future of Private Credit ...and so much more. Top Takeaways - “The market has been more dynamic over the last six months than over the last six years.” Jordan, Aaron, and Joe discuss the ever-changing market landscape, emphasizing that struggling lenders today may differ from those in six months, highlighting the dynamic nature of market positions. - The path RIAs need to take to succeed. Success in the credit markets requires RIAs to balance liquid and private credit investments, navigate diverse landscapes from major funds to smaller enterprises, address educational gaps, and recognize evolving trends like equity and credit secondaries. - “The shift we've seen is permanent”. Aaron notes concerns about diminishing returns and investor wariness in the private credit market, Joe sees this as the start of a major transformation, anticipating an expanded role for private credit in the financial landscape ahead. #privateequity #mergersacquisitionsdivestitures #investorsandoperators 

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Another insight from PitchBook's report is the growing collaboration between banks and private credit lenders. The graphic illustrates how banks have been increasingly lending to non-depository financial institutions (NDFIs), including private debt funds. Although still a relatively small portion of their overall lending portfolio, the annual growth in loan assets to NDFIs at commercial banks outpaced all other loan categories, reaching 13.1% as of Q2 2024. This shift reflects a growing recognition of private market players as complementary participants within the lending ecosystem, reducing friction and direct competition with banks, while driving positive momentum for the industry. #privatecredit #directlending #loangrowth

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We know many originators face the challenge of unreliable pricing in this dynamic market. 📊 Michael Vough and Geoffrey Sharp share insights about pricing and hedging non-agency loans using innovative solutions, like CME Group's Eris Swap futures, in Optimal Blue's latest white paper. 📄 https://lnkd.in/eSYfxbYJ Eris Innovations - Creators of Eris SOFR Swap futures

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With ETF managers increasingly turning to securities lending to maintain competitive edge and offset costs, BBH's Securities Lending and ETF experts, Thomas Poppey, CFA, FRM, Antonette Kleiser, and Tim Huver explain more about this growing trend. https://lnkd.in/eJfxNY_y

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Regional Banks Bracing for a Tough H2 and what this means for CRE. As we approach second-quarter earnings reports, U.S. regional banks are expected to face significant challenges. Analysts predict increased provisions for loan losses and a conservative stance on stock buybacks due to ongoing issues with CRE loans. Recent developments highlights: 🔹 Increased Loan Loss Reserves: Regional banks are anticipated to build up rainy-day funds in response to CRE loan defaults. 🔹 Weaker Profits Ahead: With high interest rates dampening borrower demand and impacting earnings, a broad decline in profits is expected. 🔹 CRE Market Pressures: The CRE sector continues to struggle, with falling property prices and rising distressed asset sales. As interest rates are predicted to stay higher for longer and CRE risks persist, both regional banks and investors are in for an interesting second half of the year. Read on: https://lnkd.in/gNEsxKNn #Banking #Finance #CommercialRealEstate #Investment #RegionalBanks #FinancialSector #EarningsSeason #CRE #InterestRates

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Good news for borrowers: Lenders are providing greater liquidity at better economic and structural terms. Our quarterly survey shows that private credit firms report consistent improvement in both hold size and volume, while the broadly syndicated loan market is reversing course and reclaiming market share. We invite you to view Configure’s insights into direct lending from our survey below and view the full report here: https://lnkd.in/ed3H6FAN #privatecredit #investmentbanking

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This week we explore the Treasury market's response to recent economic data releases and central bank meetings. Read more in this week's #MarketCommentary: https://hubs.ly/Q02CfR_T0

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Despite the challenging earnings environment for financials and bank stress from domestic regional banks, the fundamental health of the financial system remains intact. These financial institutions... Read the full #marketcommentary here: https://hubs.li/Q02xsZVM0 #steeplechasecp

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Our latest whitepaper highlights the disconnect between core #DC plan investment menus and target date funds: https://lnkd.in/ep86z5yv Did you know that 90% of DC plans offer both active and passive standalone fund options—but only 36% use TDFs that combine active and passive underlying strategies? Lanyon Blair, CFA, CAIA and Susan Viston from Voya IM’s Multi-Asset Strategies and Solutions team explain some potential reasons for this disconnect and what sponsors may be missing out on by overlooking blended TDFs. #DefinedContribution #TargetDateFunds

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WisdomTree Asset Management's largest shareholder returns with fresh attempt to oust CEO. WisdomTree’s largest shareholder has called on fellow investors to oust chief executive officer Jonathan Steinberg, and urged for the potential sale of the $107bn US asset manager. Graham Tuckwell. Check out Valeria Martinez's latest article 👇 https://incm.pub/4b5DOg9 #investing #assetmanagement #wealthmanagement #finance

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Fund administrators play an important role in many private equity firms’ operations. Some of the most common questions we get from clients during the scoping process are about how Quantium’s software works for GPs who use third-party fund administrators. In this blog, we discuss our most frequently asked questions on this topic with our Vice President – Client Solutions, Rui (Rae) Tan. Read more below. #fundadministrators #fundadmin #privateequity

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U.S. banks’ 1Q24 #earnings results encouraged cautious optimism for a sustained improvement in fee income, as well as prospects for slowing provision growth, expense inflation and net interest income (NII) compression. Banks remain challenged by rising deposit costs, stressed commercial real estate books, weak loan growth and an uncertain regulatory environment. However, this quarter’s performance signalled the potential for near-term stabilization on all fronts. Read our U.S. bank earnings summary here and stay tuned for our full report: https://ow.ly/GprT50Rogh7 #FitchRatings #Banking #Banks

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The SEC amended Reg NMS to reduce minimum pricing increments (or “ticks”) for certain stocks to half-penny increments, lower exchange access fee caps, and accelerate implementation of pending rules on order price transparency. Read more: https://lnkd.in/e5qQmdaY #FinancialInstitutions

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