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Sweet Relief? SEC Exempts Fixed-Income Rule 144A Securities from Rule 15c2-11—But Questions Remain

On October 30, 2023, after continued pressure from legislators and industry participants—and a recent lawsuit—the SEC issued an order providing relief for fixed-income securities sold pursuant to Rule 144A from the public...more

Why Are We So Calm?

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?...more

Winter Is Here:  Buy a Snow Shovel

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...more

Welcome to the New Normal – Funny Times Revisited

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...more

The CRE CLO is Coming Back Soon:  Who You Gonna Believe, Me or Your Lying Eyes?

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,...more

Funny Times

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. ...more

The CRE CLO Repurposed: Part II

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,...more

Fix the CRE CLO, Mr. Market:  Tear Down This Wall!

CRE CLO technology is languishing in the toolbox.  A combination of high interest rates, a mispriced legacy book, an anxious investor base and no real need to refresh capital until borrowers start borrowing again is largely...more

Sometimes, It Really Is a Duck: What If Things Are About to Go Bad?

Conspiracy theory fans, tin-foil hat wearers everywhere, Nostradamus wannabes, the broadly unhinged and, of course, our professional purveyors of doom and gloom roosting on evening cable news see patterns where there are...more

Opportunities in a Time of Broken Banks

Well, it’s been an interesting week and a bit. First Silicon Valley Bank and Signature Bank were closed by their respective State banking authorities with the FDIC stepping in as receiver and then the extraordinary action by...more

The SEC As Bad Santa: The Proposed Securitization Conflict Rules

The current administration’s legislative initiatives are largely bottled up in a split Congress, so the path toward achieving the White House’s policy priorities runs almost exclusively through the executive order and...more

Birds Do It, Bees Do It, Even Educated Fleas Do It.  Should The CRE Securitization Industry Advertise?

If the wisdom of crowds has any validity (and there’s no real evidence that it’s any worse than the pontifical huffings of the chattering class), then there’s hope for 2023.  Optimism did itself proud at CREFC.  We’ll see if...more

The Return of Dodd-Frank Rulemaking: SEC Proposes Expansive Prohibition on Conflicts of Interest in Securitization

After a decade of regulatory inaction on the matter, the SEC recently re-proposed regulations implementing the Dodd-Frank Act’s prohibition on material conflicts of interest in securitization transactions. The proposed...more

To Hell with Predictions; I’m Embracing My Inner Fabulist This Year

Each year about this time, I sit down and try to cobble together predictions for the performance of the economy and the performance of the CRE market in the coming year.  Of course, I’m wrong every time.  It’s not for lack of...more

2022 Golden Turkeys

It’s Golden Turkey Awards Time, Folks! Our Turkeys are a little late this year but hey, we’ve been busy worrying about the collapse of the world’s economy.  This is the 10th edition of our Turkeys and much thanks to our...more

Can We (Should We) Try to Fix the Conduit Before It’s Gone?

The conduit market does not absorb a lot of bandwidth in my day-to-day practice; I’m more of a CRE/CLO/warehouse/SASB/new products/innovation sort of guy.  But it’s painful to watch this marquee capital markets product wither...more

Life (and Opportunity) in the Time of Considerable Government Malfeasance

I wrote a week or two back about my expectation that significant economic dislocation awaits us.  I still think that.  The morning after I published, hordes (ok, maybe not hordes) of PhD Villeins were outside my house with...more

Get Ready for the Distressed Debt Wave (HONEST!)

As I was saying in my last commentary, it’s time to stay calm and carry on in a market that is flashing green, red and yellow signals simultaneously.  These are market conditions in which nimbleness will be rewarded.  Whether...more

My Hair Is Not on Fire…Yet

I’m back from vacation in the English countryside, away from the hurly burly of life in our capital markets.  While I tried hard not to obsess on the news whilst away, bad news has a way of slithering into your peripheral...more

It’s Not Just a Flesh Wound

I’ve been back from CREFC’s and RER’s annual meetings for a week or so, mulling what those confabs meant.  There’s been plenty of reportage on the events, the panels, the parties, the to-ing and fro-ing, but what I want to do...more

Contagion

What I know about cryptocurrency can be inscribed on a head of pin with a jackhammer.  But I know it’s a thing; I know it’s a big thing and getting bigger.  So, these past few weeks I have been reading with interest...more

Why Don’t (Enough) Investors Like CRE CLO?

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.)...more

It’s the Inflation, Stupid

We certainly have an abundance of bad bits and bobs out there right now, don’t we?  War, pestilence, chubby dictators with rockets, buff dictators without souls, miscellaneous threats to world peace.  It’s everywhere. ...more

SOFR:  The Face That Launched a Thousand Ships Was Photo-Shopped!

Why I’m bothering to write about SOFR transition at this point is a bit of a mystery.  Hasn’t this topic now finally exhausted both our energy and interest?  Oh, and a European war is being fought as I write which, to say the...more

The Coming Regulatory Deluge (With Apologies to Louis XV):  Smells Like Opportunity to Me

Events keep happening that really do make it clear that we are about to enter a period of enhanced regulatory intrusion into the financial services space.  Shocking!  And entirely unexpected, right?  (You’re winning, sir) ...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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Privacy Officer
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150 Harbor Drive, #2760
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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Updates to This Policy

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