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  • Market Update
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    Market Update

    Virus resurgence complicates reopening plans

    Week began shaky as resurgence of COVID-19 dampened investor sentiment and renewed fears that the country could be headed for more lockdowns.

    Post Date
    Jul 20, 2020
  • Market Update

    Europe real estate market update—20 July 2020

    After a record 20.4% monthly contraction in UK GDP in April, the expectation was that with some businesses able to reopen under strict conditions in May, there would have been a solid rebound in output.

    Category
    Real Estate
    Post Date
    Jul 20, 2020
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    Market Update

    Equities rally as virus surges in U.S.

    Major U.S. equity indices pushed higher on the week, as positive developments in the hunt for effective COVID-19 treatments and a vaccine improved investor sentiment.

    Post Date
    Jul 13, 2020
  • Market Update

    U.S. real estate market update—July 13, 2020

    Now that we’re halfway through 2020, let’s examine how we got here and what the second half of the year might bring.

    Category
    Real Estate
    Post Date
    Jul 13, 2020
  • Market Update

    Restructuring interest rate derivatives for European publicly listed real estate investors

    Interest rates in Europe have been on a downward pathway since the end of 2018, accelerated recently by the monetary stimulus launched to deal with the economic fallout from global lockdown.

    Category
    Real Estate
    Post Date
    Jun 18, 2020
  • Market Update

    Negative interest rate policy in Europe—how it works and what it means

    Given the unprecedented nature of this medical and economic crisis, with the Bank of England base rate at 0.10%, many ask whether the BoE would adopt a Negative Interest Rate Policy (NIRP).

    Category
    Real Estate
    Post Date
    Jun 8, 2020
  • Market Update

    Negative interest rate policy in the U.S.—what we currently know

    Given the unprecedented nature of this medical and economic crisis, with the target Fed Funds range at 0-0.25%, many ask whether the Federal Reserve would adopt a Negative Interest Rate Policy (NIRP).

    Category
    Real Estate
    Post Date
    Jun 1, 2020
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    Market Update

    Navigating hedging decisions for REITS during the COVID-19 crisis

    Considerations around risk management and hedging start with the economic factors. But REITs (as SEC filers) applying U.S. GAAP accounting must also contemplate the financial reporting ramifications of their hedging decisions.

    Category
    Real Estate
    Post Date
    May 21, 2020
  • Market Update

    LIBOR transition: GBP update—18 May 2020

    Despite the disruption caused by the COVID-19 pandemic, the UK Financial Conduct Authority is still advising all market participants to prepare for a discontinuation of LIBOR at the end of 2021.

    Category
    Real Estate
    Post Date
    May 18, 2020
  • Market Update

    U.S. real estate market update—May 11, 2020

    This summarizes the impacts that COVID-19 has had on repo markets and SOFR, how market participants have responded, and the possible implications of the economic slowdown on the LIBOR-SOFR transition.

    Category
    Real Estate
    Post Date
    May 11, 2020
  • Market Update

    The plausibility of negative rates in the U.S. and UK

    When looking to understand the risk of negative interest rates occurring, commercial real estate (CRE) investors should take care to understand the motives behind central bank decisions.

    Category
    Real Estate
    Post Date
    May 4, 2020
  • Market Update

    U.S. real estate market update—April 27, 2020

    This update summarizes recent actions of the Fed, how those actions have flowed through to indicators of credit conditions, and how these changing conditions are impacting CRE interest rate caps.

    Category
    Real Estate
    Post Date
    Apr 27, 2020
  • Market Update

    Is the UK set for inflation?

    Independent central banks exist to protect politicians from one of the oldest temptations of government: increasing their own money supply during times of economic stress.

    Category
    Real Estate
    Post Date
    Apr 20, 2020
  • Market Update

    Europe real estate market update—6 April 2020

    For borrowers not facing immediate liquidity constraints, the current interest rate environment presents a compelling opportunity to restructure swaps to a lower coupon and longer duration.

    Category
    Real Estate
    Post Date
    Apr 6, 2020
  • Market Update

    U.S. real estate market update—April 6, 2020

    Interest rate swaps are highly customizable and negotiable, and lend themselves to restructuring. This flexibility enables a cash-constrained borrower to amend and temporarily reduce payments.

    Category
    Real Estate
    Post Date
    Apr 6, 2020
  • Market Update

    Europe real estate market update—30 March 2020

    Why are LIBOR and swap rates not following the central bank rates down? What is the status with LIBOR transition and should I continue to prepare? Read this week's European real estate market update.

    Category
    Real Estate
    Post Date
    Mar 30, 2020
  • Market Update

    Cash is king: the old adage has never been more true

    Last week, Fitch downgraded the UK sovereign credit rating one notch to AA-, citing the inevitable increased borrowing which will be required to fund the stimulus launched to combat the economic impact of the COVID-19 lockdown.

    Category
    Real Estate
    Post Date
    Mar 30, 2020
  • Market Update

    U.S. real estate market update—March 30, 2020

    While the week prior was a big week for monetary policy, with the Fed taking wide ranging policy actions to strengthen liquidity in credit markets, this past week ended with a bang for fiscal policy.

    Category
    Real Estate
    Post Date
    Mar 30, 2020
  • Interest rate swap for an LBO financing
    Market Update

    Common FX questions in the current environment

    Multiple standard deviation movements in currency rates since the COVID-19 pandemic unfolded has brought FX to the forefront. Here’s a list of common FX questions that Chatham has fielded.

    Category
    Real Estate
    Post Date
    Mar 25, 2020
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    Market Update

    How to manage FX hedges in a COVID-19 world

    The impact of the coronavirus on the global economy, equity, bond, and FX markets is immense. Currency markets have always been a barometer of financial market volatility. They have no physical borders and usually deep pools of liquidity.

    Category
    Real Estate
    Post Date
    Mar 23, 2020
  • Market Update

    U.S. real estate market update—March 23, 2020

    This past week saw no abatement to the market uncertainty and volatility that had characterized the previous two weeks.

    Category
    Real Estate
    Post Date
    Mar 23, 2020
  • Market Update

    The implications of negative interest rates in the UK

    Following the BoE's initial 50 bps cut, GBP swap rates fell to all-time lows with the 5-year swap reaching 0.29% and the 10-year swap only one basis point higher at 0.30%. Rate expectations have since rebounded despite a further 15 bps cut last Thursday, with the 5-year swap rate now back at 0.51%.

    Category
    Real Estate
    Post Date
    Mar 22, 2020
  • Market Update

    U.S. real estate market update—March 16, 2020

    The past month has provided the most volatile and concerning set of market conditions since the 2008 financial crisis. During the past 30-day period, we have witnessed a peak 25% decline in the S&P.

    Category
    Real Estate
    Post Date
    Mar 16, 2020
  • Market Update

    Rates have dropped—should you consider refinancing?

    As rates fall dramatically, many borrowers consider the possible benefits of refinancing fixed-rate loans.

    Category
    Real Estate
    Post Date
    Mar 9, 2020
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