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  • Real Estate
  • Guide

    The components of FX option pricing

    An FX option is an insurance policy on an exchange rate. Its pricing is determined by factors including time to expiry, strike rate, and volatility of the underlying currency pair.

    Category
    Real Estate
  • Guide

    Establishing a risk policy framework

    The world is full of market and political shocks. Their timing/impact on markets are difficult to predict. Implementing a risk management policy and reviewing it regularly allows you to understand your material risk exposures, and how to control those risks based on predefined policy parameters.

    Category
    Real Estate
    Post Date
    Nov 13, 2020
  • Guide

    Purchase price allocations in times of uncertainty

    The purchase price allocation is a critical audit matter in accounting for a new acquisition. Amid a recession, the valuation of the land, building improvements, and leases in place of an asset requires abundant testing and reconciliation to ensure the conclusions reflect fair market value.

    Category
    Real Estate
  • View from the Bank of England's columns at a modern skyscraper
    Article

    SONIA monthly transaction activity — October 2020

    Each month, our team discusses the current state of GBP LIBOR and SONIA markets, exploring both the performance of the rates as well as the borrowing and hedging markets that surround them.

    Category
    Real Estate
    Post Date
    Nov 2, 2020
  • View over the top of Federal Hall in NYC
    Article

    SOFR monthly transaction activity — October 2020

    Each month, our team reviews and discusses the current state of USD LIBOR and SOFR markets, exploring the performance of the indexes as well as the borrowing and derivatives markets around them.

    Category
    Real Estate
    Post Date
    Nov 2, 2020
  • Market Update

    What is Modern Monetary Theory?

    With government debt levels reaching new highs relative to GDP, and deficits ballooning, now seems an appropriate time to examine Modern Monetary Theory (MMT). This piece aims to provide a high-level overview of MMT and discusses some of its claims.

    Category
    Real Estate
    Post Date
    Nov 2, 2020
  • Market Update

    ISDA’s IBOR Fallbacks Supplement and Protocol for U.S. CRE investors

    On Friday, October 23, the International Swaps and Derivatives Association (ISDA) launched the IBOR Fallbacks Supplement and Protocol, which provides a framework for transitioning interest rate derivatives from USD LIBOR to SOFR.

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

    Is the UK moving closer to NIRP?

    Negative interest rates inch closer to reality in the UK as the Bank of England checks on banks’ readiness. The following summarises why the topic is being raised again and a reminder of previous Chatham insights on the subject matter.

    Category
    Real Estate
    Post Date
    Oct 16, 2020
  • Guide

    Interest rate swap FAQs for CRE investors

    These frequently asked questions address some of the common issues that commercial real estate borrowers face when considering an interest rate swap. These include swap rates and mechanics, prepayment/breakage, documentation, and LIBOR transition.

    Category
    Real Estate
  • Guide

    3 steps toward better debt management for commercial real estate investors

    Today’s leading commercial real estate (CRE) investors have followed a three-step process to optimize the management of their debt by minimizing operational and data integrity risks, portfolio blind spots, and time-intensive processes.

    Category
    Real Estate
  • regulatory update thumbnail
    Article

    LIBOR: Update on industry initiatives and proposed legislation

    LIBOR transition continues with the announcement of ISDA’s protocol release date, updated language from the ARRC for bilateral business loans, and possible amendments to the EU Benchmarks Regulation to help ease the transition.

    Category
    Real Estate
    Post Date
    Oct 12, 2020
  • Abstract image of a curved shaped building, depcting volatility
    Article

    SOFR forward curve update and the CCP "Big Bang"

    In connection with the U.S. market’s transition from LIBOR to SOFR, Chatham has updated our SOFR forward curve by extending it from five years to 30 years. This piece explains the nature of that update, the reasons for it, and what may be in store for forward-looking term SOFR.

    Category
    Real Estate
    Post Date
    Oct 9, 2020
  • Guide

    Request your Q3 2020 Average Market Credit Spreads report

    The information presented in this report represents average credit spread conclusions segregated by property type and grouped by LTV for the quarter ending September 30, 2020.

    Please use this form to request your copy of the Q3 2020 Average Market Credit Spreads report from Chatham.

    Category
    Real Estate
  • GloalCapital-Derivatives-Awards-2020-winner-logo
    Article

    Chatham Financial wins Risk Management Advisory Firm of the Year at GlobalCapital Awards

    On 23 September 2020, Chatham Financial was announced Risk Management Advisory Firm of the Year at the GlobalCapital 2020 Global Derivatives Awards.

    Category
    Corporates
    Post Date
    Sep 24, 2020
  • Guide

    EPRA earnings and the requirement for debt valuation

    Recent changes in the EPRA NAV measures have led many CRE borrowers to include a valuation on their debt portfolios. The following commentary summarises the changes, and how Chatham is assisting clients in this valuation and reporting process.

    Category
    Real Estate
  • Market Update

    Hedging GBP currency risk through Brexit

    This piece examines what currency movements are telling us about Brexit risk, and provides a look back at milestones over the past three years. Hedging GBP risk is not just about fixing a forward rate; a more flexible approach and adoption of hybrid tools can provide optimal protection.

    Category
    Real Estate
    Post Date
    Sep 21, 2020
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    Webinar

    Debt Valuation Market Update Q3 2020

    In this webinar John Kjelstrom, Jaran Burt, and Eddie Manbeck will highlight the key drivers of debt valuation for Third Quarter 2020. They will also cover hot topics including expected impact on total returns for equity funds as well as valuation trends and methodologies for debt funds.

    Category
    Real Estate
  • Market Update

    Chatham executes first Freddie Mac SOFR interest rate cap

    On Wednesday, September 9, Chatham executed the first SOFR-indexed interest rate cap on behalf of a commercial real estate (CRE) borrower in conjunction with the closing of a CBRE-originated Freddie Mac financing.

    Category
    Real Estate
    Post Date
    Sep 14, 2020
  • High glass walls reflecting other buildings in financial district of London
    Article

    FAQ: GBP LIBOR transition to SONIA

    GBP LIBOR will transition to SONIA, likely by the end of 2021. Chatham's experts answer the most pressing questions asked by our clients about how the transition will affect them.

    Category
    Real Estate
    Post Date
    Sep 11, 2020
  • Low angle of the Bank of England facade
    Article

    FAQ: USD LIBOR transition to SOFR

    USD LIBOR will transition to SOFR, likely by the end of 2021. Chatham's experts answer the most pressing questions asked by our clients about how the transition will affect them.

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

    Foreign exchange hedging – time to reassess?

    Approaching FX hedging can be complex, given the need to consider the interplay between global markets and the challenges of assessing both costs and benefits. This piece will address some misconceptions about the costs of FX hedging and provide insight for a reassessment of your FX hedging stance.

    Category
    Real Estate
    Post Date
    Sep 10, 2020
  • Guide

    Request your interest rate cap execution checklist

    Understanding the tactical steps involved in executing on an interest rate cap can help CRE investors plan and use their time efficiently prior to closing on a loan. Request your interest rate cap execution checklist here.

    Category
    Real Estate
  • Market Update

    End of summer round-up and back-to-school Q4 outlook

    Over the past month, the impact of the global pandemic on the European economy is now evident in the reported GDP data. Reporting of severe contraction should be no surprise to anyone, but what matters now is how quickly we can recover.

    Category
    Real Estate
    Post Date
    Sep 7, 2020
  • Market Update

    The Federal Reserve adopts average inflation targeting

    The Fed has adopted a “flexible form of average inflation targeting” that aims for inflation rate to average 2% over time. Under this framework, the Fed funds rate will likely stay low for longer. Also, there will be an elevated emphasis on the maximum employment objective of the dual mandate.

    Category
    Real Estate
    Post Date
    Aug 31, 2020
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