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  • Interest Rate Risk Management
  • 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
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    Market Update

    Relief package negotiations heat up

    Despite faltering stimulus bill negotiations, rising COVID-19 cases in the U.S. and Europe, and troubling COVID-19 vaccine developments, the major U.S. equity indices marched higher for the third consecutive week.

    Category
    Financial Institutions
    Post Date
    Oct 19, 2020
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    Market Update

    Equities volatility amid recovery fears, stalled stimulus

    Renewed lockdowns in many regions sent equities downward for most of last week as concerns of a brutal second wave of COVID-19 rose.

    Category
    Corporates
    Post Date
    Oct 19, 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
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    Market Update

    Markets on a seesaw

    Last week was dominated by headlines and tweets regarding the progress and potential for Congress to pass an additional fiscal stimulus package. Sentiments swinging between optimism and pessimism throughout the week had a dramatic impact on rates, currencies, and commodities.

    Category
    Corporates
    Post Date
    Oct 13, 2020
  • Article

    Competing for loans in a low-rate environment

    Challenged by having excess liquidity and fewer loan opportunities, financial institutions need to utilize all available tools to be competitive and determine how best to meet their customers’ needs while also managing their own rate risk in this historically low-rate environment.

    Category
    Financial Institutions
    Post Date
    Oct 13, 2020
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    Market Update

    Stimulus package negotiations remain stalled

    The major U.S. equity indices moved higher for a second consecutive week as hopes for a breakthrough in stimulus package negotiations, positive COVID-19 treatment developments, and better-than-expected economic data improved investor sentiment despite rising COVID-19 cases in the U.S. and Europe.

    Category
    Financial Institutions
    Post Date
    Oct 13, 2020
  • Case Study

    Analyzing the economics of a correspondent bank hedging program

    The CEO of a community bank who actively uses a correspondent bank hedging program contacted Chatham and was looking to analyze pricing. They wanted better visibility into the economics of a $6.8M transaction the bank had recently executed.

    Category
    Financial Institutions
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    Market Update

    Markets balance tension between optimism and looming uncertainty

    Marking the first monthly decline since March, September saw a 3.9% contraction in the S&P 500 index, as equity investors faced labor market weakness, impasse on further fiscal stimulus, and the specter of a contested presidential election.

    Category
    Corporates
    Post Date
    Oct 5, 2020
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    Market Update

    Equities rise to start the fourth quarter

    Despite growing signs of a slowing recovery for the U.S. economy, a continuing rise of COVID-19 cases across Europe, and faltering stimulus bill negotiations on Capitol Hill, the major U.S. equity indices moved higher for the week with the S&P 500 snapping a four-week stretch of declines.

    Post Date
    Oct 5, 2020
  • Case Study

    Meeting customer demand for long-term fixed-rate financing

    A $2.8B community bank in the Midwest wanted to provide their commercial borrower with long-term fixed rate funding through a swap program with a correspondent bank. The correspondent bank denied their request due to a disagreement over loan-to-value proceeds.

    Category
    Financial Institutions
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    Market Update

    Virus surges in Europe

    The major U.S. equity indices ended the week mixed with the S&P 500 moving lower and the Nasdaq breaking higher as market participants digested a renewed surge of COVID-19 cases in Europe, stalled stimulus bill negotiations on Capitol Hill, and mixed economic data in the U.S.

    Post Date
    Sep 28, 2020
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    Market Update

    Rates remain relatively range bound and CARES Act discussions pick up

    Fed Chair Jerome Powell testified before Congress twice this week on the CARES act, commenting that, while the economy has been doing better than expected, there is risk that growth will slow if an additional relief package is not agreed upon.

    Category
    Corporates
    Post Date
    Sep 28, 2020
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    Market Update

    FOMC holds target range steady, releases economic projections

    The major U.S. equity indices moved lower for a third consecutive week as mixed economic data releases and stalled stimulus bill negotiations soured investor sentiment.

    Post Date
    Sep 21, 2020
  • Article

    Maximizing flexibility and continuity in treasury operations

    Business continuity looms large for corporations in today’s market. Treasury teams must preserve liquidity and ensure operational continuity amid shifting priorities. Working with lean teams, companies must avoid operational risk due to key person risk, remote trading, or inefficiency.

    Category
    Corporates
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    Market Update

    Fed meeting: Volatility continues

    The Federal Open Market Committee (FOMC) met on Wednesday, September 16, 2020. Chairman Powell emphasized the Committee’s focus on achieving an inflation rate that averages 2 percent over a longer time horizon.

    Category
    Corporates
    Post Date
    Sep 21, 2020
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    Market Update

    Senate stimulus bill fails to pass

    While economic data releases for the week were light, market participants received updates on the labor market as well as the latest readings on inflation.

    Post Date
    Sep 14, 2020
  • 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
  • Interest rate swap for an LBO financing
    Article

    Interest rate swap for an LBO financing: Three benefits of hiring an advisor

    The key benefits of engaging an advisor for an interest rate swap in an LBO financing.

    Category
    Private Equity
    Post Date
    Sep 14, 2020
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    Market Update

    FX volatility continues amidst a tepid economic recovery

    As summer ended, we saw several market and economic headlines that treasury teams should carefully monitor as their organizations plan for 2021. The euro and British pound continued to experience heightened volatility, while the VIX spiked and crude oil broke down following a pretty placid summer.

    Category
    Corporates
    Post Date
    Sep 14, 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
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    Market Update

    Equities pull back after weeks-long rally

    Despite the Nasdaq and S&P 500 setting all-time highs mid-week, the major U.S. equity indices ended the week lower, led by a sell-off in tech shares, ending a rally that persisted for nearly all of August.

    Post Date
    Sep 8, 2020
  • Guide

    2020 back-to-back swap program benchmark statistics: midyear edition

    Each year we publish a back-to-back swap benchmark report capturing the previous year’s activity that compares data across years, regions, and bank asset size. Given the unique circumstances of 2020, we are providing a midyear update. Request your copy to gain additional insight.

    Category
    Financial Institutions
    Post Date
    Sep 8, 2020
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