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  • Market Update
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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.

    Category
    Financial Institutions
    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
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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
  • 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
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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
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    Market Update

    Equities drop sharply off record highs

    Equity markets saw continued growth early in the week, with the Nasdaq and S&P 500 reaching all-time highs on September 2. However, Thursday saw a massive sell-off led by the tech industry, signaling that investors are growing wary of record stock valuations against weak macroeconomic fundamentals.

    Category
    Corporates
    Post Date
    Sep 8, 2020
  • 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
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    Market Update

    FOMC adopts new policy strategy

    The major U.S. equity indices moved higher on the week with the S&P 500 notching its fifth consecutive weekly gain amid positive COVID-19 vaccine developments and a host of encouraging economic data releases.

    Post Date
    Aug 31, 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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    Market Update

    Farewell to the Fed’s Goldilocks approach to inflation targeting

    As we close out summer and brace for cooler weather, the Federal Reserve opened a new chapter on Thursday in its approach to monetary policy. They will shy away from the famed Goldilocks approach to managing inflation and articulated a new way of responding to economic challenges facing our economy.

    Category
    Corporates
    Post Date
    Aug 31, 2020
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    Market Update

    Jobless claims again surpass one million and Fed delays identifying targets

    Volatility is expected as the market reacts to initial jobless claims, consumer confidence numbers, and the Republican National Convention. While existing home sales beat expectations, jobless claims once again exceeded one million and the Fed pushed back the timing of its forward guidance targets.

    Category
    Corporates
    Post Date
    Aug 24, 2020
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    Market Update

    S&P 500 sets new all-time high

    Encouraging economic data releases and falling COVID-19 case counts in the U.S. boosted investor sentiment amid stimulus bill uncertainty.

    Post Date
    Aug 24, 2020
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    Market Update

    Stocks shine and safe havens lose their luster

    A week that began with confidence that Congress would pass another round of fiscal stimulus provided a catalyst for investors to move from safe havens, like bonds and precious metals, into equities.

    Category
    Corporates
    Post Date
    Aug 17, 2020
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    Market Update

    Equities rise as stimulus bill negotiations falter

    Despite faltering stimulus bill negotiations on Capitol Hill, the major U.S. equity indices marched higher for the week as COVID-19 vaccine developments and positive economic data releases boosted investor sentiment.

    Post Date
    Aug 17, 2020
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    Market Update

    Employment gains while low rates remain

    While the employment data showed optimism, Treasury yields reflect limited expectations of economic growth and inflation. In this low rate environment, corporates continue to employ extend-and-blend structures for previously hedged floating rate debt and forward hedging of future fixed rate debt.

    Category
    Corporates
    Post Date
    Aug 10, 2020
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    Market Update

    Stimulus bill negotiations stall on Capitol Hill

    The major U.S. equity indices moved higher for the week amid stimulus bill negotiations on Capitol Hill, rising tensions between the U.S. and China, and a deluge of economic data releases.

    Post Date
    Aug 10, 2020
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    Market Update

    U.S. economy contracts sharply in the second quarter

    Major U.S. equity indices ended mixed for the week as market participants digested second-quarter corporate earnings results, stimulus bill negotiations on Capitol Hill, and COVID-19 vaccine developments.

    Post Date
    Aug 3, 2020
  • Market Update

    Agency ARM and interest rate cap update

    The Agencies are on track to transition to SOFR as an index for floating-rate loans by EOY. Applications for SOFR indexed loans may be seen as early as this month. Liquidity of SOFR interest rate caps is limited but Chatham is optimistic that they will be available for closing these loans.

    Category
    Real Estate
    Post Date
    Aug 3, 2020
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    Market Update

    Be “real” – where do we go now?

    The interest rates on which CRE investors focus are comprised of real rates, inflation expectations, and credit spreads. Understanding how macroeconomic conditions impact these components and a good risk management policy provide a framework for managing interest rate risk.

    Category
    Real Estate
    Post Date
    Aug 3, 2020
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    Market Update

    U.S./China relations fray

    Major U.S. equity indices moved lower for the week as rising tensions between the U.S. and China and increasing hospitalization rates in the nation’s COVID-19 hotspots dominated headlines and soured investor sentiment.

    Post Date
    Jul 27, 2020
  • Market Update

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

    In reviewing what has transpired in the commercial real estate (CRE) lending markets over the past six months, we found it helpful to re-read our market commentary as it was written at the end of each of the last three quarters.

    Category
    Real Estate
    Post Date
    Jul 27, 2020
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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
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