CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the over $5 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of 300+ institutional and 18,000+ individual members

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CREFC LIBOR Playbook

November 21, 2022. 

CREFC has been working diligently with its members to address the implications and operational issues related to transitioning individual floating rate loans from a LIBOR index to the recommended SOFR index.

Why it matters: LIBOR will cease to be published beyond June 30, 2023.  In light of that impending deadline, many market participants will be impacted by LIBOR cessation and the transition to SOFR, including but not limited to master servicers, primary servicers, special servicers, trustees, certificate administrators, rating agencies, investors and borrowers. 

  • The CREFC community through the Servicers Forum compiled guidance via a “LIBOR Playbook” tailored to our servicers role in the transitioning of floating rate loans from a LIBOR index to a SOFR index.

These general guidelines seek to address a three-step process which provides guidance on:

  1. Identifying all LIBOR benchmarked loans in servicing platforms,
  2. Remediating any loans with deficient replacement language, and
  3. Providing consistent and timely notices to borrowers and transaction parties.

What’s Next: CREFC expects to finalize and distribute the playbook in the coming weeks. A webinar is also planned to introduce the playbook and delve into the nuances of legacy LIBOR loans.

Contact Kathleen Olin (kolin@crefc.org) for more information.

Contact 

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org

CREFC has been working diligently with its members to address the implications and operational issues related to transitioning individual floating rate loans from a LIBOR index to the recommended SOFR index.

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
CREFC LIBOR Playbook
November 21, 2022
CREFC has been working diligently with its members to address the implications and operational issues related to transitioning individual floating rate loans from a LIBOR index to the recommended SOFR index.

News

CREFC Urges the SEC to Permanently Exempt 144A CMBS from 15c2-11 Disclosure

November 21, 2022. 

Last Friday, CREFC met with SEC staff of Chairman Gary Gensler regarding SEC Rule 15c2-11. CREFC urged the SEC to extend the December 2021 No Action Letter to permanently exempt 144A CMBS from 15c2-11.

Why it matters: Beginning on January 4, 2023, broker-dealers will be required to confirm that the issuer’s information is publicly available before they can freely quote Rule 144A securities. This new interpretation of securities law could impact liquidity for 144A bonds, which a number of CREFC members use for private placement CMBS and CRE CLOs.

Highlights from the meeting are below:

  • SEC staff pointed to Gensler’s recent remarks at a Healthy Markets Conference where he said the SEC was working on addressing the 15c2-11 issue in the near term. Gensler’s specific remarks during the Q&A were not publicly available nor widely reported.
  • SEC staff did not elaborate on the substance of its action, but expect to release something in the next few weeks regarding the No Action Letter.
  • Industry advocates are hopeful that the SEC action will delay or exempt application of 15c2-11 to 144A issuances.

What’s next: CREFC continues to work with policymakers and members to highlight why application of 15c2-11 to 144A private debt markets provides no additional investor benefit and upends the 144A market for CMBS borrowers and investors.

Contact David McCarthy (dmccarthy@crefc.org) for more information.

Contact 

David McCarthy
Managing Director, Head of Policy
202.448.0855
dmccarthy@crefc.org

A stock ticker reading OMG

Last Friday, CREFC met with SEC staff of Chairman Gary Gensler regarding SEC Rule 15c2-11. CREFC urged the SEC to extend the December 2021 No Action Letter to permanently exempt 144A CMBS from 15c2-11.

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
CREFC Urges the SEC to Permanently Exempt 144A CMBS from 15c2-11 Disclosure
November 21, 2022
Last Friday, CREFC met with SEC staff of Chairman Gary Gensler regarding SEC Rule 15c2-11. CREFC urged the SEC to extend the December 2021 No Action Letter to permanently exempt 144A CMBS from 15c2-11.

News

The Road to the 118th Congress: Leadership Elections

November 21, 2022. 

Last week, Republicans and Democrats began selecting their leadership for the upcoming 118th Congress.

Why it matters: In both chambers, those elected to leadership positions in the majority are responsible for setting the legislative agenda for the next two years. They negotiate with the minority party on issues and legislation that require bipartisan support (e.g., government funding and the debt ceiling).

House Republicans voted for their top three positions:

  • Rep. Kevin McCarthy (R-CA) secured the Republican nomination for Speaker of the House by a 188-31 vote of the House Republican Conference. McCarthy received 86% of the votes and easily beat a challenge from Rep. Andy Biggs (R-AZ). McCarthy needs to secure 218 votes to be elected Speaker on January 3.
  • Rep. Steve Scalise (R-LA) secured the #2 spot and will be the next Majority Leader.
  • Rep. Tom Emmer (R-MN) will be the next Majority Whip in the House after a competitive 3-way race between Rep. Jim Banks (R-IN) and Rep. Drew Ferguson (R-GA).

House Democrats:

What's next: The “Big Three” House Democrats, Pelosi (82), Steny Hoyer (83), and Clyburn (82), will be replaced by the “New Three” on November 30, when the Democratic caucus holds their leadership vote.

  1. Hakeem Jeffries (D-NY) is expected to succeed Pelosi as Democratic Leader. The 52-year-old Brooklynite worked at law firm Paul, Weiss and served in the New York State Assembly before winning his current seat in 2012. He will be the first Black member of Congress to lead either party in the House. A member of the Congressional Progressive Caucus, Jefferies has publicly clashed with the party’s left flank.
  2. Katherine Clark (D-MA) is expected to become the next Minority Whip. The 59-year old, first elected in a 2013 special election, previously held lower-profile leadership roles working closely with freshmen members. A member of the Congressional Progressive Caucus, Clark isn’t known as a firebrand but has been quietly positioning herself for leadership by building close ties with powerful women across Washington.
  3. Pete Aguilar (D-CA) — is expected to become the Caucus Chair. The 43-year old who flipped a Republican-held seat in 2014 is been viewed as a rising star. He is a member of the New Democrat Coalition, a group of Congressional lawmakers with a reputation as pro-business moderates.

Senate Republicans:

  • Sen. Mitch McConnell (R-KY) will remain as Republican Leader by a vote of 37-10 after easily beating back a challenge from National Republican Senatorial Committee Chair, Sen. Rick Scott (R-FL). McConnell acknowledged Republicans “have a problem with people in the middle,” and said, “we turned off a lot of these centrist voters.” He will break the record for longest-serving party leader in Senate history next year.
  • Minority Whip John Thune (R-S.D.) and Conference Chair John Barrasso (R-Wyo.) will remain in their #2 and #3 positions, respectively.

Senate Democrats

Majority Leader Sen. Chuck Schumer (D-NY) and Majority Whip Sen. Dick Durbin (D-IL) will remain in their positions. Sen. Patti Murray (D-WA) is expected to be nominated as the next President Pro Tempore, opening up the #3 Caucus Leader position. The Senate Democratic caucus will host their leadership elections on December 8.

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Contact 

Chelsea Neil
Manager, Political and Government Relations
540.903.9759
cneil@crefc.org
Illustration of the Capitol dome and a person swearing in with hand on the Bible.

Last week, Republicans and Democrats began selecting their leadership for the upcoming 118th Congress.

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
The Road to the 118th Congress: Leadership Elections
November 21, 2022
Last week, Republicans and Democrats began selecting their leadership for the upcoming 118th Congress.

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