Forum Spotlight: Issuers 

March 6, 2023

Together, David, Jane and Dan form the “Leadership Working Group” for the Issuers Forum. The group sets agendas and priorities for the forum and represents the issuer community on CREFC’s Policy Committee.

Key Issuers Focus Areas

  • Maintaining disciplined underwriting practices that account for today’s increased uncertainty around certain asset classes and today’s higher interest rate environment
  • Navigating evolving preferences of investment-grade bondholders and B-piece buyers
  • Restoring robust issuance of CRE CLOs while SOFR remains elevated and transaction volumes remain low
  • Ensuring that we proactively manage regulatory changes and retrospectively evaluate previously implemented regulatory measures, such as risk retention, to determine if modifications are necessary

Looking ahead, CMBS and CRE CLO issuers are cautiously optimistic that more meaningful issuance returns in 2H23 as capital markets stabilize and issuers capitalize on increased borrower demand for shorter term, fixed rate loans. In the interim, we remain focused on improving transparency, liquidity, and performance with the goal of making CMBS more competitive and increasing market share.

Key Policy Issues:

  • SEC’s Conflicts of Interest in Securitization Proposal: The proposal would limit CMBS and CRE CLO sponsors from certain transactions in the first year after issuance.
  • Addressing a threat to 144A markets (15c2-11): An SEC application of 15c2-11 to fixed income could require public information disclosure on SASB and CRE CLO transactions starting in 2025.
  • SEC’s Climate Reporting Rule: The final rule is expected imminently. While the rule will not cover ABS, the framework is expected to be a key standard for all climate reporting in the financial space.

What’s Next: Forum Leaders are seeking nominations for the next Chair Elect to join their leadership slate and look forward to presenting CREFC members with an update on their forum at the Annual June Conference in New York City.

To join the Issuers Forum, please register here. For any forum related questions, please contact Kathleen Olin (


Lisa Pendergast
Executive Director

Raj Aidasani
Managing Director, Research

Issuers Forum Leadership
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. © 2023 CRE Finance Council. All rights reserved.

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