Forum Spotlight - Investment-Grade Bondholders
October 3, 2022
Together, Jane, Rich, and Manish form the “Leadership Working Group” for the IG Bondholders Forums. This group sets the agendas and priorities for the Forum, as well as represents investors on CREC’s Policy Committee.
Key Investment-Grade Bondholders Focus Areas/Goals
1. Quality, consistency, and standardization of investor reporting for the CRE CLO sector;
2. Improving disclosure of strike rates on interest rate caps for SASB loans in extension periods;
3. Re-authorization of National Flood Insurance Program (NFIP) to provide a backstop for flood insurance (NFIP has been extended to Dec. 16, 2022, as part of the the government funding deal); and
4. Continue CREFC efforts in establishing a set of disclosures focused on environmental factors, including data points relative to climate perils, energy consumption/efficiency, and greenhouse gas emissions.
Looking ahead, leaders are concerned about liquidity in the market, the impact of higher rates on loans’ ability to refinance, any degradation in floating-rate DSCRs and interest rate caps. They continue to consider the reduced representation of conduit CMBS in the Bloomberg Agg. Index and alternative benchmarks that incorporate a larger component of the CMBS universe.
What’s next?: Forum leaders are planning a virtual forum wide legislative and regulatory policy update and will soon be formulating the agenda for CREFC’s January Conference.
To join the IG Bondholders Forum, please register here. For any forum related questions, please contact Kathleen Olin at firstname.lastname@example.org.
CREFC’s Forum Policy Matrix with issues applicable for IG bondholders. Click here for the full matrix.
Managing Director, Industry Initiatives
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