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Investment-Grade (IG) Bondholders Forum

The IG Bondholders Forum provides Investment-Grade Bondholders with an interactive platform to discuss issues relating to investment in CMBS bonds throughout the capital stack above the non-rated level.

Chair: Jane Rivers, T.Rowe Price Associates, Inc. 
Chair-Elect: Richard RazzaWebster Bank
Past-Chair: Manish Rajguru, OFS Capital Management

View the Investment-Grade Bondholders forum Roster (members only)

Overview of Forum Procedures and Process   (members only)

Sign up for the IG Investor Forum  (members only)

Contact Kathleen Olin for IG Bondholders Forum related questions.

Forum Related News

News

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 kolin@crefc.org.

CREFC's Forum Policy Matrix for IG

CREFC’s Forum Policy Matrix with issues applicable for IG bondholders. Click here for the full matrix.

 


Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
CREFC's Investment-Grade (IG) Bondholders Forum Leaders
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. © 2022 CRE Finance Council. All rights reserved.
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.

News

CREFC Investment-Grade Bondholders Forum

February 22, 2022

Meet our leadership team:

CHAIR CHAIR-ELECT PAST-CHAIR
 
Manish Rajguru
Portfolio
Manager-CMBS
OFS Capital
Jane Rivers
Vice President,
Credit Analyst
TRowe Price

Meena Pursnani
Director
Metlife Investment
Management

Together, Manish, Jane and Meena form the “Leadership Working Group” for the IG Bondholders Forum and set agendas and priorities for the Forum, as well as represent the constituency on CREFC’s Policy Committee.

Current issues include:

ESG. CREFC is well along in establishing a set of disclosures focused on environmental factors. This includes 51 data points relative to climate perils, energy consumption/production/efficiency, and greenhouse gas emissions. ESG is a top issue for the forum as investors explore ESG allocations, and what ESG labeled investments can offer for performance, spreads or yields. Lack of federal laws or standards remains a concern as energy laws vary in local jurisdictions (such as NYC Local Law 97).

LIBOR to SOFR transition. Pricing fixed-rate conduit investments remains a question as the industry explores both SOFR swaps and treasuries.

Topics at the January conference also included innovations or metamorphosis in CMBS, SASB and CLOs and what it means for relative value. Generally investors are looking for opportunities with a desire to see more risk in the product—where they can put their credit experience to work to uncover relative value of additional yield that works for the IG community.

Looking ahead this year IG investors anticipate opportunities will come from innovation in the market, perhaps from 5 year fixed rate or more risk to analyze. Challenges certainly will be ESG standardization and how local laws will affect real estate.

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

Submit Nominations for Forum Chair-Elects
CREFC is seeking nominations for Chair-Elect for each of our industry sector Forums to serve during the June 2021 – June 2022 term. Please submit nominations through the survey link. You may submit multiple nominations by taking the survey multiple times. If you cannot access the survey, please email your nomination to your forum leader or Kathleen Olin. Please submit nominations no later than February 28, 2022.

Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
CREFC Investment-Grade Bondholders Forum.
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. © 2022 CRE Finance Council. All rights reserved.
2022 Update on CREFC's Investment-Grade Bondholders Forum
February 22, 2022
Looking ahead this year IG investors anticipate opportunities will come from innovation in the market, perhaps from 5 year fixed rate or more risk to analyze. Challenges certainly will be ESG standardization and how local laws will affect real estate

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