October: The Path Ahead for Credit
Why are insiders buying at CBU? Bond supply myths, what Republic First teaches us about bank survival; loan modifications
In this note:
CRE Delinquencies at CMBS are 4x what they are at banks
The great loan modification project of 2024.
We can now more definitively answer why FRC / SBNY / SIVB failed.
Bond supply and deman…