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:

1. CRE Delinquencies at CMBS are 4x what they are at banks

2. The great loan modification project of 2024.

3. We can now more definitively answer why FRC / SBNY / SIVB failed.

4. Bond supply and deman…