Week of September 11, 2023
Earlier in the year we were warned about the refinancing “cliff” that would occur this past August as commercial mortgages came due. Estimates of the amount in question collectively exceeded $800 billion. However, August bought nothing but radio silence. Something is going on behind the scenes. Are landlords and bankers currently negotiating with “extend and pretend” terms? Developments over the next few months will prove telling. Our Signals remain unchanged.
Bob Bilkie, CFA