Real estate lending remains conservative and the CMBS delinquency rate recently hit a post-crisis low.
Strong labor markets, solid consumption growth and low interest rates continue to support the commercial real estate market. Like the broader U.S. economy, though, the dispersion between sectors has grown wider, a trend that will likely continue in 2020.
2019 was a remarkable year for corporate credit markets and the fundamental backdrop remains supportive heading into 2020. But one statistic keeps us from predicting another banner year. In this report, Robert Hoffman outlines his expectations for positive, primarily income-driven returns for HY bonds and senior secured loans this year.