Hormuz reopens. Multifamily breaks. Warsh keeps the gun loaded.
10Y at 4.43%. Today's setup in rates, credit, and deals.
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Cap Stacks · RE Morning Brief
The institutional CRE morning brief.
Rates, credit, deals. Before the bell.
5:30 AM ET, every weekday. One email. Written for analysts, MDs, and allocators who already know how a CMBS waterfall works.
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01
Rates
US Treasuries, SOFR, IG & HY OAS, Canada GoC and CORRA, BoC policy. Curve, deltas, cross-border spreads. Pulled fresh every morning from FRED and the Bank of Canada Valet.
02
Credit & CMBS
Where spreads are versus where they were. Issuance prints, distress signals, what the AAA bid is telling you about financing conditions on the loan tape.
03
Deal flow
The deals that matter, not the rumor mill. Multifamily, data centers, office, industrial, healthcare, distress, M&A, take-privates. Why each one signals something for your book.
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View archive →"If you were waiting for the 10Y to break 4% before underwriting, the credit market already moved without you."
— from Issue 002
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