Inside Cap Stacks
How the brief is built.
Where the data comes from, what's in every issue, and what it isn't.
Where the data comes from
Every rate, spread, and figure in Cap Stacks is pulled live each morning from a public source you can verify yourself.
Rates
FRED (Federal Reserve Economic Data) for US Treasuries, SOFR, Fed Funds, IG OAS, HY OAS. Bank of Canada Valet for the GoC curve, CORRA, and the BoC policy rate.
News
Bisnow, The Real Deal, CRE Daily for CRE deal flow. CNBC, MarketWatch, NPR for the macro and political headlines that move rates.
Verification
Every numeric figure in a published issue is traced back to source data before it ships. Spreads, deltas, and bps conversions are computed; nothing is invented.
What's in every issue
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01
Morning roundup.
A six-headline tape — overnight macro plus the CRE moves that matter. Read it in twenty seconds.
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02
Before the bell — rates.
US 10Y, Canada 10Y, the 2s/10s, the 30Y. Plus SOFR, Fed Funds, IG and HY OAS, the GoC curve, CORRA, and the BoC policy rate. With d/d, w/w, m/m deltas and computed spreads.
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03
Credit & CMBS.
The day's most-important spread or issuance datapoint, then short bullets on what's tightening, what's widening, and what it means for financing.
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04
Deal flow.
Three to five deals, each with a category tag, headline, and why-it-matters.
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05
Three things that matter today.
Three opinionated takeaways: rates/macro, credit/capital markets structure, and one forward-looking signal. Calls, not summaries.
The morning
| 05:30 ET | Pipeline pulls rates and news, synthesizes the issue, runs QA. |
| 06:30 ET | Issue published, email scheduled to subscribers. |
| 07:00 ET | In your inbox before the open. |
FAQ
Is this investment advice?
No. Cap Stacks is editorial commentary written by a market participant for market participants. Nothing in any issue should be read as investment advice.
Who reads Cap Stacks?
Analysts, associates, and MDs at REPE shops. Pension fund and life co allocators. Private credit and CMBS investors. The newsletter assumes 5+ years of institutional CRE experience.
How often does it ship?
Every weekday, in your inbox before 7 AM ET. No weekends.
How do I unsubscribe?
One click. Every email has an unsubscribe link in the footer. No survey, no retention email.
Can I share an issue?
Yes — issues are public on capstacks.ca. Each issue has a permanent URL you can send to a colleague.
How do I get in touch?
Reply directly to any issue, or email hello@capstacks.ca.