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An obscure investment product used to finance risky real estate projects is facing unprecedented stress as borrowers struggle to repay loans tied to commercial property ventures. Known as commercial real estate collateralized loan obligations, or CRE CLOs, they bundle debt that would usually be seen as too speculative for conventional…
(Bloomberg) -- In January, investors including TPG Angelo Gordon, LibreMax Capital and Lord Abbett & Co. got a shock.Most Read from BloombergOne of the Most Infamous Trades on Wall Street Is Roaring BackStocks Kick Off Key Inflation Week Under Pressure: Markets WrapThese Are the Best Countries for Wealthy Expats‘Oppenheimer’ Wins Seven Oscars Including Best Picture, DirectorThe firms had bought into a bond deal arranged by Goldman Sachs Group Inc. in 2021 that financed the purchase of dozens of
Hedge funds have been using credit-default swaps indexes known as CMBX to bet against CMBS that are most exposed to offices.
Fears of tighter credit are adding to risks for offices that have been building for some time.