Are Canadian Banks Well-Positioned to Navigate Potential Losses in Commercial Real Estate?
While concerns regarding the impact of commercial real estate loans on Canadian banks persist, recent developments suggest that these concerns may be overblown. In a recent interview, Jerome Powell, the…
US and India Office Real Estate Markets: A Tale of Two Contrasts
The state of office real estate markets in the United States and India paints a vivid picture of the evolving global work landscape. While the US grapples with a staggering…
äžåç£åžå Žã«ããããªã¹ã¯ïŒã³ããåŸã®ãªãã£ã¹éèŠã®æžå°
ç±³é£éŠæºåå¶åºŠçäºäŒïŒFRBïŒã®è°é·ã§ãããžã§ããŒã ã»ããŠãšã«ã¯ãå æ¥ã®ã60 MinutesãåºæŒæã«ããªãã£ã¹ãã«ãšããŠã³ã¿ãŠã³ã®å°å£²åºã®åµåäžå±¥è¡ã«ããéè¡å±æ©ã®ãªã¹ã¯ã«ã€ããŠããŸãå¿é ããŠããªããšèªããŸãããå°æ¥ã¯äžç¢ºå®ã§ãããšèªèããªããããæ倧ã®éè¡ã«ãšã£ãŠã¯ã管çå¯èœãªåé¡ã«æããããšè¿°ã¹ãŸããããŸãã圌ã¯ããããã®èª²é¡ã«éäžããŠããããã€ãã®å°ããªå°åéè¡ãšååããŠããããšãèªããŸããã FRBã«é¢ããŠã¯ã圌ãã®å®å¿ãåãå ¥ãããããããšã責任è ãã¡ãååã«å¿é ããŠããªãã®ã§ã¯ãªãããšæžå¿µãã¹ãããå€æããªããã°ãªããŸãããç§ã¯å±æ©ãä»çŽãèµ·ããããã§ã¯ãªããšã¯èšããããŠãšã«æ°ã圌ã®ããŒã ããªã¹ã¯ãéå°è©äŸ¡ããŠããã®ã§ã¯ãªãããšå¿é ããŠããŸãã以äžã§ã¯ãç§ã®èãã説æããããã®ïŒã€ã®ãã£ãŒãã瀺ããŸãã ãŸããæ°åã³ãããŠã€ã«ã¹ïŒCovidïŒãã³ãããã¯äžã«åšå® å€åã®å©ç¹ãçºèŠãã人ã ã¯ã垰瀟ããããšã«ä¹ãæ°ã§ã¯ãããŸããã次ã®ãã£ãŒãã¯ãKastle Systemsã®æ¥œèŠ³çã«åä»ãããããBack to Work Barometerãã«ãã£ãŠåéãããããŒã¿ã«åºã¥ããŠããŸãã ãªãã£ã¹ãã«ã®ææè ã«ãšã£ãŠã¯ãäœãå æçã¯æéç匟ã§ãããªãŒã¹å¥çŽãåããéãããã³ãã¯çŸåšã»ã©ã®ã¹ããŒã¹ãå¿ èŠãšããŸããã空宀çã¯æ¥å¢ããŸãããã®çŸè±¡ã¯æ¢ã«çºçããŠããŸããã¢ãŒãã£ãŒãºã»ã¢ããªãã£ã¯ã¹ã¯å æãå šç±³ã®ãªãã£ã¹ç©ºå®€çã第ïŒååæã«19.6ïŒ ã«äžæãã1986幎ã®éå°å»ºèšæã®èšé²ã§ãã19.3ïŒ ãå¡ãæ¿ãã1991幎ã®è²¯è貞ä»å±æ©æã«äžŠã¶æ°Žæºã«éãããšçºè¡šããŸããã ããå šå¡ãåãæ¥ã«åºç€ŸããåŸæ¥å¡ã以åã®ãã¹ã¯ãå¿ èŠãšããã®ã§ããã°ããªãã£ã¹ã¹ããŒã¹ã®éèŠã¯ã»ãšãã©å€åããªãã§ããããããããäžã®ãã£ãŒãããããããããã«ãå æçã¯æãé«ãæ¥ã§ãããªãäœãã§ãããŸããäžéšã®éçšäž»ã¯äžç·ã«ããæ¥ãããŒã 掻åã«äœ¿ããããã»ã©ã¹ããŒã¹ãå¿ èŠãšããªã掻åã«å ãŠãŠããŸããããã«ã€ããŠç§ã«è©±ããŠãããã®ã¯ããããã³ãŒãŒã»ã¢ã³ãã»ã«ã³ãããŒã®ããŒãããŒã§ããã©ã€ã¢ã³ã»ã«ããŒæ°ã§ãã圌ã¯ãEmpty Spaces and Hybrid Placesããšããã¬ããŒãã®å ±èè ã§ããããããã³ãŒãŒã»ã°ããŒãã«ã»ã€ã³ã¹ãã£ãã¥ãŒãã®äžéšã§ãã 以äžã¯ãäžèšã®èšäºã«åºã¥ããŠäœæãããFAQã»ã¯ã·ã§ã³ã§ãã 1. Q: ãžã§ããŒã ã»ããŠãšã«è°é·ã¯éè¡å±æ©ã®ãªã¹ã¯ã«ã€ããŠã©ã®ããã«ã³ã¡ã³ãããŸãããïŒ A: ãžã§ããŒã ã»ããŠãšã«è°é·ã¯ããªãã£ã¹ãã«ãšããŠã³ã¿ãŠã³ã®å°å£²åºã®åµåäžå±¥è¡ã«ããéè¡å±æ©ã®ãªã¹ã¯ã«ã€ããŠããŸãå¿é ããŠããªããšèªããŸãããæ倧ã®éè¡ã«ãšã£ãŠã¯ã管çå¯èœãªåé¡ã«æããããšè¿°ã¹ãŸããã 2. Q: FRBã¯ã©ã®ãããªåœ¹å²ãæãããŠããã®ã§ããïŒ A: FRBã¯é£éŠæºåå¶åºŠçäºäŒã®ç¥ç§°ã§ãããã¢ã¡ãªã«ã®äžå€®éè¡ã§ãã 3. Q: ãªãã£ã¹ãã«ã®ææè ã«ãšã£ãŠäœãå æçãåé¡ãšãªãçç±ã¯äœã§ããïŒ A: ãªãã£ã¹ãã«ã®ææè ã«ãšã£ãŠäœãå æçã¯æéç匟ãšãªããŸãããªãŒã¹å¥çŽãåããéãããã³ãã¯çŸåšã»ã©ã®ã¹ããŒã¹ãå¿ èŠãšããŸãããã空宀çã¯æ¥å¢ããŸãã…
Regional Bank Downgraded to Junk Status Amid Commercial Real Estate Challenges
ä»æãæ ªåŒåžå Žã¯éåžžã«é°é¬±ãªç¶æ³ãåãå ¥ããŠããŸããMoody'sã¯ãå°åéè¡ææ ªäŒç€Ÿã§ãããã¥ãŒãšãŒã¯ã³ãã¥ããã£ãã³ã³ãŒãïŒNYCBïŒã®ä¿¡çšæ Œä»ãããžã£ã³ã¯ã¹ããŒã¿ã¹ã«åŒãäžããŸããããã®æ Œä»ãåŒãäžãã¯ããå€æ§ãªéèããªã¹ã¯ç®¡çãã¬ããã³ã¹ã®èª²é¡ããçç±ã§ãããNYCBã®ãäž»åã§ããæŽå²çãªåæ¥äžåç£èè³ãã®ããžãã¹ãžã®æè¿ã®ãªã¹ã¯ããããŠãå€§å¹ ãã€äºæãã¬ããã¥ãŒãšãŒã¯ã®ãªãã£ã¹ãšãã«ããã¡ããªãŒããããã£ã«ãããæ倱ã«èšåããŸããã ãã®ãã¥ãŒã¹ã«ãããNYCBã®æ ªäŸ¡ã¯12ïŒ ä»¥äžäžèœããŸããããæ¥çµå ±éã«ãããšãå瀟ã¯åæ¥äžåç£ã®ããŒã³ãªã¹ã¯ã軜æžããããã«è²žåºã®å£²åŽãæ€èšããŠãããšå ±ããããããšããããã®åŸã¯å šãŠã®æ倱ãåãæ»ãããã©ã¹ã®é åã§ååŒãçµããŸãããããã«ãMoody'sã«ããã¬ããã³ã¹ã®åé¡ãåããŠãNYCBã¯æ°ããå·è¡äŒé·ã§ããã¢ã¬ããµã³ããã»ãã£ããã®ä»»åœãçºè¡šããŸããããããŠããã£ããã¯æ°Žææ¥ã®äŒè°é話ã§ãå瀟ã®æ¯åºããã¯ãã»ãšãã©ã®é éã®æµåºãèŠãŠããªãããšæè³å®¶ã«å®å¿æãäžããŸããã ããããã¢ããªã¹ããã¡ã¯æ¥éã«ãã®éè¡ã®è©äŸ¡ãäžããŸãããBank of America Researchã®ããŒããã©ãªãªãããŒãžã£ãŒã§ãããšã€ãã©ãã ã»ããŒãã¯ã©ããMoody'sã®å ±åæžåŸã«NYCBã®è©äŸ¡ããè³Œå ¥ããããäžç«ãã«åŒãäžããæ ªäŸ¡ç®æšã1æ ªããã8.50ãã«ãã5ãã«ã«åæžããŸãããããŒãã¯ã©ã¯ããåæ¥äžåç£ïŒCREïŒé¢é£ã®ãªã¹ã¯ã«çµã³ã€ããèªèäžã®ãªã¹ã¯ãã«ãããå瀟ã®æ ªäŸ¡ãèŠå¢ã«ç«ããããŠãããšäž»åŒµããŸããã ååææ«æç¹ã§ãNYCBã¯SECã®èšé²ã«ããã°ãåæ¥äžåç£ã®ååŸãéçºã建èšã«é¢é£ããåµåãšãªãŒã¹ã§130åãã«ãçŽæ¥çãªåæ¥ããã³ç£æ¥ã®åµåãšãªãŒã¹ã§ããã«250åãã«ãä¿æããŠããŸãããå šäœãšããŠããã®è²žåéã¯åæ¥äžåç£ã«é¢é£ããŠãããã®ãã»ãŒ60ïŒ ãå ããŠããŸãããããŠãè€æ°ã®äžåç£åäžé·è ãã¡ããã®ã»ã¯ã¿ãŒã§1å ãã«ã®ããã©ã«ããè¿«ã£ãŠãããšèŠåããŠããããããããã®ä¿æç©ã¯æè³å®¶ãæ Œä»ãæ©é¢ã«ãšã£ãŠãªã¹ã¯ãšãªã£ãŠããŸãã Sternlichtã¯1æã«ãåæ¥äžåç£åžå Žã«ã¯ãã§ã«æ·±å»ãªåé¡ãããããšè¿°ã¹ãŠããããªã¢ãŒãã¯ãŒã¯ããã€ããªããã¯ãŒã¯ã®åŸåã«ããããªãã£ã¹ã®ç©ºå®€çã¯ããŒã¯æã®40幎ã¶ãã®é«ãã«éããéå©ã®äžæã«ãããã»ã¯ã¿ãŒã®åãå ¥ãã³ã¹ããäžæããŠãããšææããŸããããããŠãå¯è£å±€æè³å®¶ã ãã§ãªããé£éŠæºåå¶åºŠçäºäŒïŒFRBïŒã®è°é·ã§ãããžã§ããŒã ã»ããŠãšã«ããæ¥ææ¥ã®60 Minutesã®ã€ã³ã¿ãã¥ãŒã§ãã®åé¡ã«è§Šãããå°æ¹éè¡ã¯é·ãæéããã®åé¡ã«åãçµãã ããããšè¿°ã¹ãŸãããæ°æ¥åŸãé£éŠæºåå¶åºŠçäºäŒïŒFRBïŒã®å è°é·ã§ãããžã£ãããã»ã€ãšã¬ã³ãè°äŒã§èªèº«ã®æžå¿µãè¡šæããŸããã 2024幎ã¯1å ãã«çžåœã®äžåç£åµåã®å£ãæè³å®¶ãšçµæžã«çŽé¢ãã幎ãªã®ã§ããããïŒ å°åéè¡ã®èŠæä¿¡å·ã§ãããããã¯åºç¯ãªçµæžã«ãšã£ãŠåé¡ãªã®ã§ããããïŒ NYCBã®æ Œä»ãåŒãäžãã¯ãåæ¥äžåç£ãšã€ãªãããæã€ä»ã®å°æ¹éè¡ã«ãšã£ãŠèŠæãã¹ãå åãšèŠãªããããããããŸãããååã®å ±åã§ã¯ãåæ¥äžåç£ã®ããã©ã«ããé²åºããå°æ¹éè¡ã«ãæ»ã®ã«ãŒãããåŒãèµ·ããå¯èœæ§ããããšã®å°é家ã®æžå¿µã瀺ãããŠããŸããããã¯ãåæ¥äžåç£ã«é¢é£ããéè¡ã®é éè ãéè¡ãå±æ©ã«çããŠãããšæããé éãåŒãåºãããšããçºçããŸãã ããã«ãããéè¡ã¯åæ¥äžåç£ããŒã³ã®æäŸãåæ¢ããã ãã§ãªããäžæ¯ã®ããŒã³ãååããŠãã©ã³ã¹ã·ãŒãã匷åããå¿ èŠãçããŸããããã¯æ¢ã«åŒ±ãåžå Žã«ç©ä»¶ã売åŽããåžå Žã®äœè¿·ãå éãããããšãæå³ããŸãããã®çµæãããããã£ã®ããã©ã«ããå¢ããå°æ¹éè¡ã®ããã©ã«ããå¢ãããšããæªåŸªç°ãçãŸããŸãã ãããã2010幎ã®æžç±ããã³æ ç»ãThe Big Shortãã§æãããããšã§æåã«ãªã£ãã¹ãã£ãŒãã»ã¢ã€ãºãã³ã¯ããã®åé¡ããç¹å®ã®å°åéè¡ããã³å°æ¹éè¡ã«éå®ãããããšäž»åŒµããŠããŸãã ã¢ã€ãºãã³æ°ã¯CNBCã«å¯ŸããŠããçŸæç¹ã§ã¯ãçµæžã«å€§ããªæ害ãäžãããããªã·ã¹ãã çãªå€§åé¡ã¯èŠããŠããŸãããããšèªããŸããã ãŠã©ãŒãã³å€§åŠã®ãžã§ã¬ããŒã»ã·ãŒã²ã«ææããæææ¥ã®WisdomTreeã®é±é解説ã§ãããšåæ§ã®ã³ã¡ã³ããè¿°ã¹ãŸããããããã¯ããéå®ãããåé¡ã ãšæããŸããäžéšã®èŠç©ããã§ã¯ãåæ¥äžåç£ãã1.2å ãã«ã®æžæãäºæ³ãããŠããŸãããç±³åœå šäœã®ç·è³ç£ã¯60å ãã«ãã70å ãã«ã§ãã®ã§ããã®1.2å ãã«ã®ææã¯å šäœçµæžã«ãšã£ãŠå€§ããªåé¡ã§ã¯ãªããšæããŸããã ã·ãŒã²ã«ã¯ãåæ¥äžåç£ã®ãæžæããããã«èµ·ããå¯èœæ§ããããšææãããããäžéšã®éè¡ã§åé¡ãåŒãèµ·ããå¯èœæ§ããããšè¿°ã¹ãŸããããå šäœçã«ã¯ããæ ªåŒãçµæžã«ãšã£ãŠå€§ããªåé¡ã§ã¯ãªããšæããŸããã 以äžã¯ããã®èšäºã«åºã¥ããŠäœæãããFAQã»ã¯ã·ã§ã³ã§ãïŒ Q1: ãã¥ãŒãšãŒã¯ã³ãã¥ããã£ãã³ã³ãŒãïŒNYCBïŒã®ä¿¡çšæ Œä»ããåŒãäžããããçç±ã¯äœã§ããïŒ A1: Moody'sã«ããã°ãNYCBã®ä¿¡çšæ Œä»ããåŒãäžããããçç±ã¯ããå€æ§ãªéèããªã¹ã¯ç®¡çãã¬ããã³ã¹ã®èª²é¡ãããã¥ãŒãšãŒã¯ã®ãªãã£ã¹ãšãã«ããã¡ããªãŒããããã£ã§ã®æ倱ãããã³æŽå²çãªåæ¥äžåç£èè³ãžã®æè¿ã®ãªã¹ã¯ã§ãã Q2: NYCBã¯ã©ã®ããã«æ倱ãåãæ»ããŸãããïŒ A2: NYCBã¯åæ¥äžåç£ã®ããŒã³ãªã¹ã¯ã軜æžããããã«è²žåºã®å£²åŽãæ€èšããŠããããã®ãã¥ãŒã¹ãå ±ããããåŸãæ ªäŸ¡ã¯åã³äžãããŸããã Q3: NYCBã®æ°ããå·è¡äŒé·ã¯èª°ã§ãã
The Impact of the Global Real Estate Crisis on European Banks
欧å·ã®åæ¥äžåç£åžå Žã«ãããåé¡ãæ¡å€§ãããã€ãã®ãã€ãPFandbriefbank AGã®ãããªéè¡ã圱é¿ãåãå§ããŸããããã€ãPFandbriefbank AGã¯ãåã»ã¯ã¿ãŒãžã®é²åºã«å¯Ÿããæžå¿µããåµåžäŸ¡æ ŒãäžèœããŸããããã®ãããåè¡ã¯äºå®å€ã®å£°æãçºè¡šããäžåç£åžå Žã®ãæç¶çãªåŒ±ããã«ããåŒåœéãå¢å ããããšè¿°ã¹ãŸããã äžåç£ææè ãéçºæ¥è ã«æäŸãããåµåã«ã€ããŠãåµæš©è ã¯å¢å ããåŒåœéãèšäžããŠããŸããäžçåå°ã®å»ºç©ã®äŸ¡å€ãäžæããäžã§ãéå©äžæã«ããããŒã³ãæªåãå§ããŸãããã¢ã¡ãªã«ã®ãªãã£ã¹åžå Žã§ã¯ããã³ãããã¯åŸã®å°±æ¥åŸ©åž°ãé ããããã«äŒŽã䟡å€ã®æžå°ãç¹ã«å€§ãããªã£ãŠããŸãããããŠããã®åœ±é¿ã¯ãŸã å®å šã«ã¯åæ ãããŠããªãå¯èœæ§ããããŸããGreen Streetã®ã¢ããªã¹ãã¯ãä»å¹Žã¯ããã«æ倧15ïŒ ã®æžæãå¿ èŠã«ãªãå¯èœæ§ããããšè¿°ã¹ãŠããŸãã ãã€ãã®éè¡ã®åµåžäŸ¡æ Œã®æ¥èœã¯ãèŠæä¿¡å·ã®é£éã®ææ°ã®äŸã§ãããã¥ãŒãšãŒã¯ã³ãã¥ããã£ãã³ã³ãŒãã¯ãäžåç£åé¡ãææããåŸã«ã ãŒãã£ãŒãºã»ã€ã³ãã¹ã¿ãŒãºã»ãµãŒãã¹ããæ ŒäžããããŸããããŸããæ¥æ¬ã®éå±±éè¡ã¯ãç±³åœã®åæ¥ç©ä»¶ãžã®èè³ã«äŒŽãåŒåœéã«ãã15幎ã¶ãã«æåã®æ倱ãèšäžããŸããã æè¿ã®ãã€ãéè¡ã®æ±ºç®ã§ã¯ãã¢ã¡ãªã«ã®åæ¥äžåç£ã®æ倱åŒåœéã¯å幎æ¯ã®4å以äžã«ãªããŸããããã€ãéè¡ã¯ãè³ç£äŸ¡å€ãäœäžããŠããããããªãã¡ã€ãã³ã¹ããã®èŠå¢ã»ã¯ã¿ãŒã«ãšã£ãŠæ倧ã®ãªã¹ã¯ã§ãããšèŠåããŸããã ããã«ããã€ãã®åæ¥äžåç£ãžã®ãªã¹ã¯ã«ã€ããŠãã€ãäžå€®éè¡ã¯æšå¹ŽèŠåãããå€§å¹ ãªèª¿æŽããèµ·ãããäžå±¥è¡ãšä¿¡çšæ倱ãå¢ããå¯èœæ§ããããšè¿°ã¹ãŸããã ããåæ¥äžåç£ã®æ倱ãå°ããªãã€ãéè¡ãéããŠãšãŒãããã«åºãã£ãå Žåãããã¯2008幎ã®äžçéèå±æ©ã®ãšã³ãŒã«ãªããããããŸããããã®æãã©ã³ãã¹ãã³ã¯ãåé¡ã«ãªããŸããã圌ãã¯ã¢ã¡ãªã«ã®ãµããã©ã€ã äœå® ããŒã³ãžã®é²åºã«ãããæ°ååãŠãŒãã®æžæãçºçããŸããã çŸåšã®åæ¥äžåç£åžå Žã®åºã¯ãŸã äžéæãªãŸãŸã§ãããããªãèŠå¢ãåæ¥äžåç£æ¥çã«èšªããå¯èœæ§ã«ãç§ãã¡ã¯æ³šæãæããªããã°ãªããŸããã 以äžã¯ãæ²èŒãããŠããèšäºã«åºã¥ããFAQã»ã¯ã·ã§ã³ã§ãã Q: ãã€ãPFandbriefbank AGãäœãçºè¡šããŸãããïŒ A: ãã€ãPFandbriefbank AGã¯ãåæ¥äžåç£åžå Žã®æç¶çãªåŒ±ãã«ãããåŒåœéãå¢å ããããšçºè¡šããŸããã Q: ãªãåµæš©è ã¯å¢å ããåŒåœéãèšäžããŠããŸããïŒ A: åµæš©è ã¯ãäžåç£ææè ãéçºæ¥è ã«æäŸãããåµåã«ã€ããŠãéå©äžæã«ããããŒã³ãæªåããŠãããããå¢å ããåŒåœéãèšäžããŠããŸãã Q: ãã€ãã®éè¡ã®åµåžäŸ¡æ Œãäžèœããããšã«ãããä»ã®éè¡ã«ã¯ã©ã®ãããªåœ±é¿ããããŸãããïŒ A: ãã¥ãŒãšãŒã¯ã³ãã¥ããã£ãã³ã³ãŒãã¯ãäžåç£åé¡ãææããåŸã«ã ãŒãã£ãŒãºã»ã€ã³ãã¹ã¿ãŒãºã»ãµãŒãã¹ããæ ŒäžããããŸãããéå±±éè¡ã¯ãç±³åœã®åæ¥ç©ä»¶ãžã®èè³ã«äŒŽãåŒåœéã«ããæåã®æ倱ãèšäžããŸããã Q: ãã€ãéè¡ã¯ãªããªãã¡ã€ãã³ã¹ãèŠåããŸãããïŒ A: ãã€ãéè¡ã¯ãè³ç£äŸ¡å€ãäœäžããŠããããããªãã¡ã€ãã³ã¹ãåæ¥äžåç£ã»ã¯ã¿ãŒã«ãšã£ãŠæ倧ã®ãªã¹ã¯ã§ãããšèŠåããŸããã Q:…
NYCB Faces Confidence Crisis Amid Financial Disclosure
New York Community Bank (NYCB) recently revealed various financial metrics in an attempt to reassure worried investors. However, despite stable deposits and ample resources to cover uninsured deposits, confidence in…
æ°åã³ãããŠã€ã«ã¹ã®åœ±é¿ã§ãšãŒãããã®åæ¥äžåç£åžå Žã«æ··ä¹±åºãã
å é±ãã¢ã¡ãªã«ãšæ¥æ¬ã®éè¡ã«åœ±é¿ãäžããç±³åœã®åæ¥äžåç£åžå Žã®åé¡ããšãŒãããã«åºãããæ··ä¹±ãåºãã£ãŠããã ææ°ã®è¢«å®³è ã¯ãã€ãã®ãã€ãã»ãã³ããªãŒããã³ã¯ïŒDeutsche Pfandbriefbank AGïŒã§ãåè¡ã®åµåžã¯äžåç£åžå Žã®åŒ±ããžã®æžå¿µããäžèœãããåè¡ã¯æ°Žææ¥ã«äºå®å€ã®å£°æãçºè¡šãããäžåç£åžå Žã®æç¶çãªåŒ±ããã«ããïŒã¹ããŒã¿ã¹ãåäžãããšè¿°ã¹ãŠãããåè¡ã¯çŸåšã®æ··ä¹±ããéèå±æ©ä»¥æ¥ã®æ倧ã®äžåç£å±æ©ããšåœ¢å®¹ããŠããã äžçäžã®äœå® ã®äŸ¡å€ãäžæããããšã§ãäžåç£ææè ãéçºè ã«è²žãåºãããåµåã«ã€ããŠã¯ãå©åäžæã䟡å€ã浞é£ãããåŸãäžè¯åµæš©åãå§ãŸã£ãŠããããã貞åºéè¡ã¯ç©ã¿å¢ããè¡ã£ãŠãããç«ææ¥ãç±³åœè²¡åé·å®ã®ãžã£ãããã»ã€ãšã¬ã³ã¯ãåæ¥äžåç£ã®æ倱ã¯ãªãŒããŒã«å§åããããå¿é äºã ããåé¡ã¯ç®¡çå¯èœã ãšè¿°ã¹ãã æ°åã³ãããŠã€ã«ã¹ã®æµè¡åŸã®åŸ©èãé ããéå®çã§ããç±³åœã®ãªãã£ã¹åžå Žã§ã¯ã䟡å€ã®æžå°ãç¹ã«å€§ããããããŠããã®åœ±é¿ã¯ãŸã å®å šã«ã¯äŸ¡æ Œã«åæ ãããŠããªãå¯èœæ§ããããšäºæ³ããè ããããGreen Streetã®ã¢ããªã¹ãã¯ãä»å¹Žã«ã¯ãããªãæžäŸ¡ååŽïŒæ倧15%ïŒãå¿ èŠãããããªããšè¿°ã¹ãŠããã ãè©äŸ¡é¡ã¯ãŸã éåžžã«é«ããŸãŸã§ãããšåœŒãã¯ããŒãã«æžãããããããã®è©äŸ¡ã«åºã¥ããŠå€æãäžãéè¡ã¯ãåµåèšäžãè¡ãããããªããŸãããããŠäœäººãã¯ãã®çµæãå§è¿«ãããããšåœŒãã¯èŠåããŠããã ãã€ãã®éè¡ã®åµåžã®æŽèœã¯ãäžé£ã®èŠåä¿¡å·ã®äžã§ææ°ã®ãã®ã§ããããã¥ãŒãšãŒã¯ã»ã³ãã¥ããã£ã»ãã³ã³ãŒãïŒNew York Community BancorpïŒã¯äžåç£åé¡ã瀺åããåŸãã ãŒãã£ãŒãºã»ã€ã³ãã¹ã¿ãŒãºã»ãµãŒãã¹ã«ãã£ãŠæ Œäžãããããäžæ¹ãæ¥æ¬ã®ã¢ãªãŸã©éè¡ã¯ãç±³åœã®åæ¥ç©ä»¶ã«å¯Ÿããèè³ã«äŒŽã貞ååŒåœéã®ããã15幎ã¶ãã®èµ€åãèšäžããŠããã ãã¢ã¡ãªã«ã®åæ¥äžåç£åžå Žã«ã¯é倧ãªæžå¿µããããŸãããšRabobankã®ã¯ã¬ãžããã¹ãã©ããžã¹ããPaul van der Westhuizenæ°ã¯èªã£ãŠããããããã¯ç±³æ¬§ã®å€§æéè¡ã«ãšã£ãŠã¯åé¡ã§ã¯ãããŸããããäžåç£ã«ç¹åãããã€ãã®å°èŠæš¡éè¡ã¯å€å°ã®çã¿ãæããŠããŸãããã ä»ã®ãšãããããã¯åçæ§ã®åé¡ã§ããã財åç¶æ ã®åé¡ã§ã¯ãããŸãããååãªè³æ¬ãæã£ãŠãããé éæµåºã®è åšã«å¯ŸããŠå°å£²éè¡ã»ã©ã®é²åºããããŸãããã ãã€ãéè¡ã¯å é±ã®æ±ºç®ã§ã1幎åã®4å以äžã®èŠæš¡ã®ç±³åœã®åæ¥äžåç£ã®æ倱åŒåœéãèšäžãããåè¡ã¯ãè³ç£äŸ¡å€ã®äœäžã«ããåèè³ãæã倧ããªãªã¹ã¯ã§ãããšèŠåããŠããã ããã«ãã¹ã€ã¹ã®ãŠãªãŠã¹ã»ãã¢ã»ã°ã«ãŒãïŒJulius Baer Group LtdïŒã¯ç Žç¶»ããäžåç£äŒç€Ÿã·ã°ããžã®å·šé¡ãªèè³ãæžæãããšçºè¡šãããããã¯ç¹å®ã®åé¡ã§ã¯ããããåºããã«å¯Ÿãããã倧ããªæžå¿µãåŒãèµ·ãããã ç«ææ¥ãã¢ã«ã¬ã³ã»ã¹ã¿ã³ã¬ãŒãã¯ã©ã€ã¢ã³ããšã®é»è©±äŒè°ãéå¬ããDeutsche PBBã®åªå åµåžã売åŽããããšãæšå¥šããããã®æ å ±ã«ããã2027幎åéã®ããŒãã¯5ã»ã³ã以äžäžèœããCBBTã®ããŒã¿ã«ãããš97ã«ãªã£ããäžæ¹ãåè¡ã®AT1åµåžã¯ç«ææ¥ããæ°Žææ¥ã«ãããŠæ倧15ã»ã³ãäžèœãã36ã«ãªã£ãã Deutsche PBBã¯æ°Žææ¥ã«å£°æãçºè¡šããããã«ã€ã€ãŒã®æ倱åŒåœéã2å1000ã2å1500äžãŠãŒãã«å¢é¡ããŸãããã財ååã«ããåçãäžãç¶ããŠããŸãããšè¿°ã¹ãã Morningstar DBRSã®ãšãŒãããéèæ©é¢æ Œä»æ åœå¯ç€Ÿé·Sonja Forsteræ°ã¯ãPBBã®ãäž»èŠãªå°åã«çŠç¹ãåœãŠãæ¯èŒçä¿å®çãªLTVã«ããäžéã®ãªã¹ã¯ãããããé²ãã§ããããšè¿°ã¹ãã 圌女ã¯ãŸããããã ããåèè³ã®ãªã¹ã¯ã¯ãŸã é«ããåãæã«å©çšã§ããæ°ããè³æ¬ãéãããŠãããããç¶æ³ãéåžžã«æ³šææ·±ãã¢ãã¿ãªã³ã°ããŠããŸãããšè¿°ã¹ãŠããã ããã«ãããPBBã«å¯Ÿããæžå¿µã¯ä»ã®åæ¥äžåç£ã«é²åºããŠããéè¡ã«ãåºãã£ãŠãããAareal…
The Future of Commercial Property in the United States
ç±³åœåæ¥äžåç£ã®æªæ¥å±æ ç±³åœè²¡åé·å®ã®ãžã£ãããã»ã€ãšã¬ã³ã¯ãçŸåšã®é«éå©ç°å¢äžã§åæ¥äžåç£ã»ã¯ã¿ãŒã«é¢ããŠæžå¿µãè¡šæããŸããããå šäœçãªç¶æ³ã¯ã管çå¯èœããšã®èŠè§£ã瀺ããŸããã ã€ãšã¬ã³æ°ã¯ãããŠã¹éèãµãŒãã¹å§å¡äŒã§ã®çºèšã®äžã§ãéè¡ç£ç£æ©é¢ããããã®ç¶æ³ã«å¯ŸåŠããããã«æå©ããããããšãæèšããŸããã ãŸããéèå®å®ç£èŠå§å¡äŒïŒFSOCïŒã¯ãéèãå·ã®èŠå¶æ©é¢ãçµéããŠããã®ã»ã¯ã¿ãŒã«æ³šåããŠãããšè¿°ã¹ãŸããã çŸæç¹ã§ã¯ãéå©ã¯é«ãæ°Žæºã«ãããCOVID-19ãã³ãããã¯ã®åœ±é¿ã§ãªãã£ã¹åŽåè ããªã¢ãŒãã§åãããšãå¢ããäžã§ãäžåç£ãªãŒããŒãã¡ã¯åãæ¹ã®å€åã«ãåãçµãã§ããŸãã ã€ãšã¬ã³æ°ã¯èšŒèšã®äžã§ããåæ¥äžåç£ããŒã³ãæéåãã«ãªãéã«ã¯ãããã€ãã®éœåžã§ç©ºå®€çãéåžžã«é«ãç¶æ³ã§ãªãã¡ã€ãã³ã¹ããå¿ èŠããããŸããããšè¿°ã¹ãŸããã ãããã¯ãããã®äžåç£ãªãŒããŒã«å€å€§ãªã¹ãã¬ã¹ããããã§ããããããšåœŒå¥³ã¯ä»ãå ããŸããã ãããã圌女ã¯ãç§ã¯ããã管çå¯èœã ãšä¿¡ããŠããŸããããã®åé¡ã«éåžžã«æ©ãŸãããæ©é¢ããããããããŸãããããšè¿°ã¹ãŸããã ã€ãšã¬ã³æ°ã«ããã°ãéè¡ç£ç£æ©é¢ã¯ã管çäžã®æ©é¢ãšå¯æ¥ã«é£æºããåé¡ã«çŽé¢ããåãæãšååããããã«åãçµãã§ããŸãã ããšãã°ã圌ãã¯ããŒã³æ倱æºåãååã§ããããšããããŠæµåæ§ãé©åã§ããããšã確ä¿ããããšãç®æããŠããŸãã FSOCã®å¹Žæ¬¡å ±åæžã«ã€ããŠèšŒèšããäžã§ãã€ãšã¬ã³æ°ã¯è°äŒãã¹ããŒãã«ã³ã€ã³ã®èŠå¶ãå¯èœã«ããããã®æ³åŸãå¯æ±ºããã¹ãã ãšåŒ·èª¿ããŸããã ã¹ããŒãã«ã³ã€ã³ã¯ãæ¯èŒçåºå®äŸ¡æ Œãæã€ããèšèšãããæå·é貚ã§ãéåžžã¯çŸå®äžçã®ååãé貚ã«ããã°ãããŠããŸãã ãFSOCã¯ãå šãŠã®å·ã«é©çšãããé£éŠèŠå¶ã®åºç€ãå¿ èŠã§ãããšèããŠããŸããããšã€ãšã¬ã³æ°ã¯è¿°ã¹ãŸããã åæ¥äžåç£ããã®å°æ¥ãå±æãã åæ¥äžåç£ã®FAQ 1. åæ¥äžåç£ã»ã¯ã¿ãŒãšã¯äœã§ããïŒ åæ¥äžåç£ã»ã¯ã¿ãŒã¯ããªãã£ã¹ãã«ãã·ã§ããã³ã°ã¢ãŒã«ãããã«ãå庫ããã«ããã¡ããªãŒãªã©ãããžãã¹æŽ»åã®ããã«äœ¿çšãããäžåç£ã®åžå ŽãæããŸãã 2. ãžã£ãããã»ã€ãšã¬ã³æ°ã¯èª°ã§ããïŒ ãžã£ãããã»ã€ãšã¬ã³ã¯ãç±³åœã®è²¡åé·å®ã§ãã圌女ã¯ç±³åœã®çµæžæ¿çã®äž»å°è ã®äžäººã§ãããåæ¥äžåç£ã»ã¯ã¿ãŒã«é¢ããèŠè§£ãè¿°ã¹ãŸããã 3. éå©ã®é«ãæ°Žæºãšã¯äœã§ããïŒ éå©ã®é«ãæ°Žæºãšã¯ãèè³ãåå ¥éã®å©åçãäžè¬çã«é«ãããšãæããŸããçŸåšã®ç¶æ³ã§ã¯ãåæ¥äžåç£ã®ããŒã³éå©ãé«ããªã£ãŠããŸãã 4. ã¹ããŒãã«ã³ã€ã³ãšã¯äœã§ããïŒ ã¹ããŒãã«ã³ã€ã³ã¯ãæå·é貚ã®äžçš®ã§ãããéåžžã¯çŸå®äžçã®ååãé貚ã«ããã°ãããåºå®äŸ¡æ Œãæã€ããžã¿ã«è³ç£ã§ãã 5. éèå®å®ç£èŠå§å¡äŒïŒFSOCïŒãšã¯äœã§ããïŒ éèå®å®ç£èŠå§å¡äŒã¯ãç±³åœã®éèåžå Žã®å®å®ãç£èŠããããã«èšç«ãããçµç¹ã§ããéèãå·ã®èŠå¶æ©é¢ãçµéããŠããªã¹ã¯ãå®å®æ§ã®åé¡ã«åãçµãã§ããŸãã…
Apollo Commercial Real Estate Finance: Navigating the Commercial Real Estate Market
Apollo Commercial Real Estate Finance (ARI)ãæè¿ã®æ±ºç®çºè¡šäžã«ãå瀟ã®ããã©ãŒãã³ã¹ãšæŠç¥ã«ã€ããŠãCEOã¹ãã¥ã¢ãŒãã»ãã¹ã¿ã€ã³æ°ãå æ¬çãªã¢ããããŒããæäŸããŸããã圌ã¯ãåæ¥äžåç£åžå Žã®çŸç¶ãšARIã®ç©æ¥µçãªè³ç£ç®¡çã«ã€ããŠè©±ããäœå°æµåæ§ã®ç¶æãè³é調éæºã®å€æ§åã®åãçµã¿ãªã©ãå«ãåªåã«ã€ããŠã觊ããŸããã ARIã®CEOã¯ãåæ¥äžåç£åžå Žã®çŸç¶ã«ã€ããŠè§Šããªãããè³ç£äŸ¡å€ã®æžå°ãžã®æžå¿µã«ãããããããåžå Žã®å®å®æ§ãææããŸãããå瀟ã¯ç¬¬4ååæã«ã¯æ°ãããšãŒãããã®èè³ååŒã«5å3,600äžãã«ãæå ¥ããŸããã ARIã¯ãåèš84åãã«ã®50件ã®ããŒã³ãä¿æãã2023幎ã«ã¯12åãã«ã®ããŒã³ã®è¿æžãšè²©å£²ãèŠèŸŒãŸããŠããŸãããŸããé åœã®ã«ãã¬ããžçã¯1.21åã§ã1æ ªåœããã®é åœã¯0.35ãã«ã§ãã è³ç£ã®å£²åŽãšè²žãåºãã®é²æã«ã€ããŠã¯ãã¡ã€ãã©ã¯ãŒããã«ããªãã€ãªã®å°å£²è³ç£ãã¹ã¿ã€ã³ãŠã§ã€ãã«ããã«ãã¯ãªã³ã®The Brookãªã©ã®å ·äœçãªæŠç¥ã瀺ãããŸããã ARIã®éå¶å©çã®è©³çŽ°ãå ±æããããã®ãã¡ã®20ïŒ ã建èšããã³åéçºããŒã³ã®äºåéããæ¯æãããŠããããšãæããã«ãªããŸããããŸãããããžãªã¹ã¯ã®ã³ã¹ããæžå°ããŠããŸãã ãšãŒãããåžå Žã®ããã©ãŒãã³ã¹ã¯è¯å¥œã§ãããè±åœããšãŒãããã§ã¯äžè¯åµæš©ãå·®ãæŒããã¯ãããŸãããARIã®ããŒã³ããŒããã©ãªãªã®äž»èŠãªãã©ã³ã¹ã®81ïŒ ãäžéãªã©ã®ä¿¡çšæ ä¿ãæã£ãŠãããããååã«ä¿è·ãããŠããŸãã ARIã¯ãçŸåšã®åžå Žç°å¢ãä¹ãè¶ããããã«ç©æ¥µçãªè³ç£ç®¡çæŠç¥ãç¶æããäºå®ã§ããå瀟ã¯äœå°æµåæ§ãç¶æããè³é調éæºã®å€æ§åãç¶ããããšãç®æããŠããŸãããŸãã2023幎ã«ã¯12åãã«ã®ããŒã³ã®è¿æžãšè²©å£²ãèŠèŸŒãŸããŠããŸãã åæ¥äžåç£åžå Žã§ã¯è³ç£äŸ¡å€ã®æžå°ã«çŠç¹ãåœãŠãããŠãããäžéšã®ãªãã£ã¹åžå Žãšãã«ããã¡ããªãŒã»ã¯ã¿ãŒã¯ä»ã®åžå Žã»ã©ã®ããã©ãŒãã³ã¹ã瀺ããŠããŸããã äžæ¹ã§ãå šäœçã«åæ¥äžåç£ã»ã¯ã¿ãŒã®éå¶ããã©ãŒãã³ã¹ã¯å®å®ããŠãããARIã¯ç¹ã«ãšãŒãããã§æ°èŠèè³ååŒã«å€§ããªè³æ¬ãæå ¥ããŠããŸãã ARIã®æã€è±å¯ãªæ å ±ãšInsights by InvestingProã«ããè¿œå ã®æŽå¯ãèæ ®ãããšãARIãžã®æè³ã®æ€èšæã«åŸ¹åºçãªãªãµãŒããšåæãéèŠã§ããããšã瀺åãããŸããARIã¯åŒ·åãªããŒããã©ãªãªãç¶æããè³ç£ã®å£²åŽãšéçºã«æŠç¥çã¢ãããŒããåãããšã§ãä»åŸã®èª²é¡ãæ©äŒã«å¯ŸåŠããæºåãæŽã£ãŠãããšèšããã§ãããã æ¬èšäºã¯ãApollo Commercial Real Estate FinanceïŒARIïŒã®CEOãã¹ãã¥ã¢ãŒãã»ãã¹ã¿ã€ã³æ°ã«ãã決ç®çºè¡šããã®æ å ±ãæäŸããŠããŸãã èšäºå ã®äž»èŠãããã¯ãšæ å ±ã«åºã¥ããFAQã»ã¯ã·ã§ã³ïŒ Q: ARIã®CEOãæè¿ã®æ±ºç®çºè¡šã§æäŸããã¢ããããŒãã«ã¯äœãå«ãŸããŠããŸãããïŒ A: CEOã¯ãåæ¥äžåç£åžå Žã®çŸç¶ãšARIã®ç©æ¥µçãªè³ç£ç®¡çã«ã€ããŠè©±ããäœå°æµåæ§ã®ç¶æãè³é調éæºã®å€æ§åãªã©ã®åªåã«è§ŠããŸããã Q: ARIã®è³ç£äŸ¡å€ã«é¢ããæžå¿µã¯ãããŸãã
å°èŠæš¡éè¡ãã·ã«ãŽå°åã®åæ¥äžåç£åžå Žã®ãªã¹ã¯ã«å€§ããããããã
ã·ã«ãŽå°åã®å°èŠæš¡éè¡ã¯ãåæ¥äžåç£åžå Žã®ãªã¹ã¯ã«äžåè¡¡ã«ãããããŠãããçµæžçãªæ¹åãäºæ³ãããŠããã«ãé¢ããããä»å¹Žã¯ç¶æ³ãããã«æªåããå¯èœæ§ãããã è¿å¹Žã®éå©äžæã¯ãåãæãèè³ãåèè³ããéã®è²»çšãå¢ãããè² æ ãå¢å€§ãããŠãããšCrain'sã¯å ±åããŠããã ãã·ã«ãŽå°åã®å°èŠæš¡éè¡ã«ãšã£ãŠãåæ¥äžåç£ããŒã³ã¯ãå šäœã®ããŒã³ããŒããã©ãªãªã«å¯ŸããŠã倧æéè¡ã®2å以äžãå ããŠããããšéèãµãŒãã¹äŒç€Ÿã§ããStephensã®éè¡æ¥çã¢ããªã¹ãã§ããããªãŒã»ãã¯ãšãŽã©ã€ã¯ãªã³ã©ã€ã³ã¡ãã£ã¢ã«èªã£ãããããã¯å°åéè¡ã§ãããšããæ§è³ªãã顧客ã®ã¿ã€ãã«ãããã®ã§ããã ãªã¢ãŒãã¯ãŒã¯ã®å€åãåŽåè ã®é«å質ãªèšåãžã®èŠæ±ãªã©ãæªè§£æ±ºã®äžç¢ºå®æ§ããããŠã³ã¿ãŠã³ã®ç©ä»¶ææè ã®èŠéããããã«æªåãããèè³çŸ©åãæããèœåã«çåãæããããŠããŸãã Stephensã®ããŒã¿ã«ãããšã20ã®å°å éè¡ã§è²¡ç£ã1å700äžãã«ãã26å4000äžãã«ã®ç¯å²ã«åã¶åæ¥äžåç£ããŒã³ã®æ¿åºŠãæãé«ãéè¡ã¯ããã®ããŒã³ã®53.6ïŒ ããã®ã»ã¯ã¿ãŒã«å ãŠãŠããŸããããã«å¯ŸããŠãã·ã«ãŽå°åã®æ倧æéè¡ã¯ãåæ¥äžåç£ã«19ïŒ ã®èè³ããŒããã©ãªãªãå²ãåœãŠãŠããŸãã ããŒããã©ãªãªã®å€æ§åã«åªãã倧æéè¡ã§ãã£ãŠããOld Second Bancorpãªã©ã¯å§åãæããŠããŸãããªãã£ã¹ãä»è·æœèšã®ã¹ãã¬ã¹ã«ãããäžè¯åµæš©ãå¢å ããŠããã®ã§ãã æžå¿µã¯åå¥ã®éèæ©é¢ãè¶ ããŠåºãã£ãŠããŸãã2020-21幎ã®äœéå©ç°å¢ã§çºçããè¿«ãæ¥ãèè³åéã®èª²é¡ã«ãåãæã¯é«éå©ãåµåäžå±¥è¡ãšãã倧ããªãã£ã¬ã³ãžãè¿«ãããŠããŸãã 財åé·å®ã®ãžã£ãããã»ã€ãšã¬ã³ãå«ãèŠå¶åœå±ã¯ããã®ç¶æ³ã泚ææ·±ãç£èŠããéèæ©é¢ã«èè³æ倱ç©ç«éãšæµåæ§ã¬ãã«ã匷åããããåŒã³ãããŠããŸããNectarã®CEOã§ããããªãã¯ã»ããŒã«ãŒã¯ãé床ã«æ¥œèŠ³çãªåæãçŸå®ãšã¶ã€ããããšã§å€ãã®åãæãå³ããçŸå®ã«çŽé¢ããå¯èœæ§ããããšèŠåããŠããŸãã 2023幎ãéããåæ¥äžåç£æŽ»åã®æžéã¯ãä»åŸã®èª²é¡ã®åå ãšãªã£ãŠããŸããããŒã«ãŒã¯ãéå©ããããã«äžãã£ãŠããæ»æçãªåæãç«ãŠã人ã ãæãã«ã¯ååã§ã¯ãªããšåŒ·èª¿ããŠããŸãã 以äžã¯ãèšäºã«åºã¥ããŠäœæããFAQã»ã¯ã·ã§ã³ã§ãã Q: å°èŠæš¡éè¡ãåæ¥äžåç£åžå Žã®ãªã¹ã¯ã«äžåè¡¡ã«ãããããŠãããšèšãããŠããŸããããªãã§ããïŒ A: ã·ã«ãŽå°åã®å°èŠæš¡éè¡ã§ã¯ãåæ¥äžåç£ããŒã³ã®æ¯çã倧æéè¡ãããé«ãããã§ããå°åéè¡ã®æ§è³ªã顧客ã®ã¿ã€ãããã®èŠå ãšãããŠããŸãã Q: åæ¥äžåç£åžå Žã®ãªã¹ã¯ãå¢å€§ããŠããåå ã¯äœã§ããïŒ A: æè¿ã®éå©ã®äžæã«ãããåãæã®èè³ã³ã¹ããäžæããè² æ ãå¢å ããŠããããã§ãã Q: åæ¥äžåç£ããŒã³ã®æ¿åºŠãæãé«ãéè¡ã¯ã©ãã§ããïŒ A: 20ã®å°å éè¡ã®äžã§ãæãåæ¥äžåç£ããŒã³ã®æ¿åºŠãé«ãéè¡ã¯ã財ç£ã1å700äžãã«ãã26å4000äžãã«ã®ç¯å²ã«åã¶ããŒã³ã®53.6ïŒ ããã®ã»ã¯ã¿ãŒã«å ãŠãŠãããšãããŠããŸãã Q: 倧æéè¡ã§ãåæ¥äžåç£åžå Žã®ãªã¹ã¯ã«å§åãæããŠããéè¡ã¯ãããŸããïŒ A: ããŒããã©ãªãªã®å€æ§åã«åªããŠãã倧æéè¡ã§ããOld Second Bancorpãªã©äžéšã®éè¡ã¯åæ¥äžåç£ã®äžè¯åµæš©ã®å¢å ã«å§åãæããŠããŸãã…