Wall Street Ledger desk
Banks
Bank lending, credit quality, capital and earnings, including exposure to private credit and non-bank financial institutions.
Earnings
Regional banks are still writing down office loans, and the refinancing wall keeps growing
A wave of five-year commercial mortgages taken out during the 2021 boom is coming due against buildings worth far less than when they were financed.
Analysis
Private credit exposure is weighing on bank stocks, even where the loans look well protected
Lending to non-depository financial institutions sits high in the capital structure. Investors are discounting the disclosure, not the collateral.