{"id":105854,"date":"2025-01-13T16:27:32","date_gmt":"2025-01-13T21:27:32","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/waterfalls-raghavan-on-cres-outlook-state-of-distressed-debt\/"},"modified":"2025-01-30T16:41:45","modified_gmt":"2025-01-30T21:41:45","slug":"waterfalls-raghavan-on-cres-outlook-state-of-distressed-debt","status":"publish","type":[3765],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/waterfalls-raghavan-on-cres-outlook-state-of-distressed-debt\/","title":{"rendered":"Waterfall\u2019s Raghavan on CRE\u2019s Outlook: State of Distressed Debt"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09c93a052e3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong>PODCAST<\/strong><\/p>\n\n<\/div>\n    <h1 class=\"bbg-metadata bbg-metadata--title\">Waterfall\u2019s Raghavan on CRE\u2019s Outlook: State of Distressed Debt<\/h1>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">January 13, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong>FICC Focus<\/strong><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09c93a100a4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-4 bbg-column--s-width-2\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p style=\"font-size: 18px; font-weight: 600; margin-top: -55px;\">Listen on<\/p>\n<div class=\"flexbox\">\n<div><a href=\"https:\/\/open.spotify.com\/episode\/2ZMr3wkTToSJHT0UaHHULG?si=TMk2K_2lThqr1cpWPnylCg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/Spotify.svg\" alt=\"\" width=\"32\" height=\"32\" \/><\/a><\/div>\n<div><a href=\"https:\/\/podcasts.apple.com\/gb\/podcast\/waterfalls-raghavan-on-cres-outlook-state-of\/id1589459799?i=1000683791296\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/Apple-podcast.svg\" alt=\"\" width=\"32\" height=\"32\" \/><\/a><\/div>\n<\/div>\n<div><\/div>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    <div\n  class=\"bb-audio\"\n  data-title=\"Waterfall\u2019s Raghavan on CRE\u2019s Outlook: State of Distressed Debt\"\n  data-state=\"fresh\"\n  data-audio-url=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/JW-Mixdown.mp3\"\n  data-label-desc=\"for Waterfall\u2019s Raghavan on CRE\u2019s Outlook: State of Distressed Debt\"\n  data-controls-class=\"no-controls\"\n  data-custom-controls-background=\"fill\"\n  data-theme=\"light-mode\"\n  data-progress=\"0\">\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a09c93a1926a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Description<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>There is one AAA bond that has taken a loss so far in CMBS. There will be plenty more.\u201d Waterfall Asset Management\u2019s Head of ABS Strategy Keerthi Raghavan didn\u2019t mince words in laying out his view of the office real estate market, one of the few corners of the credit universe offering significant distressed opportunities. Raghavan, speaking with Bloomberg Intelligence\u2019s Noel Hebert and Phil Brendel, examined the widely different segments of the commercial real estate market, his data-centric approach to investing and strategies employed amid distressed situations (5:50). Prior to that, Hebert and Brendel highlighted the risks investors take when the market speculation is high, evidenced by historically tight spreads and a dearth of distressed debt. The podcast concludes with BI\u2019s Negisa Balluku joining the two analysts for a round table discussion covering Ligado Networks, Serta Simmons, Party City, Hertz, Incora, and CommScope(1:25:40).<\/p>\n<p>Key interview take aways and time stamps:<\/p>\n<p>Approach to active portfolio management: Thematic vs. idiosyncratic (00:18:30)<br \/>\nAssessing building quality and valuation of an asset (00:34:00)<br \/>\nTrading, sourcing and liquidity of CRE credit risk (00:46:40)<br \/>\nCRE investor base and price discovery: Valuations of RE vs. CRE debt (00:55:00)<br \/>\nWorkout process dynamics and misalignment between counterparties (01:08:45)<br \/>\nMarket outlook and risks over the coming 12-24 months (01:20:30)<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--gray  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09c93a1ae53'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>More episodes from <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\">Bloomberg Intelligence<\/a><\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_8216071355909314942\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    #cta_8216071355909314942.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link {\n\tcolor: #000000 !important;\n}\n\n#cta_8216071355909314942.bbg-cta .bbg-cta-button__icon-right::after {\n\tcolor: #000000 !important;\n}\n\n#cta_8216071355909314942.bbg-cta .bbg-cta-button__icon-left::before {\n\tcolor: #000000 !important;\n}\n\n#cta_8216071355909314942.bbg-cta 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strategies.<\/p>\n","protected":false},"author":1971,"featured_media":92522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-podcast.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453],"tags":[776,565,3687,526,456],"series":[],"class_list":["post-105854","post","type-post","status-publish","format-standard","hentry","category-markets","tag-analyst","tag-bloomberg-intelligence","tag-ficc-focus-podcast","tag-fixed-income","tag-portfolio-management","type-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Waterfall\u2019s Raghavan on CRE\u2019s Outlook: State of Distressed Debt | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Raghavan, speaking with Bloomberg Intelligence\u2019s Noel Hebert and Phil Brendel, examined the widely different segments of the commercial 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