If there was one thing that US bank investors wanted more information on in the latest earnings season, it was how exposed firms were to the troubles in commercial real estate (CRE). And banks generally complied, dripping out more data than they once did. For some this was the third season in which they had done so, meaning that a meaningful picture is starting to emerge of where exposures lie and how risky they are.
There was a timely reminder earlier this week of the pressure on the sector, as credit ratings agency Moody’s unveiled ratings downgrades on 10 small banks as well as putting some of the big super-regionals on review for downgrade or switching its outlook from stable to negative.
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