Banks step up U.S 所有物／資産／財産 貸付金 tweaks to 限界 defaults
By Shankar Ramakrishnan and Matt Tracy
July 12 (Reuters) - Banks are showing a growing 乗り気 to rework the 条件 of U.S. 商業の real 広い地所 貸付金s to 妨げる defaults, mitigating 近づく-称する，呼ぶ／期間／用語 losses but also masking growing 強調する／ストレス in some parts of the market.
As U.S. 商業の real 広い地所 has come under 圧力, with offices and 小売 struggling in some areas as many people work from home, 投資家s are worrying that losses for banks could 追加する up to tens of billions of dollars.
In 最近の weeks, banks have stepped up 成果／努力s to 妨げる such losses, によれば 商業の real 広い地所 (CRE) 分析家s and 産業 data. 貸す人s are 申し込む／申し出ing borrowers 貸付金 拡張s and modifications, selling derivatives to 直す／買収する，八百長をする 利益／興味 costs, and 申し込む／申し出ing 補助金を支給するd 貸付金s to 投資家s to 購入（する） defaulted 貸付金s, the 分析家s said.
Their hope is that tiding over the 現在の period would 許す these 所有物／資産／財産s to become profitable again and refinance in the 未来 when 利益／興味 率s 落ちる, and data shows they are having some success.
Shaishav Agarwal, the 全世界の 長，率いる of CRE 資本／首都 markets at Deutsche Bank, said banks were proactively working with borrowers to help 突き破る off defaults.
"After all that, if it （機の）カム to a borrower 手渡すing over the 重要なs, banks might join 手渡すs with 公正，普通株主権 partners with 所有物／資産／財産 管理／経営 専門的知識," Agarwal 追加するd.
Some 分析家s said the 戦略 - a throwback to the "延長する and pretend" 手段 of the 財政上の 危機 of 2008 - is likely to get 実験（する）d if the 強調する／ストレス in the 部門 gets worse.
"The office 部門 直面するs the fiercest headwinds even as some 投資家s are dipping their toes 支援する in on newer, high-質 space," said Steve Jellinek, 長，率いる of 商業の mortgage 支援するd 安全s (CMBS) 研究 at DBRS.
CMBS special servicers, which 扱う troubled 貸付金s, had a 連合させるd 未払いの 主要な／長／主犯 balance of $12.74 billion in office 貸付金s as of June, up from $5.51 billion a year ago, he said.
More is likely coming. によれば real 広い地所 data provider Trepp, some $20 billion of office CMBS 貸付金s are 円熟したing in 2023.
The health of the 商業の 所有物／資産／財産 部門 is 決定的な for the 全体にわたる economy. If sizeable losses 蓄積する on banks´ 調書をとる／予約するs, it will choke off credit and slow 負かす／撃墜する growth.
The 23 largest U.S. banks held 20% of office and downtown 小売 CRE 貸付金s, によれば the U.S. 連邦の Reserve. Small banks also have high （危険などに）さらす to CRE 貸付金s as a 百分率 of their 資産s.
In the Fed's 最近の 強調する／ストレス 実験（する）s, in a 厳しく 逆の シナリオ of CRE prices 落ちるing by 40%, the 23 large banks stood to lose $64.9 billion. Office values had fallen 12.7% by the first ４半期/4分の1 from their 頂点（に達する） a year ago, によれば Moody´s.
LOAN MODIFICATIONS
For now, the banks´ 戦略 is slowing defaults, data shows.
About $2.1 billion of office 貸付金s pooled in CMBS 円熟したd in May, almost 二塁打 the total 量 from January through April, for example. Of that, 36.5% were 修正するd or 延長するd, によれば a Moody's 報告（する）／憶測.
That （機の）カム after there were no modifications or 拡張s of 貸付金s in the period from February to April. If borrowers agreed to 貸付金 拡張s, some $10.8 billion of office 貸付金s 円熟したing this year would be 押し進めるd to later years, Moody's said.
全体にわたる, default 率 for the office 部門 stood at 4%, 井戸／弁護士席 below the 10% touched during the 財政上の 危機, said Kevin Fagan, 長，率いる of CRE 経済的な 分析 at Moody´s Ana lytics. Default could tick up to 6% by the end of 2023, Fagan said.
For some borrowers, defaulting became "a viable 経済的な 決定／判定勝ち（する）, but such defaults are still a 少数，小数派," Fagan said.
増加するd 利益／興味 from 基金s looking to 選ぶ up valued 資産s at a 取引 price is helping banks 避ける large losses 同様に. But such 貿易（する）s are not 普及した as yet.
Ran Eliasaf, 創立者 of Manhattan-based real 広い地所 私的な 公正，普通株主権 会社／堅い Northwind Group, said his 会社／堅い had given 貸付金s 安全な・保証するd on 重要な New York 所有物／資産／財産s and is in active 会談 to buy some 貸付金s from banks.
"There is, however, some mismatch in pricing 期待s," he said. Banks are 申し込む／申し出ing 非，不，無-成し遂げるing 貸付金s with 割引s of 20% to 25%, while 投資家s like him are looking for more 重要な 削減（する）s, Eliasaf said.
(報告（する）／憶測ing by Shankar Ramakrishnan and Matt Tracy; editing by Paritosh Bansal and Nick Zieminski)
