Forums Update: Issuers Spotlight
April 15, 2025
Brigid Mattingly (Chair), Shaishav Agarwal (Chair-Elect) and Jane Lam (Past-Chair) form the Issuer Forum’s “Leadership Working Group,” which sets agendas and priorities for the Forum and represents this constituency on CREFC’s Policy Committee.
Why it matters: Each Forum interacts with Issuer Forum members to address issues critical to their business sector and works to achieve solutions that serve a common purpose. CREFC works closely with Forum leaders and members to:
- Ensure all voices are heard,
- Assist in finding consensus amidst disparate and converging views,
- Share those views when appropriate with regulators and legislators, working alongside CREFC’s experienced Government Relations Team, and
- Develop new best practices and monitor existing ones.
Key Focus Areas for Issuers include:
- Market volatility tied to tariff announcements and geopolitical instability.
- Preparing for continued volume in CMBS issuance, particularly in floating-rate single-asset/single-borrower (SASB) transactions.
- Challenges in securitizing pari-passu pieces considering conduit transaction sizes and the execution timing on conduit transactions.
- Managing office maturities in 2025 and the bifurcation between Class-A and Class-B properties and below.
- Value of cash-management structures in conduit lending and alternate credit enhancements.
Looking ahead: Leaders are concerned about the potential negative impacts of financial market volatility and the current macro environment as both could create challenges in the execution of new-issue conduit and SASB transactions. The Forum remains focused on sourcing loans and bringing securitizations to market, while bridging the needs of borrowers and investors.
Key Policy Issues:
- 2025 Tax Legislation: The new administration has begun work on reauthorizing the 2017 Tax Cuts and Jobs Act and is considering a number of tax issues impacting businesses and individuals.
- Rule 15c2-11 Public Disclosure of 144A Bonds: The SEC previously issued an order exempting 144A fixed-income securities from SEC 15c2-11 disclosure. CREFC and its members urged the SEC and Congress to take action to prevent the application of 15c2-11 to fixed-income securities. On November 22, 2024, the SEC issued a ‘No Action’ letter, with no expiration date, that exempts fixed-income securities from the disclosures. The exemption order was a major win for the industry.
What’s Next?
- Forum leaders will present an update on their Forum at CREFC’s Annual Conference in New York (June 9-11, 2025).
- Also at the June Annual Conference, the chairs will welcome the next Chair-Elect to join their leadership slate.
To join the Issuers Forum, please
register here.
For any forum related questions, please contact
Rohit Narayanan (
RNarayanan@crefc.org).