A total of 42 domestic, private-label commercial mortgage-backed securities (CMBS) deals with a balance of $32.74 billion were issued during the first quarter, marking the second busiest first quarter since just before the Global Financial Crisis (GFC). The volume, however, represented a 12.8% reduction from last year, which itself was the busiest post-GFC first quarter.   SASB Deals Driving Issuance As has increasingly been the case, issuance of single-asset, single-borrower (SASB) deals dominated, accounting for nearly three-quarters (32 deals) of the period's issuance,...

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Key takeaways Surging energy prices have complicated the Federal Reserve’s dual mandate on inflation and unemployment. Fed projections appear optimistic despite the risk of stagflation and the decreasing likelihood of rate cuts. Policy uncertainty dominates as war-driven energy risks push potential rate cuts out to a later date.   The recent energy shock has put the Federal Reserve in a quandary. It has a dual mandate of maintaining price stability and fostering maximum sustainable employment. High energy prices only make this job...

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The Commission’s proposed Industrial Accelerator Act (IAA), published on 4 March 2026, aims at strengthening the competitiveness and resilience of the EU manufacturing base by targeting strategic sectors, would introduce EU‑origin requirements in public procurement as well as foreign investment controls (see dedicated client alert). The introduction of requirements linking foreign investments to the EU is intended to support EU manufacturing by increasing demand, strengthening capacity, and encouraging the development of lead markets for key industrial products and technologies. The IAA forms...

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A practical guide for European business owners and advisers pursuing U.S. acquisition-led growth Audience: European business owners and advisers evaluating U.S. acquisitions. Focus: how private debt can improve execution certainty, flexibility, and post-closing capacity. Why Private Debt Matters in U.S. Acquisitions For many middle-market European companies, acquisition-led expansion into the United States is strategically attractive. The U.S. offers scale, sector depth, a large target universe, and the ability to build a meaningful market position faster than through organic growth alone. Too often...

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