• 10 months ago
German bank Deutsche Pfandbriefbank warned of the "greatest real estate crisis since the financial crisis" due to its commercial real estate exposure. PBB saw its bonds slump on the market after increasing loan loss provisions for 2023 to $225 to 231 million due to "persistent weakness" in real estate markets. The troubles in the US commercial property market have spread to Europe, hitting smaller German banks with CRE focus. Several other German and European banks also reported rising CRE loan impairments recently.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 German bank Deutsche Fanbrief Bank warned of the greatest real estate crisis since the financial
00:07 crisis due to its commercial real estate exposure. PBB saw its bond slump on the market after
00:13 increasing loan loss provisions for 2023 to $225 to $231 million due to persistent weakness in real
00:21 estate markets. The troubles in the US commercial property market have spread to Europe, hitting
00:25 smaller German banks with CRE focus. Several other German and European banks also reported
00:31 rising CRE loan impairments recently. If losses spread widely, it could echo the 2008 crisis
00:37 when German Lenz banks were brought down by US subprime exposure. For all things money visit
00:43 Benzinga.com

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