Trump regime starts to grate on global markets

Send us Fan Mail◆ DOGE threatens US CMBS recovery ◆ Drill, baby, drill? Borrow, habibi, borrow ◆ Cracks appear in European credit marketJust when you thought it was safe to go back into the office... or rather back into commercial mortgage backed securities with offices as the collateral.No sooner has the US CMBS revival begun than US president Donald Trump's administration threatens to ruin it. The Department of Government Efficiency (DOGE) spearheaded by Elon Musk is ripping up government office leases . We explain how that could hurt the CMBS market.In the Middle East, a falling oil price has set investors and bankers wondering about how much more borrowers from the region — especially Saudi Arabia — will need from the bond market this year.Cracks are also starting to appear in Europe's previously buoyant credit market. We look at where to find the fissures and how issuers can bridge them.