“Could anyone really be surprised that restructuring and repricing would be essential after 525bps of rate increase in less than 18 months? We have skin in this game and while we may argue about credibility of monetary policy decisions or our own risk management strategies, we are where we are. And amending, extending, and repricing is mission critical right now.”

EVP, Senior Credit Director, Top 50 Bank

The chart above from Pitchbook shows the surge in an activity most of us knew had to be coming. Repricing, restructuring and refinancing are at their highest levels in recent years and growing fast. What are the core implications of this cycle on portfolio strategy and new lending? This article explores the obvious and less obvious ways the “amend and extend” strategy impacts new lending and leverages survey data from the Secured Research study of over 200 regional and community bank risk managers completed in early 2024.

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