PIMCO expects more US regional bank failures: "The real wave of distress is just starting” ...Middle East

Bloomberg (gated) had this report that has seemed to slip by a little too quietly. Bloomberg interviewed Pimco’s head of global private commercial real estate team.Pacific Investment Management Co (PIMCO) expects more regional bank failures in the US because of a “very high” concentration of troubled commercial real estate loans on their books: “The real wave of distress is just starting” for lenders to everything from malls to officeshigh borrowing costs have hammered valuations and triggered defaultsleaving lenders stuck with assets that are tough to selllarger banks have been disposing of some of their higher quality assets first to avoid deeper losses ... “As stressed loans grow due t

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