Real Estate Bonds Could Roar on Rates Reversal: 2024 Credit Outlook

Stand-out yields on high grade grade real estate bonds suggest 2024 could be another year of strong performance -- but we'll need more rates clarity and liquidity fixes. Credit metrics may be pressured and rating downgrades are a risk too. Returns in 2023 varied a lot, which may not change - name and even bond selection will likely remain crucial for performance.