Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

U.S Debt Watch: Do We Need This Conversation Again?

Debt Ceiling Deal Means Fed Has Less Control Over US Financial Conditions

U.S Debt Countdown: Will a Deal Go Through Today?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>Historically, commercial real estate firms have posed significant risks to the financial system because of funding vulnerabilities and their impact on the broader economy.</li>
<li>Issues in the CRE market have often initiated or magnified financial crises.</li>
<li>This is largely because the CRE sector, being debt-financed and closely tied to the financial system, is sensitive to financial cycles.</li>
</ul>


Historically, commercial real estate firms have posed significant risks to the financial system because of funding vulnerabilities and their impact on the broader economy.
Issues in the CRE market have often initiated or magnified financial crises.
This is largely because the CRE sector, being debt-financed and closely tied to the financial system, is sensitive to financial cycles.


CRE Debt Watch: The initiator or magnifier of financial crises