Just a few months ago, the market was confident that post global financial crisis, financial sector reforms, and regulatory scrutiny ensured that the U.S. banking system was rock solid, and that the next cycle's culprit would emanate from elsewhere. However, banking is once again front and center as investors weigh systematic risks from another prospective real estate crunch—this time in the commercial property sector. In this episode of PGIM Fixed Income’s All the Credit®, with guests Jason Pan, CFA, FSA, Securitized Products Credit Research Analyst, and David Jiang, U.S. Investment Grade Credit Research Analyst, we’ll outline the scale of the potential problem, including the cadence of decay and potential flashpoints in commercial real estate, and discuss potential transmission through the banking system, extension of credit, and the real economy. Brian Barnhurst, CFA, Co-Head of Credit Research, returns to All the Credit® as host, alongside Mike Collins, CFA, Senior Portfolio Manager. Recorded on June 9, 2023.