The collapse of Credit Suisse in March 2023 seemingly marked the nadir of a flash banking crisis that began only a few weeks earlier with the downfall of Silicon Valley Bank and Signature Bank in the US. Commercial real estate debt is experiencing rising stress due to a slump in property values, triggered by interest rate hikes and the shift to remote working, affecting loan books from New York to Munich. Deutsche Bank strengthened US commercial real estate provisions, but smaller banks, including Deutsche Pfandbriefbank, are most affected, as Morgan Stanley recommended selling PBB's senior notes. The bank's tier 2 bonds lost a third of their value, trading at less than 50 cents on the euro, causing an unscheduled statement describing the turmoil as the "greatest real estate crisis since the financial crisis." “In 2023, most banks were not willing to take a haircut,” said Anke Johann, REI partner in Munich to Bloomberg. “This strategy of amend and extend will likely end in 2024."