No so much.
Sounds counter intuitive, but most commercial paper is held by smaller and regional banks.
Ok, so play it out and how does it work?
JP Morgan, Chase, BofA, and the others will be “forced” by the government to buy out the competitors at discount prices, assume the bad debts, and we will bail them out. To do otherwise creates more panic in the banking industry.
I am not trying to be argumentative, but recent history demonstrates that the probable outcome is what I wrote above.
There is also a matter of which properties are most at risks with the highest debt to capital ratios. These are generally not the little retail spaces that are most in danger, it is the post-Covid high dollar properties that lost tenants in big cities. My understanding from credible market folks is that much of that market is owned directly by the big boys.
If I am wrong or you have better knowledge I will gladly defer, but I suspect a bail out is coming and given recent history you can bet it will mostly benefit the big 5 banks and Blackrock with my kids on the hook for it.