Term Sheet: The forecast on refinancing from MIPIM, another ECB warning about real estate, Vonovia suffers after collapse in values

Sunny skies in Cannes belie debt manager frustrations; the European Central Bank warns of struggles ahead for commercial real estate in a higher-for-longer rate environment; Vonovia losses provide insight into how German real estate firms are coping; and more in today's briefing, exclusively for our valued subscribers.