52 International Financing Review April 4 2020Tremont said it slashed the quarterly
DIVIDENDûONûITSûCOMMONûSHARESûFORûTHEûlRSTû
quarter to one cent. It paid 22 cents in
dividend for the prior quarter.
The company said it will monitor its
performance and economic outlook to
determine any future dividends, which are
required to maintain its tax status as a real
estate investment trust.
Depending on the ultimate
dividend payout in 2020, it could
PRESERVEûUPûTOû53MûOFûCAPITALûTHISû
year, it said.
!SûFORû.EWû2ESIDENTIAL ûITûCUTûTHEû
DIVIDENDûONûITSûCOMMONûSTOCKûTOûlVEûCENTSû
FORûTHEûlRSTûQUARTER ûCOMPAREDûWITHûû
cents for the quarter before.
“We continue to focus on growing
liquidity as we navigate the market during
THISûTIME vûSAIDû.EWû2ESIDENTIALûPRESIDENTû
ANDûCHIEFûEXECUTIVEûOFlCERû-ICHAELû
Nierenberg in a statement.
.EWû2ESIDENTIALûISûALSOûSELLINGûAû
portfolio of debt with a face value of
53BN û"LOOMBERGûREPORTEDûLASTû4UESDAY û
citing people with knowledge of the
matter.
.EWû2ESIDENTIALûCOULDûNOTûIMMEDIATELYû
be reached for comment.Meanwhile, Tremont had about
53MûINûTOTALûLOANûCOMMITMENTSûONû
4UESDAYû.ONEûOFûTHEûûlRSTûMORTGAGEû
whole loans have defaulted or resulted in
forbearance, it said.
Tremont is “in active dialogue” with
Citibank, which is its only repurchase
agreement lender, it said.US CMBS MARKET BRACED FOR
DELINQUENCY SURGE4HEû53ûCOMMERCIALûMORTGAGE
BACKEDû
securities market is bracing itself for a
surge in loan delinquencies from
borrowers due to the impact from the
coronavirus crisis.
While the level of real estate loans past
due date has been low, it is on the brink of
surging, according to a report from data
lRMû4REPPûLASTû4HURSDAY
/VERALLû#-"3ûDELINQUENCIES ûAûPRECURSORû
to defaults, edged up 3bp to 2.07% in
March, a rare uptick in a three-year
downtrend, according to Trepp.
By property types, retail delinquencies
were the highest in the sector, rising to
3.89% in March from 3.62% in February,
Trepp said.But while overall delinquencies in
March were well below the all-time peak
OFûûSEENûINû*ULYû û-ARCHûLOANû
payments were probably made before the
magnitude of the outbreak’s disruption to
businesses became apparent, Trepp said.
“A deluge is coming,” Trepp wrote in the
report.SEEKING RELIEF
In a sign that there could be payment
disruption ahead, commercial real estate
borrowers have been scrambling to seek
debt relief in recent days.
!CROSSûTHEû53 ûHOTELSûANDûDEPARTMENTû
STORESûHAVEûSHUTTERED ûWHILEûOFlCEûTOWERSû
have nearly emptied as workers are told to
stay home by local governments to curb
the spread of the virus.
According to Fitch on Thursday, 2,600
commercial real estate borrowers,
REPRESENTINGû53BNûOFûMORTGAGEû
loans, sought potential debt relief during
the two weeks ending March 29.
The ratings agency took data from the
FOURûLARGESTû#-"3ûSERVICERS
Hotel borrowers represented 47% of all
enquiries to mortgage servicers for
forbearance, followed by retail borrowers
at 30%, Fitch said.
Debt relief inquiries from multi-family
ANDûOFlCEûBORROWERSûROSEûINûTHEûLASTûWEEKû
of March, the ratings agency said.
In an attempt to support the commercial
real estate market, the government
directed Fannie Mae and Freddie Mac to
grant forbearance on loans they guarantee
to multi-family borrowers in exchange for
granting rent relief and suspending
eviction of their tenants.WIDER SPREADS
#-"3ûSPREADSûAREûATûHISTORICALLYûWIDEû
levels due to concerns about delinquencies
sky-rocketing, especially among lower-tier
paper or deals that are backed heavily or
even solely by hotels and shopping malls –GLOBAL STRUCTURED FINANCE IN US$
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)Including securitisations (Euro, foreign, global and domestics, excluding
CDOs) and PFI bonds.
Source: Refinitiv SDC code: B16b1 JP Morgan 51 22,500.71 13.8
2 Wells Fargo 47 18,377.34 11.3
3 Credit Suisse 43 17,384.60 10.7
4 BofA Securities 42 14,240.43 8.8
5 Citigroup 43 13,201.43 8.1
6 Morgan Stanley 31 13,110.76 8.1
7 Goldman Sachs 45 11,455.90 7.0
8 Barclays 31 8,501.93 5.2
9 Nomura 28 7,646.65 4.7
10 Deutsche Bank 32 6,268.89 3.9
Total 276 162,505.23STRUCTURED FINANCE – ALL INTL ISSUERS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)Includes securitisations, PFI bonds, self-funded issues and credit-linked
notes. Excludes US global ABS/MBS and CDOs.
Source: Refinitiv SDC code: J10c1 JP Morgan 29 6,359.18 9.6
2 Goldman Sachs 25 5,912.70 8.9
3 Citigroup 25 5,416.63 8.2
4 BofA Securities 24 5,322.07 8.0
5 Wells Fargo 21 5,134.42 7.8
6 Barclays 26 4,573.60 6.9
7 Credit Suisse 23 4,471.22 6.8
8 Morgan Stanley 15 3,397.01 5.1
9 Deutsche Bank 21 3,174.66 4.8
10 Nomura 18 2,933.04 4.4
Total 130 66,233.19US ASSET-BACKED SECURITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)Excludes MBS.
Source: Refinitiv SDC code: F141 JP Morgan 22 7,680.46 11.8
2 Wells Fargo 21 4,654.39 7.2
3 Citigroup 20 4,222.37 6.5
4 Barclays 15 3,720.03 5.7
5 RBC 14 3,566.27 5.5
6 Credit Suisse 15 3,334.89 5.1
7 BofA Securities 14 3,187.98 4.9
8 MUFG 12 2,880.11 4.4
9 Deutsche Bank 15 2,876.67 4.4
10 TD Securities 10 2,615.93 4.0
Total 113 64,938.67ALL EUROMARKET CDOs
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)Excludes global and domestic.(^)
Source: Refinitiv SDC code: J11
1 BofA Securities 2 876.75 18.5
2 BNP Paribas 2 863.46 18.2
3 Citigroup 2 811.18 17.1
4 Jefferies 1 507.90 10.7
5 Credit Suisse 1 461.02 9.7
6 Goldman Sachs 1 417.01 8.8
7 Morgan Stanley 1 399.06 8.4
Total 11 4,742.09
GLOBAL CDOs
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)
Including Euro, foreign, global, US domestics.
Source: Refinitiv SDC code: B12
1 JP Morgan 2 2,700.68 14.8
2 BNP Paribas 4 1,448.73 7.9
3 Citigroup 3 1,329.44 7.3
4 Jefferies 3 1,039.90 5.7
5 Barclays 2 955.38 5.2
6 BofA Securities 2 876.75 4.8
7 Credit Suisse 1 461.02 2.5
8 RBC 1 438.50 2.4
9 Goldman Sachs 1 417.01 2.3
10 Morgan Stanley 1 399.06 2.2
Total 41 18,272.86
6 IFR Bonds 2327 p 25 - 65 .indd 52 03 / 04 / 2020 20 : 29 : 01