ABS Markets
All Update archive
SCI ABS Markets covers International ABS providing Australian, European and UK ABS, CMBS and RMBS deal-focused news and data. It covers both the primary and secondary markets for such cash securitisations, which are tranched bonds that offer investors notes with different levels of seniority backed by a range of assets or receivables. ABS, or asset-backed securities, reference non-mortgage assets such as: auto loans/leases; consumer loans/credit cards; commercial finance, equipment and transport leases; NPLs; and SME loans. CMBS, or commercial mortgage-backed securities, and commercial real estate CLOs, or CRE CLOs, are backed by commercial mortgages or other commercial real estate assets. RMBS, or residential mortgage-backed securities, are backed by residential loans including: buy-to-let, non-conforming, NPL and Prime mortgages.
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ABS Markets Deal Alert - 27 January 2025, 9.05 UK time
Irish CMBS Pembroke Property Finance 3 has opened its books and released initial talk. Pricing is expected this week.
Pembroke Property Finance 3
27 January 2025
ABS Markets Deal Alert - 27 January 2025, 8.50 UK time
STS UK prime RMBS Lace Funding 2025-1 has opened its books and released initial price talk. Pricing is expected tomorrow or Wednesday.
Lace Funding 2025-1
27 January 2025
ABS Markets Deal Alert - 27 January 2025, 8.25 UK time
German auto loan ABS Bavarian Sky German Auto Loans 14 has opened its books and released initial price talk. Pricing is expected this week.
Bavarian Sky German Auto Loans 14
27 January 2025
ABS Markets Daily - 24 January 2025
*Dormant secondary * Cautious optimism for European CMBS *Europe sees no movements *Australia greets another mandate
Dormant week for secondary
The European and UK secondary market for ABS and MBS saw muted activity this week, according to a trader's account. While the prior week had experienced above-average trading volumes compared to 2024’s baseline, the momentum failed to carry through, resulting in ...
Market Moves24 January 2025
ABS Markets Daily - 23 January 2025
*No deal updates from either Europe or Australia
Primary
Europe/UK
Activity levels remained quiet today, with no further updates on Pembroke Property Finance 3 since last Friday. The transaction is expected to price by tomorrow.
The visible European new issue pipeline looks like this:
23 January 2025
ABS Markets Deal Alert - 22 January 2025, 10.30 UK time
Capital structure details for Dutch BTL RMBS Jubilee Place 7 have been released.
- Issuer: Jubilee Place 7 B.V.
- Originators:
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- Dutch Mortgage Services B.V.
- DNL 1 B.V.
- Community Hypotheken B.V.
- Sole Arranger & Lead Manager: Citi
22 January 2025
ABS Markets Daily - 22 January 2025
*Jubilee releases capital structure, as Antigua prices *Australia shows no updates
Primary
Europe/UK
A capital structure deal was released today.
22 January 2025
ABS Markets Deal Alert - 21 January 2025, 16.10 UK time
Irish CMBS Sequoia Logistics 2025-1 has begun marketing.
- Issuer: Sequoia Logistics 2025-1 DAC
- Sole Arranger: Barclays Bank PLC
- Joint Bookrunners: Barclays Bank PLC & Deutsche Bank
- Sponsor: Blackstone Inc.
- Asset Managers: Mileway
Expected Timing
- Management Call with Sponsor: Friday, 24 January 2025, 13:00 GMT
- Pricing Date: Expected w/c 3 February 2025
- Settlement Date: Expected w/c 10 February 2025
- First Note Interest Payment Date: 19 May 2025
- Expected Maturity Date: February ... 21 January 2025
ABS Markets Daily - 21 January 2025
*Heat pump ABS struggles *Tree European deals announce *One Aussie mandate
Heat pump ABS faces headwinds in Europe
The heat pump ABS market faces scalability hurdles, including policy challenges, data gaps and financing models
The nascent market for heat pump ABS faces significant challenges despite its potential role in Europe’s energy transition. A lack of support from policymakers and a shortage of ...
Market Moves21 January 2025
ABS Markets Deal Alert - 21 January 2025, 14.10 UK time
Debut STS UK prime RMBS Lace Funding 2025-1 has begun marketing.
- Issuer: Lace Funding 2025-1 PLC
- Seller/Originator/Servicer: Nottingham Building Society
- Lead Manager: Lloyds
- Arranger: Alantra
Expected Timing
- Roadshow: 22–24 January 2025
- Pricing Date: Targeted w/c 27 January 2025
- Settlement Date: T+5
21 January 2025
ABS Markets Deal Alert - 21 January 2025, 9.15 UK time
German auto loan ABS Bavarian Sky German Auto Loans 14 has begun marketing.
- Issuer: Bavarian Sky S.A., Compartment German Auto Loans 14
- Seller & Servicer: BMW Bank GmbH
- Arranger: BMW Bank GmbH
- Joint Lead Managers: ING Bank, Lloyds Bank, UniCredit
Expected Timing
- Investor Calls: Available on request
- Pricing Date: Targeted for w/c 27 January 2025
- Expected Closing/Settlement: 20 February 2025
- First Interest Payment Date (IPD): 20 March 2025
21 January 2025
ABS Markets Daily - 20 January 2025
*Resilience dominates European ABS *One Australian mandate *No updates from Europe
Strength prevails in European ABS
European and UK ABS and MBS markets closed 2024 strongly, overcoming challenges with stability and demand
European and UK ABS and MBS markets closed 2024 on a resilient note, weathering broader macroeconomic challenges, according to factsheets monitored by SCI. Insights from Aegon, Amundi and TwentyFour Asset ...
Market Moves20 January 2025
ABS Markets Daily - 17 January 2025, 16:35 UK time
Dutch STS prime RMBS Delphinus 2025-I has priced as follows:
Delphinus 2025-I
17 January 2025
ABS Markets Deal Alert - 17 January 2025, 16.15 UK time
Italian auto loan ABS Koromo Italy 2 has prices as follows:
Koromo Italy 2
17 January 2025
ABS Markets Deal Alert - 17 January 2025, 13.50 UK time
Irish CMBS Pembroke Property Finance 3 has begun marketing.
The deal includes the refinance of €51.2m of loans (representing 14.9% of Pembroke 3 loan balances and 19.1% of loans) currently held by Pembroke Property Finance 2. Pembroke 3 is structurally similar to Pembroke 2, featuring a standalone structure sequential note paydown and a short WAL, with limited extension risk. There are two ...
17 January 2025
ABS Markets Deal Alert - 17 January 2025, 14.00 UK time
Dutch STS prime RMBS Delphinus 2025-I has set spread for its class A and released a book update. Pricing is expected for this afternoon.
Delphinus 2025-I
17 January 2025
ABS Markets Deal Alert - 17 January 2025, 12.10 UK time
Italian auto loan ABS Koromo Italy 2 has released final guidance and a book update. Books will go subject at 13:00 UK time. Pricing is expected this afternoon.
Koromo Italy 2
17 January 2025
ABS Markets Deal Alert - 17 January 2025, 9.30 UK time
Italian auto loan ABS Koromo Italy 2 has released revised guidance and a book update. Pricing is expected this afternoon.
Koromo Italy 2
17 January 2025
ABS Markets Daily - 17 January 2025
*Aussie ABS issuance to sustain momentum *Two Europeans price, as Pembroke third’s CMBS introduces itself *No Aussie updates
Australian ABS issuance primed for continued momentum
Following record RMBS issuance and non-bank dominance in 2024, Westpac’s Martin Jacques forecasts steady growth for 2025
It’s no secret that Australian ABS is coming off the back of a banner year in 2024, with RMBS having ...
Market Moves17 January 2025
ABS Markets Daily - 16 January 2025
*One European prints, two update *One Aussie mandate
Primary
Europe/UK
Another busy day for the market, with a deal pricing and two deal releasing guidance.
German STS auto lease ABS VCL 44 has upsized from €750m. Pricing as follows:
Market Moves16 January 2025