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 Daily - 10 January 2025
*Secondary sees quiet start *One Europe mandate *Australia sees no updates
Secondary begins year subdued
The ABS and MBS secondary market in Europe, UK and Australia began the year on a subdued note, with spreads remaining compressed and largely in line with 2024 levels. A European trader comments: “There’s been very little movement in ABS and RMBS. Spreads are still compressed ...
Market Moves10 January 2025
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ABS Markets Daily - 9 January 2025
*Europe and Australia remain silent
Primary
Europe/UK and Australia
Another dull day for the two markets, with no deal updates and stagnant new issue pipelines.
See SCI’s International ABS Deal Tracker for more.
Regulatory notices
Hercules (Eclipse 2006-4) – sale notice
Equinox Eclipse 2006-1 – sale notice
......... Market Moves9 January 2025
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ABS Markets Daily - 8 January 2025
*Europe and Australia stay quiet
Primary
Europe/UK and Australia
The two markets continued to show no sign of activity in the last couple of days, leaving their new issue pipelines completely empty.
See SCI’s International ABS Deal Tracker for more.
Regulatory notices
E-MAC NL 2005-III – put option notice
E-MAC NL 2004-II – 7 January put option notice
Market Moves8 January 2025
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ABS Markets Daily - 6 January 2025
*Europe and Australia remain at a standstill
Primary
Europe/UK and Australia
Both markets opened the month of January to a noticeable silence, with no fresh deal updates to spark activity, leaving their new issue pipelines stagnant and awaiting momentum.
Explore SCI's ABS Monthly feature: European SF to maintain 2024 levels | Asset back securities (ABS) | Structured Credit Investor
Access SCI's International ABS ...
Market Moves6 January 2025
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ABS Markets Monthly - December 2024
European SF to maintain 2024 levels
S&P forecasts €135bn issuance in 2025 with md Doug Paterson highlighting non-bank growth and innovation
S&P Global Ratings forecasts a promising yet complex year ahead for European structured finance markets. With issuance projected to reach €135bn, matching the record set in 2024, the outlook reflects a mix of economic resilience and emerging sectoral challenges.
According to ...
6 January 2025
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International ABS Markets Data - 2024
Volumes, arranger league tables, secondary spreads
2024 in numbers for Australian, European and UK ABS, CMBS and RMBS
Primary market
All issuance
6 January 2025
ABS Markets Daily - 23 December 2024
* Europe and Australia stay quiet ahead of the holiday season
Primary
Europe/UK
For the third consecutive week, the market has opened without any deal updates, leaving the new issue pipeline stagnant.
Australia
Today's activity showed no movement as the new issue pipeline stayed empty ahead of the Christmas holiday season.
See SCI’s International ABS Deal Tracker for more.
Regulatory notices
Citizen Irish Auto ...
Market Moves23 December 2024
ABS Markets Daily - 20 December 2024
*Secondary fluctuates *Europe sees a quick pricing move *Australia continues with its silence
Secondary experiences fluctuations
This week, the secondary market for European and UK ABS and MBS remained relatively quiet, though there were a few notable events. A European trader observes unusual BWIC activity in CLOs on Tuesday, with six BWICs registered, which stood in contrast to the overall subdued ...
Market Moves20 December 2024
ABS Markets Deal Alert - 20 December 2024, 15.55 UK time
Spanish prime RMBS Jeronimo Funding has priced as follows:
20 December 2024
ABS Markets Deal Alert - 20 December 2024, 15.00 UK time
Spanish prime RMBS Jeronimo Funding has begun marketing.
Originator: Unicaja Banco, S.A
Arranger: Citi
Issuer: Jeronimo Funding DAC
Retention Holder: Medvida
Seller: Medvida
Expected Timing
Pricing Date: 20 December 2024
20 December 2024
ABS Markets Daily - 19 December 2024
*A stillness lingers over Europe and Australia
Primary
Europe/UK
There was no activity today, with the new issue pipeline still inactive.
Australia
Yet another day unfolded with no signs of life from the market, as the new issue pipeline remains dormant.
See SCI’s International ABS Deal Tracker for more.
Regulatory notices
Taurus 2021-2 SP – updated value report
Cars Alliance UK Master - Market Moves19 December 2024
ABS Markets Daily - 18 December 2024
*ABS ready to grow in 2025 *Europe and Australia stay silent
European and UK ABS poised for growth in 2025
The European and UK ABS and MBS markets are set for a dynamic 2025, with rising net supply and stabilising fundamentals, according to BNP Paribas 2025 Outlook report. While spreads and valuations remain tight, attractive all-in yields and accommodative European monetary ...
Market Moves18 December 2024
ABS Markets Daily - 17 December 2024
*European and UK ABS slow *Europe sees one pricing *Australia stays subdued
Muted ABS reflects mixed sentiment
European ABS slowed in November, reflecting seasonal trends and ongoing macroeconomic uncertainty across sectors
November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to European and UK factsheets monitored by SCI. While consensus emerged on the ...
Market Moves17 December 2024
ABS Markets Daily - 16 December 2024
*Europe sees a preplacement *Australia shows no signs of activity
Primary
Europe/UK
The week kicked off with the mandate of a preplaced deal. Meanwhile, the new issue pipeline stays desolate.
Aira Force Capital Optimization Strategies (wholly owned direct subsidiary of Waterfall Asset Management) mandated Citi as sole arranger and lead manager on Lifetime Mortgage Funding 1, a 144A equity release/reverse RMBS. The preplaced ...
Market Moves16 December 2024
ABS Markets Daily - 13 December 2024
*Europe and Australia are at a halt
Primary
Europe/UK
The week ended with another day of inactivity in the market, leaving the new issue pipeline barren.
Australia
Similarly, this part of the hemisphere wrapped up without any market updates.
The visible Australian new issue pipeline looks like this:
Market Moves13 December 2024
ABS Markets Daily - 12 December 2024
*Europe remains subdued *One Australian prices
Primary
Europe/UK
No updates from the market today.
Meanwhile, yesterday UK RMBS Valley Funding was priced and retained. Alantra and Lloyds, also the lead manager, were joint arrangers.
Valley Funding
Market Moves12 December 2024
ABS Markets Daily - 11 December 2024
*One European retains *One Aussie launches
Primary
Europe/UK
The market featured the pricing and retainment of STS UK prime RMBS Silverstone 2024-1. Citi was sole arranger, with Barclays, BNP Paribas, BofA, Citi, Deutsche Bank, Lloyds acting as dealers.
Silverstone 2024-1
Market Moves11 December 2024
ABS Markets Daily - 10 December 2024
*Europe stays silent *One Australian seeks interest
Primary
Europe/UK
The market remained stagnant, with no activity and a completely dormant new issue pipeline.
Australia
Today’s activity registered an update from a deal seeking interest.
Prime RMBS Triton Bond Trust 2024-3 began taking indication of interest.
Triton Bond Trust 2024-3
Market Moves10 December 2024
ABS Markets Daily - 9 December 2024
*Both Europe and Australia show no signs of activity
Primary
Europe/UK
The market started the week quietly for the second time in a row, with no deal updates and an empty new issue pipeline.
Australia
Another Monday with no activity from this side of the world either.
The visible Australian new issue pipeline looks like this:
Market Moves9 December 2024
ABS Markets Daily - 6 December 2024
*Secondary sees uptick *Two European preplacements *One Aussie pricing
Balanced flows in secondary
The European secondary market for ABS and MBS saw a steady week, according to a European trader, marked by balanced flows and renewed investor engagement. As the year-end approaches, market participants are adapting to the absence of primary issuance and preparing for what may be the final window of ...
Market Moves6 December 2024
ABS Markets Deal Alert - 6 December 2024, 16.00 UK time
UK STS BTL RMBS PMF 2024-2 was preplaced and has priced as follows:
PMF 2024-2
6 December 2024