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 - 9 September 2024, 14.50 UK time
Irish non-conforming RMBS Dilosk RMBS No.10 has opened its books and released initial price talk. Pricing is expected as early as Wednesday.
Dilosk RMBS No.10
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 9.45 UK time
German STS auto loan ABS Red & Black Auto Germany 11 has begun marketing via sole arranger and lead manager Société Générale. Investor calls are available upon request from tomorrow to Friday and pricing is targeted for next week.
Red & Black Auto Germany 11
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 13.37 UK time
German STS auto lease ABS VCL 43 has opened its books and released initial price talk. Pricing is expected later this week.
VCL 43
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 12.50 UK time
Spanish STS Consumer ABS Sabadell Consumo 3 has opened its books and released initial price talk. Pricing is expected as early as Wednesday.
Sabadell Consumo 3
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 11.35 UK time
UK prime STS auto ABS Koromo UK1 has begun marketing. Investor calls are available upon request from today and pricing is expected next week.
Koromo UK1
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 10.50 UK time
Spanish STS auto loan ABS FT Auto ABS Spanish Loans 2024-1 has begun marketing via sole arranger Santander CIB alongside fellows BofA and ING Bank as JLMs. Investor calls are available from Wednesday and pricing is targeted for next week.
FT Auto ABS Spanish Loans 2024-1
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 9.25 UK time
Italian STS mixed auto and personal loan ABS Golden Bar (Securitisation) series 2024-1 has opened its books and released initial price talk. Pricing is targeted for later this week.
Golden Bar (Securitisation) series 2024-1
9 September 2024
ABS Markets Deal Alert - 9 September 2024, 9.15 UK time
Portuguese STS consumer ABS Consumer Totta 2 has opened its books and released initial price talk. Pricing is targeted for later this week.
9 September 2024
ABS Markets Daily - 9 September 2024
*Six Europeans start price talk, as four make their entrance *Two Aussies updates
Primary
Europe/UK
A dynamic start to the week, marked by a prolific surge in activity as four new deals enter the pipeline and six others move into the initial price talk phase.
Market Moves9 September 2024
ABS Markets Daily - 6 September 2024
*Four Europeans price *Three more announced *Australian auto prints
Primary
Europe/UK
Four pricings today to bring the week’s total to 10. Meanwhile, two mandates were announced and a new Spanish auto began marketing.UK STS auto loan ABS Driver UK Master Compartment 9 priced as follows:
Driver UK Master Compartment 9
6 September 2024
ABS Markets Daily - 5 September 2024
*Three Europeans price *VCL joins the fray *Two Aussies announced as one seeks interest
Primary
Europe/UK
Three pricings today plus confirmation of Braccan’s print last night. At the same time, four deals moved toward pricing tomorrow and the latest VW deal was announced for next week’s business.Spanish STS auto loan ABS BBVA Consumer Auto 2024-1 priced as follows:
BBVA Consumer ...
5 September 2024
ABS Markets Daily - 4 September 2024
*Seven Europeans proceed *UK CMBS preplaced *Four Australians advance
Primary
Europe/UK
Seven of the deals already in the pipeline saw some movement today, including one pricing. Meanwhile, the second public CMBS of the year priced and just like its predecessor – UK Logistics 2024-1 – it was a UK deal involving Blackstone.Spanish STS auto loan ABS BBVA ...
4 September 2024
ABS Markets Daily - 3 September 2024
*Five Europeans proceed *Latest Fortuna marketing *Three Australians advance
Primary
Europe/UK
Five deals moved ahead today – three published book updates, one with guidance, and two released talk. In addition, the latest consumer ABS from the Fortuna platform joined the pipeline.UK non-conforming RMBS Braccan Mortgage Funding 2024-1 released a book update. Pricing is expected as early ...
3 September 2024
ABS Markets Daily - 2 September 2024
*Five Europeans talk *Four join the pipe *Two Aussies launch as five more announced
Primary
Europe/UK
Five deals opened their books and released initial price talk today, while three more euro consumer ABS and an Irish RMBS joined the pipeline for next week.Spanish STS auto loan ABS BBVA Consumer Auto 2024-1 is expected to price as early as Wednesday.
BBVA Consumer Auto ...
2 September 2024
ABS Markets Daily - 30 August 2024
*Europe ends the week quietly *Allied seeks interest *Firstmac mandates
Primary
Europe/UK
Quiet end to the week with no activity today. However, there is already a busy schedule for next week – nine deals are slated to potentially price, comprising five autos, three UK non-conforming RMBS and an Italian consumer ABS.The visible European new issue pipeline looks like this:
30 August 2024
ABS Markets Daily - 29 August 2024
*Two Europeans print as three more join the pipe *Harvey refi gets underway *Panorama mandated
Primary
Europe/UK
Two deals moved quickly through the remainder of their pricing processes today to reach execution and three more began marketing.Dutch STS auto lease ABS Bumper NL 2024-1 upsized from €625m and priced as follows:
Bumper NL 2024-1
29 August 2024
ABS Markets Daily - 28 August 2024
*Europe silent *Liberty seeks interest
Primary
Europe/UK
No activity today so far. The visible European new issue pipeline looks like this:28 August 2024
ABS Markets Daily - 27 August 2024
*Six European deals move ahead *Two Aussies join the pipe *Puma seeks interest
Primary
Europe/UK
Four deals have begun marketing, while two more have released price talk.Previously announced UK non-conforming RMBS Braccan Mortgage Funding 2024-1 has begun marketing via joint arrangers Lloyds and Natixis. Investor calls are available from today and pricing is expected next week.
Braccan Mortgage Funding 2024-1
27 August 2024
ABS Markets Daily - 23 August 2024
*Europe, UK and Australia stay quiet *Secondary picks up
Secondary rebounds
In recent weeks, the European and UK ABS and MBS secondary markets have been relatively quiet. However, a European ABS trader notes: “Activity picked up this week due to earlier-than-expected primary market issuance.”
The increased activity in the primary market typically helps stimulate the secondary market. The trader explains: “The positive ...
Market Moves23 August 2024
ABS Markets Daily - 22 August 2024
*Durham B preplaces *One European introduces itself *Three Australians price
Primary
Europe/UK
Today marked the second refinancing of a pre-GFC mortgage pool, while a new mandate also entered the market.
Prime UK BTL RMBS Durham Mortgages B (refinancing 2) has been pre-placed via arranger and lead manager Barclays.
Durham Mortgages B (refinancing 2)
Market Moves22 August 2024
ABS Markets Deal Alert - 22 August 2024, 14.55 UK time
Paratus AMC has mandated BNP Paribas, Deutsche Bank AG, Lloyds (arranger), Natixis (arranger), RBC Capital Markets, SMBC and Apollo Management International (co-manager) to engage with investors in relation to Braccan Mortgage Funding 2024-1, a UK RMBS transaction backed by a mixed collateral pool of buy-to-let and owner-occupied mortgages originated by Foundation Home Loans. Investor call and pricing timeframes are yet to be ...
22 August 2024