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 - 19 November 2024, 15.30 UK time
Italian STS auto loan ABS Auto ABS Stella Loans 2024-1 has released final guidance and a book update. Pricing is expected this afternoon.
Auto ABS Stella Loans 2024-1
19 November 2024
ABS Markets Daily - 19 November 2024
*One European about to price, as one introduces itself *One Aussie releases final guidance
Primary
Europe/UK
An uptick in activity levels for the market today, with a deal expecting to price shortly and a new announcement.
Italian STS auto loan ABS Auto ABS Stella Loans 2024-1 released final terms. Pricing to follow shortly.
Auto ABS Stella Loans 2024-1
Market Moves19 November 2024
ABS Markets Daily - 18 November 2024
*Last week's further update on secondary *One European updates *One Australian launches
Secondary is on hold
According to a European trader, last week the market appeared to be in a holding pattern as participants try to digest the implications of the US elections and reassess their strategies.
“It’s been a quiet week on secondary,” she remarks. “Volumes are slightly higher than last ...
Market Moves18 November 2024
ABS Markets Deal Alert - 18 November 2024, 14.45 UK time
Italian STS auto loan ABS Auto ABS Stella Loans 2024-1 has released a book update. Pricing is expected early/mid this week.
Auto ABS Stella Loans 2024-1
18 November 2024
ABS Markets Deal Alert - 18 November 2024, 11.00 UK time
Italian STS auto loan ABS Auto ABS Stella Loans 2024-1 has opened its books and released initial price talk. Pricing is expected early/mid this week.
Auto ABS Stella Loans 2024-1
18 November 2024
ABS Markets Daily - 15 November 2024
*Secondary slowdown *Europe remains silent *Two Australian deals price
Secondary lull
The European ABS secondary market has seen a notably quiet week, with traders reporting a slowdown in activity, particularly within the CLO segment. The muted trading environment reflects a broader hesitation among market participants, as momentum seems to have stalled.
Primary
Europe/UK
The week concluded with no activity in the market.
The ...
Market Moves15 November 2024
ABS Markets Daily - 14 November 2024
*One European announcement *One Australian launches
Primary
Europe/UK
A new deal joined the pipeline today.
Market Moves14 November 2024
ABS Markets Deal Alert - 14 November 2024, 12.35 UK time
Irish RMBS Shamrock Residential 2024-1 has begun marketing. ...
14 November 2024
ABS Markets Deal Alert - 13 November 2024, 15.10 UK time
UK CMBS UK Logistics 2024-2 has begun marketing.
Blackstone Real Estate Partners, BofA and Morgan Stanley are pleased to present UK Logistics 2024-2, a new £389.4m CMBS transaction backed by two uncrossed loans that will refinance Blackstone’s acquisition of two urban logistics portfolios, both acquired over the past 12 months.
ISSUER: UK Logistics 2024-2
SPONSOR: Blackstone Real Estate Partners
JOINT ARRANGERS: BofA and Morgan Stanley
JOINT LEAD ...
13 November 2024
ABS Markets Daily - 13 November 2024
*Second UK Logistics CMBS makes its appearance *One Aussie prices, one seeks interest
Primary
Europe/UK
Today’s activity included the debut of the second CMBS series from UK Logistics.
13 November 2024
ABS Markets Daily - 12 November 2024
*Europe records no movement *Australia greets two new deals
Primary
Europe/UK
Uneventful day for the market with no updates or new deals, leaving the European new issue pipeline with just one entry:
Market Moves12 November 2024
ABS Markets Daily - 11 November 2024
*One new European deal *Four Australians move ahead
Primary
Europe/UK
The beginning of the week registered a slight movement from the market, with a new issue.
11 November 2024
ABS Markets Deal Alert - 11 November 2024, 11.20 UK time
Italian STS auto loan ABS Auto ABS Stella Loans 2024-2 has begun marketing via co-arrangers IMI-Intesa San Paolo and Santander alongside fellow HSBC as JLMs. Investor calls are available upon request from tomorrow to Friday. Pricing is targeted for next week.
Auto ABS Stella Loans 2024-2
11 November 2024
ABS Markets Daily - 8 November 2024
*Secondary slows down *No deal updates from either Europe or Australia
Secondary slows amid US elections
The European ABS secondary market experienced reduced activity this past week, as market participants turned their attention to the US presidential elections. “It was a quiet week overall,” comments one European ABS trader. “Flows were below the average we’re used to seeing, with traders holding ...
Market Moves8 November 2024
ABS Markets Daily - 7 November 2024
*No movements from Europe *Two Australian mandates, one print, two updates
Primary
Europe/UK
Fourth lull day for the market, leaving the European new issue pipeline empty.
Distribution statistics for German STS green solar loan ABS Golden Ray 1 were released. 18 accounts: asset managers/real money (55%), banks (23%) and official institution (26%). Location split: Benelux (62%), UK (25%), Germany (6%), France (6%) ...
Market Moves7 November 2024
ABS Markets Daily - 6 November 2024
*No European issue activity *One Aussie sets spreads
Primary
Europe/UK
Another day showing a quiet market, with the European pipeline absent of any new issuances.
Australia
Market activity saw a modest increase, with another update on Torrens' refinancing.
Prime RMBS Torrens 2019-2 Trust A (Refinancing) set spread for its class A-R and released a book update. Pricing is expected to price tomorrow.
Torrens 2019-2 Trust ...
Market Moves6 November 2024
ABS Markets Daily - 5 November 2024
*M&G launches new ABS fund *Europe keeps quiet *One Australian deal launches
M&G unveils €200m ABS fund
Firm launches vehicle aimed at unlocking daily liquidity in high-grade securitised assets
M&G’s structured credit team has launched the M&G Investment Grade ABS Fund, a new daily liquidity fund with an initial €200m investment from pension schemes and family offices. The fund seeks to capture ...
Market Moves5 November 2024
ABS Markets Daily - 4 November 2024
* Europe poised for movement ahead of US elections *Australia shows no signs of activity
Pre-judgment day ABS rush in Europe
October sees strong European and UK ABS issuance ahead of US presidential election
October ended with a surge in European and UK ABS and MBS issuance, with €3.5bn placed from seven deals in the final week of the month. This included ...
Market Moves4 November 2024
ABS Markets Daily - 1 November 2024
*Europe and Australia stay silent *Enpal’s deal and two UK RMBS priced last night
Primary
Europe/UK
Today’s market activity was subdued with no updates and an empty European new issue pipeline.
Meanwhile, three deals reached their anticipated pricing phase last night: Enpal’s German solar panel ABS transaction, along with two UK RMBS deals.
Market Moves1 November 2024
ABS Markets Deal Alert - 31 October 2024, 17.05 UK time
German STS green solar loan ABS Golden Ray 1 has released final guidance and a book update. Pricing is expected shortly.
Golden Ray 1
31 October 2024
ABS Markets Monthly - October 2024
Blueprint for sustainable growth
EIF's Jesper Skoglund and Georgi Stoev discuss EIB, EIF, and BPCE's €800m ABS initiative, crafted to drive sustainable SME growth in Europe
EIB, EIF and BPCE have collaborated on a new €800m financing initiative aimed at driving innovation and sustainability for SMEs. Structured as an ABS transaction, this joint venture is ...
31 October 2024