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 August 2024, 11.50 UK time
German STS auto loan ABS RevoCar 2024-2 has begun marketing via sole arranger and lead manager Unicredit alongside JLM Santander. Investor calls are available upon request from tomorrow and pricing is expected next week.
RevoCar 2024-2
19 August 2024
ABS Markets Daily - 16 August 2024
* Quiet in Europe * Zip goes subject
Primary
Europe/UK
No activity today in the European primary ABS/MBS market. Consequently, the new issue pipeline remains barren.
Australia
The only update for the Australian primary securitisation market today was from Zip Master Trust Series 2024-2, with the issuer reporting that the class ...
16 August 2024
ABS Markets Daily - 15 August 2024
* Summer lull continues * Quiet in both hemispheres
Primary
Europe/UK
The summer lull continues in the European ABS/MBS market, with no primary activity today. As such, the new issue pipeline remains empty.
Australia
Unusually for the Australian primary securitisation market, no deal updates were released today. The visible Australian new issue ...
15 August 2024
ABS Markets Daily - 14 August 2024
* Resimac prints * Aussie pair seek IoIs
Primary
Europe/UK
Another day of inactivity for the European ABS/MBS primary market. The new issue pipeline consequently remains empty.
Australia
One Australian transaction printed today, while the remaining two deals in the pipeline began seeking indications of interest.
Non-conforming RMBS Resimac Bastille ...
14 August 2024
ABS Markets Daily - 13 August 2024
*Europe stays silent *Australian deal updates
Primary
Europe/UK
Another day of silence from European market activity. The new issue pipeline remains empty.
Australia
Only one update from the non-conforming RMBS Resimac’s deal, which is now approaching the final phase.
Non-conforming RMBS Resimac Bastille Trust Series 2024-2NC has released final guidance and two book updates. Pricing is expected tomorrow.
Resimac Bastille Trust Series 2024-2NC
Market Moves13 August 2024
ABS Markets Daily - 12 August 2024
*No movements in Europe *One Aussie deal launches
Primary
Europe/UK
No market activity was recorded today. However, in the late evening last Friday, a UK auto loan ABS deal, Cardiff Auto Receivables Securitisation 2024-1, was preplaced via co-arrangers and JLMs Lloyds and Morgan Stanley. The European new issue pipeline continues to look sparse.
Cardiff Auto Receivables Securitisation 2024-1
Market Moves12 August 2024
ABS Markets Daily - 9 August 2024
*No developments from Europe *One Australian refi prices, as one updates
Primary
Europe/UK
Yet another quiet day in the market, with no activity to report, leaving the European new issue pipeline completely barren.
Australia
One refinance deal suddenly appeared and priced today, as one started taking indication of interest.
The refinance of the prime RMBS Series 2019-1 REDS Trust’s class A was privately placed via arranger NAB. ...
9 August 2024
ABS Markets Daily - 8 August 2024
*No updates in Europe *Three Australian deals price
Primary
Europe/UK
No action from the market today, leaving the European new issue pipeline empty.
Australia
Lively activity today with three priced deals.
Non-conforming RMBS Pepper Residential Securities Trust No.40 has upsized from A$750m. Pricing as follows:
Pepper Residential Securities Trust No.40
8 August 2024
ABS Markets Daily - 7 August 2024
*Three Australians updates, as one introduces itself *One European prices
Primary
Europe/UK
The sole deal in the European new issue pipeline has now exited following its pricing today.
7 August 2024
ABS Markets Deal Alert - 7 August 2024, 13.05 UK time
STS UK prime RMBS Holmes Master Issuer 2024-2 has priced as follows:
Holmes Master Issuer 2024-2
7 August 2024
ABS Markets Deal Alert - 7 August 2024, 10.20 UK time
STS UK prime RMBS Holmes Master Issuer 2024-2 has released a book update. Pricing is expected as early as this afternoon.
Holmes Master Issuer 2024-2
7 August 2024
ABS Markets Deal Alert - 6 August 2024, 17.05 UK time
UK BTL RMBS London Wall Mortgage Capital 2024-1 has priced as follows:
London Wall Mortgage Capital 2024-1
6 August 2024
ABS Markets Daily - 6 August 2024
*In Europe one announcement and one preplacement *Two Australians launch and update
Primary
Europe/UK
After several days of silence, a first deal makes its debut today followed by the London Wall Mortgage Capital 2024-1’s class A preplacement .
6 August 2024
ABS Markets Deal Alert - 6 August 2024, 15.35 UK time
Citi has been mandated as sole arranger and sole lead manager for a UK BTL RMBS deal, London Wall Mortgage Capital 2024-1. The preplaced transaction is expected to price subject to market conditions.
Collateral highlights
References a pool of 87% buy-to-let and 13% owner-occupied mortgages originated by Fleet Mortgages, The Mortgage Lender and One Savings Bank via its subsidiary Charter Court Financial Services ...
6 August 2024
ABS Markets Deal Alert - 6 August 2024, 10.55 UK time
STS UK prime RMBS Holmes Master Issuer 2024-2 has been formally announced along with set of final spreads. Pricing is expected tomorrow via sole arranger Santander alongside JLMs Barclays, BofA, Deutsche and Lloyds.
Holmes Master Issuer 2024-2
6 August 2024
ABS Markets Daily - 5 August 2024
*Europe and Australia remain quiet
Primary
Europe/UK
Another slow start of the week, with no deal updates to report. The European issue pipeline remains empty.
Australia
Today's market landscape continued to be quiet. However, tomorrow promises more activity, with three deals set to price. The visible Australian new issue pipeline looks currently like this:
5 August 2024
ABS Markets Daily - 2 August 2024
*Active secondary *Europe and Australia exhibit similar quiet trends
Active secondary amid seasonal slowdown
In July, Australian new issuance activity was noticeably slower because originators were and are still waiting for buyers from the northern hemisphere to return from their summer holidays, says an Aussie trader.
“New issue margins were fairly steady. Secondary trading of triple-A and double-A lines is reasonably active ...
2 August 2024
ABS Markets Daily - 1 August 2024
*Europe continues its holiday season *No Australian movements
Green SPO securitisation surge
European SPO (second-party opinions) securitisation issuance in 2024 had a strong start, reaching €2.9bn across five transactions, surpassing last year's €2bn, according to a report by Morningstar DBRS’ European structured finance researchers.
Morningstar DBRS notes that RMBS has consistently dominated with significant green deals annually since 2016. While, geographically, the ...
1 August 2024
ABS Markets Daily - 31 July 2024
*Europe stays still *One Australian mandate and one update
Primary
Europe/UK
Three days in a row without activity for Europe, leaving its new issue pipeline blank.
Australia
One new deal makes its appearance and one provides an update.
Zip has mandated Goldman Sachs and NAB (arranger) to engage with investors in relation to Zip’s Master Trust Programme. Investor call and pricing timeframes for Zip Master ...
31 July 2024
ABS Markets Monthly - July 2024
Reverse RMBS’ growing interest faces slow uptake
As the global population ages and life expectancies rise, more retirees are turning to reverse mortgages to access the equity in their homes and fund their living expenses.
A recent report by S&P Global Ratings indicates that lenders and investors are showing increased interest in securitising these reverse mortgages, fostering competition among lenders and ...
31 July 2024
ABS Markets Daily - 30 July 2024
*No European deal developments *Two Aussie deals take interest
Primary
Europe/UK
Another day of market inactivity, with the European new issue pipeline remaining empty.
Australia
An uptick in activity today with two deals taking indication of interest.
Prime RMBS Series 2024-2 REDS Trust’s pricing is targeted for next Tuesday, with the potential to upsize.
Series 2024-2 REDS Trust
30 July 2024