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 January 2024 14.50 UK time
STS UK prime RMBS Lanark 2024-1 has priced, as follows:
Lanark 2024-1
9 January 2024
ABS Markets Deal Alert - 9 January 2024 12.45 UK time
German STS ABS Fortuna Consumer Loan ABS 2024-1 has begun marketing via joint arrangers and lead managers BNP Paribas, Citi and Natixis. The deal's class A is being offered with an ESG (social) label – SPO on social framework provided by ISS and Fitch.
Pricing is targeted for next week with issuer calls available on request from tomorrow.
9 January 2024
ABS Markets Deal Alert - 9 January 2024 12.00 UK time
Dutch auto lease ABS Hill FL 2024-1 has begun marketing via sole arranger BofA alongside JLMs Commerzbank and RBC. Pricing is targeted for next week with issuer calls available on request from tomorrow.
Hill FL 2024-1
9 January 2024
ABS Markets Daily - 8 January 2024
*Updates on two UK prime RMBS *Another one retained *European and Australian primary stay quiet
Primary
Europe/UK
Focus remained on UK RMBS today with updates on the two deals currently making up the visible European new issue pipeline, while another was retained.STS UK prime RMBS Lanark 2024-1 released price talk and guidance today along with two book updates. Pricing ...
8 January 2024
ABS Markets Daily - 5 January 2024
*At home in a range? *Two UK prime RMBS price *Australia silent
At home in a range?
European ABS/MBS spreads are set to primarily stay rangebound this year, according to research published this week.
RaboResearch’s 2024 outlook for the European ABS market, published on Wednesday, says: “We expect modestly tighter spreads by the end of the first half ...
5 January 2024
ABS Markets Deal Alert - 5 January 2024 09.55 UK time
Together Financial Services has mandated BNP Paribas and Citi as co-arrangers and BNP Paribas, Citi, HSBC and NatWest Markets as JLMs for a forthcoming RegS/144a UK RMBS transaction, Together Asset Backed Securitisation 2024-2nd1, backed by a portfolio of second lien residential mortgage loans.
A transaction offering several GBP-denominated mezzanine tranches is expected to price during next week, subject ...
5 January 2024
ABS Markets Deal Alert - 4 January 2024 14.15 UK time
STS UK prime RMBS Holmes Master Issuer 2024-1 has upsized from £500m and priced as follows:
Holmes Master Issuer 2024-1
4 January 2024
ABS Markets Deal Alert - 4 January 2024 11.15 UK time
STS UK prime RMBS Holmes Master Issuer 2024-1 has set its spread and released a book update with the ability to upsize. Books will go subject at 12:00 UK time and pricing will follow later this afternoon.
Holmes Master Issuer 2024-1
4 January 2024
ABS Markets Deal Alert - 4 January 2024 09.30 UK time
Capital structure details have been released for STS UK prime RMBS Lanark 2024-1. Pricing is expected next week.
Lanark 2024-1
4 January 2024
ABS Markets Deal Alert - 3 January 2024 16.50 UK time
STS UK prime RMBS Permanent 2024-1 has upsized from £500m and priced, as follows:
Permanent 2024-1
3 January 2024
ABS Markets Deal Alert - 3 January 2024 12.45 UK time
STS UK prime RMBS Permanent 2024-1 has released a second book update and set its spread. Books are to go subject at 13:30 UK time with pricing to follow later today.
Permanent 2024-1
3 January 2024
ABS Markets Daily - 2 January 2024
*Permanent moving ahead *Holmes announced *Lanark mandated
Primary
Europe/UK
The first session back from the Christmas break for most was focused on UK prime RMBS, with news on three deals today.STS UK prime RMBS Permanent 2024-1, which was announced last week, released initial price talk and a book update. Pricing is expected tomorrow via sole arranger Lloyds ...
2 January 2024
ABS Markets Daily - 22 December 2023
Quiet end
22 December 2023
Little to report on another quiet day at the end of a quiet week that only saw three private deals appear – Andor SPV, Tower Bridge Funding 2024-1 and Volta VIII – and also marks effective year-end. There are however a few regulatory notices, plus iTraxx Main and Crossover currently sitting at tights for ...
ABS Markets Monthly - December 2023
December and 2023 in numbers
Primary market
Europe/UK
December
Strong overall volumes in both euro and sterling, but December 2022 was the clear winner:All issuance
22 December 2023
ABS Markets Daily - 20 December 2023
*Secondary stands down *Public primary stays silent as Tower Bridge goes private
Secondary stands down
After a final flourish last week, the European and UK ABS/MBS secondary market looks to now be standing down for the year. However, there are hopes for a quick start to 2024.
“Last week was very busy and we saw activity across all ...
20 December 2023
ABS Markets Daily - 19 December 2023
*November funds report *Two privates on parade *Australia to stay positive
November factsheets in
All of the European and UK ABS funds we monitor have now reported for November. All noted a slowing in primary issuance after the high volumes seen in the previous two months and tightening spreads in an active and buying-biased secondary market. Nevertheless, they were ...
19 December 2023
ABS Markets Daily - 15 December 2023
*European primary fizzles *Australia goes private *Secondary grinds tighter for now
Primary
Europe/UK
The European and UK primary market continued to fizzle out this week as year-end gets ever closer. The only new deals were two not offered/preplaced deals on Monday and Tuesday, followed by another preplaced deal today.UK reperforming consumer ABS Wolf Receivables Financing 3 ...
15 December 2023
ABS Markets Daily - 12 December 2023
*Stratton prices *ABA prints
Primary
Europe/UK
UK non-conforming RMBS Stratton Mortgage Funding 2024-1 has priced as follows:Stratton Mortgage Funding 2024-1
12 December 2023
ABS Markets Daily - 11 December 2023
*Performer preplaced *ABA launches *Secondary strong despite slowdown
Primary
Europe/UK
UK consumer ABS Performer Funding 1 has been preplaced via joint arrangers and lead managers Lloyds and Morgan Stanley.Performer Funding 1
11 December 2023
ABS Markets Daily - 8 December 2023
*French Prime retained *Angle prices Radian *European secondary still rallying
Primary
Europe/UK
It was a fairly quiet end to a very quiet week that didn’t see any publicly placed deals price. There were, however, two private deals on Wednesday and one today:Milleis Banque Privée retained its inaugural securitisation – RMBS FCT French Prime Cash 2023. The private ...
8 December 2023
ABS Markets Daily - 7 December 2023
*Europe quiet again *Australia sees one launch
Primary
Europe/UK
Another day without any primary market news. As a result, the visible European new issue pipeline still only contains one deal:7 December 2023