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 - 6 December 2023 16.15 UK time
Ertow Holdings XI has mandated BofA as sole arranger/lead manager for Stratton Mortgage Funding 2024-1, a sterling denominated 144A/RegS UK RMBS transaction. A transaction may follow subject to market conditions.
Proceeds of the transaction are intended to be used to exercise the call option of Stratton Mortgage Funding 2021-2. Pricing is expected next week.
......... 6 December 2023
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ABS Markets Daily - 4 December 2023
*Europe silent *Australia busy
Primary
Europe/UK
No activity today, so the visible European new issue pipeline remains empty.Australia
One mandate, one announcement and one launch made for a busy start to the week.Auswide Bank has mandated ANZ (arranger), Macquarie and Westpac to engage with investors in relation to Auswide’s ABA RMBS programme. ABA Trust 2023-1 may follow, subject to market conditions.
4 December 2023
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ABS Markets Daily - 1 December 2023
Primary
Europe/UK
A very quiet week, with only one placed deal – UK STS prime RMBS Gemgarto 2023-1, which priced yesterday. Next week currently looks like it will be even quieter with no deals in the visible European new issue pipeline.Meanwhile, the resecuritisation of Italian RMBS Stresa Securitisation has priced, as follows:
Stresa Securitisation
1 December 2023
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ABS Markets Monthly - November 2023
November in numbers
Primary market
Another strong month in International ABS new issuance. No records broken, but hefty headline figures were still seen.
Europe/UK
Strong overall volumes in both euro and sterling, with the latter showing great improvement in the year-on-year comparison:All issuance
1 December 2023
ABS Markets Deal Alert - 30 November 2023 17.15 UK time
UK STS prime RMBS Gemgarto 2023-1 has priced as follows:
Gemgarto 2023-1
30 November 2023
ABS Markets Deal Alert - 30 November 2023 15.20 UK time
UK STS prime RMBS Gemgarto 2023-1 has released another book update and final guidance. Pricing is targeted for 16:30 UKT today.
Gemgarto 2023-1
30 November 2023
ABS Markets Deal Alert - 30 November 2023 09.00 UK time
UK STS prime RMBS Gemgarto 2023-1 has released guidance and a book update. Pricing is expected today.
Gemgarto 2023-1
30 November 2023
ABS Markets Daily - 29 November 2023
*BPCE’s inaugural SME ABS retained *Firstmac prints
Primary
Europe/UK
29 November 2023
Mercure Master SME FCT has been retained via arranger and originator BPCE. It is an evergreen revolving cash securitisation of secured and unsecured loans to French SMEs extended by the networks of the Banque Populaire and the Caisse d’Epargne that form part of the BPCE Group and is BPCE’s first SME ...
ABS Markets Daily - 28 November 2023
*Gemgarto starts talking *Firstmac sets spreads
Primary
Europe/UK
Sole constituent of the current visible European pipeline Gemgarto 2023-1 opened its books and released initial price talk today. Pricing is targeted for as early as tomorrow.Gemgarto 2023-1
28 November 2023
ABS Markets Deal Alert - 28 November 2023 13.00 UK time
UK STS prime RMBS Gemgarto 2023-1 has released initial price talk. Pricing is targeted for as early as tomorrow.
Gemgarto 2023-1
28 November 2023
ABS Markets Daily - 27 November 2023
*Eropean primary silent *Firstmac launches
Primary
Europe/UK
No activity today. The visible European new issue pipeline currently looks like this:27 November 2023
ABS Markets Daily - 24 November 2023
*Secondary quietly positive *European primary has a late flurry *Liberty prints
Secondary quietly positive
Unsurprisingly, given the US public holiday and another quiet week in primary (see Primary section below), there was little action in the European and UK ABS/MBS secondary market this week. However, market sentiment is positive.
“There really is very little to say about this ...
24 November 2023
ABS Markets Daily - 23 November 2023
*Europe appears to give thanks *Australian duo move ahead
Primary
Europe/UK
Market participants appeared to have adopted the US public holiday as there was no activity today.The European visible new issue pipeline remains empty.
Australia
A bit more movement in the southern hemisphere today as Firstmac sought interest for its auto deal and Liberty upsized.Prime consumer Auto ABS Firstmac ...
23 November 2023
ABS Markets Daily - 22 November 2023
*Europe shows slight signs of life *Liberty launch
Primary
Europe/UK
Some signs of life at last this week – with one public and one private pricing today.UK BTL RMBS Mortimer BTL 2023-1 priced just now.
Mortimer BTL 2023-1
22 November 2023
ABS Markets Deal Alert - 22 November 2023 18.00 UK time
UK BTL RMBS Mortimer BTL 2023-1 has priced, as follows:.
Mortimer BTL 2023-1
22 November 2023
ABS Markets Deal Alert - 22 November 2023 11.40 UK time
UK BTL RMBS Mortimer BTL 2023-1 has released final guidance and a further book update. Classes E and X are to be auctioned and the non-auctioned tranches will go subject at 12:00 UK time, with pricing to follow this afternoon.
Mortimer BTL 2023-1
22 November 2023
ABS Markets Daily - 21 November 2023
*Measured outlook *Europe quiet *Australia quieter
Measured outlook
JPMorgan international ABS research analysts published their 2024 forecast this afternoon. They characterise it as a “measured outlook for performance in 2024” and certainly in European primary ABS/MBS, they fall €3bn inside Barclays’ volume estimate for next year (ABS Markets Daily - 3 November 2023).
The JPMorgan analysts explain: ...
21 November 2023
ABS Markets Deal Alert - 21 November 2023 15.25 UK time
UK BTL RMBS Mortimer BTL 2023-1 has released guidance and another book update. Pricing is expected tomorrow.
Mortimer BTL 2023-1
21 November 2023
ABS Markets Deal Alert - 21 November 2023 09.30 UK time
UK BTL RMBS Mortimer BTL 2023-1 has released a book update, with pricing expected tomorrow.
Mortimer BTL 2023-1
21 November 2023
ABS Markets Deal Alert - 20 November 2023 09.15 UK time
UK BTL RMBS Mortimer BTL 2023-1 has opened its books and released initial price talk. Pricing is expected on Wednesday.
Mortimer BTL 2023-1
20 November 2023
ABS Markets Daily - 17 November 2023
*Mixed messages in Europe *Australia rumbles on
Europe/UK
A slightly odd week that presented mixed messages across the board. Primary saw little traditional action, with just one deal publicly offered – and even that had a preplaced class A tranche. The only other prints were two retained deals and a preplaced CMBS.At the same time, a solitary ...
17 November 2023