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 Daily - 20 February 2024
*TPMF issues further notes *BL Consumer Credit talks *Six Australian deals move ahead
Primary
Europe/UK
20 February 2024
Towd Point Mortgage Funding has today closed the sale of further class A1 notes of its TPMF 2023 - Vantage 3 non-conforming RMBS from last November. Arranged via Barclays, these 2024 class A1 notes will be consolidated and form a single series with the ...
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ABS Markets Deal Alert - 20 February 2024 16.15 UK time
STS Belgian & Luxembourgish consumer loan ABS BL Consumer Credit 2024 has released initial price talk. Pricing targeted for as early as Thursday.
BL Consumer Credit 2024
20 February 2024
ABS Markets Daily - 19 February 2024
*Signs of life in Europe *Australia keeps on rolling
Primary
Europe/UK
A bit of a pick-up in activity today, albeit only from last week's low levels, with news on two deals.Bavarian Sky German Auto Loans 13 began marketing.
Bavarian Sky German Auto Loans 13
19 February 2024
ABS Markets Deal Alert - 19 February 2024 12.00 UK time
UK non-conforming RMBS Polaris 2024-1 has begun marketing. Investor calls are available from today and pricing is targeted for this week.
Polaris 2024-1
19 February 2024
ABS Markets Deal Alert - 19 February 2024 10.15 UK time
Bavarian Sky German Auto Loans 13 has begun marketing via sole arranger BMW Bank and JLMs BofA, Commerzbank and DZ. Investor calls are available on request and pricing is expected as early as the end of this week.
Bavarian Sky German Auto Loans 13
19 February 2024
ABS Markets Daily - 16 February 2024
*January funds report *Europe keeps quiet *Australia takes a breath
January factsheets in
All of the European and UK ABS funds we monitor have now reported for January 2024. They observe that amid evolving conditions, the European ABS/MBS market has demonstrated resilience and growth, but that future caution is advisable.
Aegon European ABS Fund’s managers note a significant improvement ...
16 February 2024
ABS Markets Deal Alert - 16 February 2024 10.40 UK time
UK Mortgage Lending has mandated Citi as sole arranger and Barclays, Citi, HSBC and NAB as JLMs on its upcoming public securitisation, Polaris 2024-1, backed by a portfolio of UK non-conforming, owner-occupied and BTL mortgages.
A transaction offering sterling-denominated senior and mezzanine tranches is expected to price next week, subject to market conditions.
......... 16 February 2024
ABS Markets Daily - 15 February 2024
*Driver UK prices *As do ScotPac and Triton *Two AUD prime RMBS seek interest
Primary
Europe/UK
Focus today purely on Driver UK Master Compartment 8, which priced just now.Driver UK Master Compartment 8
15 February 2024
ABS Markets Deal Alert - 15 February 2024 18.10 UK time
UK STS auto ABS Driver UK Master Compartment 8 has priced as follows:
Driver UK Master Compartment 8
15 February 2024
ABS Markets Deal Alert - 15 February 2024 12.45 UK time
UK STS auto ABS Driver UK Master Compartment 8 has set its class A spread, released final guidance on class B and provided a book update based on a minimum pool size of £500m. Pricing is expected today.
Driver UK Master Compartment 8
15 February 2024
ABS Markets Deal Alert - 15 February 2024 09.00 UK time
UK STS auto ABS Driver UK Master Compartment 8 has released guidance and a book update based on a minimum pool size of £500m. Pricing is expected today.
Driver UK Master Compartment 8
15 February 2024
ABS Markets Daily - 14 February 2024
*UK Driver updates as BL Consumer announced *Four Australians move ahead
Primary
Europe/UK
Something resembling an active late afternoon if not day, with one deal update and another announced in the last few hours.Driver UK Master Compartment 8 released a book update based on a £500m pool and is eyeing pricing tomorrow
Driver UK Master Compartment 8
14 February 2024
ABS Markets Deal Alert - 14 February 2024 17.15 UK time
STS Belgian & Luxembourgish consumer loan ABS BL Consumer Credit 2024 has begun marketing via sole arranger Deutsche alongside JLMs BNP Paribas and Natixis. Initial price talk and pricing are expected next week.
BL Consumer Credit 2024
14 February 2024
ABS Markets Deal Alert - 14 February 2024 16.00 UK time
UK STS auto ABS Driver UK Master Compartment 8 has released a book update based on a £500m pool size. Pricing is expected as early as tomorrow.
Driver UK Master Compartment 8
14 February 2024
ABS Markets Daily - 13 February 2024
*Driver UK issues talk *Illawarra prices *Olympus mandated
Primary
Europe/UK
The current sole constituent of the visible European new issue pipeline – Driver UK Master Compartment 8 – issued IPTs earlier this afternoon and is targeting pricing this week.Driver UK Master Compartment 8
13 February 2024
ABS Markets Deal Alert - 13 February 2024 14.35 UK time
UK STS auto ABS Driver UK Master Compartment 8 has opened its books and released initial price talk. Pricing is expected this week.
Driver UK Master Compartment 8
13 February 2024
ABS Markets Daily - 12 February 2024
*Two Australian prime RMBS launch *ScotPac seeks interest *Presale for PRS 39
Primary
Europe/UK
No activity today, so the European new issue pipeline still looks like this:12 February 2024
ABS Markets Daily - 9 February 2024
*Secondary flatters to deceive *UK Driver announced *PRS 39 mandated
Secondary flatters to deceive
The European and UK ABS/MBS secondary market should logically have been busy this week in the face of near silent primary activity – and headline numbers may indicate that it was. However, expectations have been confounded and volumes deceptive.
“Numbers this week have ...
9 February 2024
ABS Markets Deal Alert - 9 February 2024 09.40 UK time
UK STS auto ABS Driver UK Master Compartment 8 has begun marketing via sole arranger Lloyds alongside JLMs Citi and Société Générale. Investor calls are available on request from Monday with pricing expected later in the week.
Driver UK Master Compartment 8
9 February 2024
ABS Markets Daily - 7 February 2024
*European silence continues *Two Australians seek interest
Primary
Europe/UK
No activity so far this week and consequently the European new issue pipeline remains empty.Bankers appear unsure of what’s behind the silence or how long it will last. “Maybe it’s just the monthly cross, but we’re not seeing any announcements,” says one trader.
He continues: “We’ve spoken to ...
7 February 2024
ABS Markets Daily - 2 February 2024
*Quiet end to the week in Europe *Debut ABS mandate announced in Australia
Primary
Europe/UK
A quiet end to an even quieter week than the last one, with two placed deals pricing at very tight levels and one retained. There were no additions to the currently empty European new issue pipeline.Weekly pricing table
2 February 2024