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 - 16 August 2023
Primary
Another quiet day in Europe, but an active one in Australia again, with one deal pricing and three others updated.
Avanti AU Auto ABS Trust 2023-1 priced as follows:
Avanti AU Auto ABS Trust 2023-1
16 August 2023
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ABS Markets Daily - 15 August 2023
*July fund factsheets *Europe becalmed *Australian primary buzzing
July factsheets in
The ABS funds we monitor have now reported for July. Their factsheets and commentaries show a busy month and positive if cautious future expectations.
The funds all report taking advantage of opportunities amid July’s robust activity in both the primary and the secondary European and UK ABS/MBS ...
15 August 2023
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ABS Markets Daily - 11 August 2023
*European primary still quiet *Secondary scrappy *Australian pipeline builds
Europe/UK
Primary
Aside from yesterday’s retention of Dutch prime RMBS Orcinus 2023, the European primary market continued to be quiet all week with no other pricings or new deals announced. Consequently, the European visible new issue pipeline remains empty.Secondary
11 August 2023
Lists and activity more broadly remained scrappy this week thanks ...
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ABS Markets Daily - 10 August 2023
Primary market
Europe/UK
Today saw the first new deal to price since 28 July – retained Dutch prime RMBS Orcinus 2023, arranged by Rabobank. It is the second deal to be originated by ASR Levensverzekering this year, following June's Delphinus 2023-1.Orcinus 2023
Market Moves10 August 2023
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ABS Markets Daily - 4 August 2023
*European primary silent *Secondary slows further *Aussie autos emerge
Europe/UK
Primary
The European and UK ABS/MBS primary market fell silent over the past week, with no pricings or new deals announced. Consequently, the visible new issue pipeline remains empty.Secondary
4 August 2023
As predicted last week (ABS Markets Daily - 28 July 2023), the summer slowdown continued in the secondary market this week, ...
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ABS Markets Monthly - July 2023
*Liquidity issues *July in numbers *League tables
Liquidity issues
As the summer lull begins, it prompts the usual reminder of the illiquidity that historically hampers the European and UK ABS/MBS secondary market. However, last September’s UK mini-budget triggered the “LDI crisis”, a ferocious sell-off in Gilts and the volume of UK and European ABS/MBS traded on BWIC rocketed. Nevertheless, ...
31 July 2023
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ABS Markets Daily - 28 July 2023
*Secondary slows *UK CMBS prints *International primary in neutral
Secondary slows
The European and UK ABS/MBS secondary market is now slowing down for summer, following the primary market’s shift into neutral.
“It’s definitely slower, though last week was fairly busy and we saw BWIC volume of around €150m. But this week it’s been a lot closer to €50m,” ...
28 July 2023
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ABS Markets Daily - 27 July 2023
Primary market
Europe/UK
German auto loan ABS Globaldrive Auto Receivables 2023-A was retained today via Société Générale.Globaldrive Auto Receivables 2023-A
Market Moves27 July 2023
ABS Markets Daily - 26 July 2023
Primary market
Europe/UK
Spanish reperforming RMBS Clavel Residential 3 was privately placed this afternoon via Morgan Stanley.Clavel Residential 3
26 July 2023
ABS Markets Daily - 25 July 2023
Primary market
Europe/UK
WiZink Bank has retained Spanish credit card ABS aZul Master Credit Cards 2023-1. It priced as follows:aZul Master Credit Cards 2023-1
25 July 2023
ABS Markets Daily - 21 July 2023
*June fund factsheets *Seven deals price this week * UK CMBS on the cards
June factsheets in
The bulk of the ABS funds we monitor have now reported for June. Their factsheets reveal another solid month and positive views on the future.
June was a quieter month in the primary market, thanks chiefly to the Global ABS conference ...
21 July 2023
ABS Markets Deal Alert - 20 July 2023 18.30 UK time
Dilosk RMBS No.7 has priced. Its class A levels came in wider than the last Irish RMBS fully-backed by BTL loans – Glenbeigh 2 2021-2, which printed at a 90bp DM in September 2021. The platform’s own last 100% BTL deal Dilosk RMBS No.3 priced at a 75bp DM in April 2019.
Dilosk RMBS No.7
20 July 2023
ABS Markets Deal Alert - 20 July 2023 14.30 UK time
SC Germany Consumer 2023-1 has priced with its class As 2bp wider than the last issue from the platform in September 2022. However, it did come in inside the previous German consumer ABS – Fortuna Consumer Loan ABS 2023-1 – which printed in February 2023.
SC Germany Consumer 2023-1
20 July 2023
ABS Markets Deal Alert - 20 July 2023 10.15 UK time
Final guidance and a further book update on a €201.857m size have been released for Irish BTL RMBS Dilosk RMBS No.7, as follows:
Dilosk RMBS No.7
20 July 2023
ABS Markets Deal Alert - 19 July 2023 18.15 UK time
Hermitage 2023 has priced. It is the first UK equipment ABS to print since DLL UK Equipment Finance 2019-1 in March of that year.
Hermitage 2023
19 July 2023
ABS Markets Deal Alert - 19 July 2023 17.40 UK time
Final guidance and another book update have been released for SC Germany Consumer 2023-1, as follows:
SC Germany Consumer 2023-1
19 July 2023
ABS Markets Deal Alert - 19 July 2023 16.45 UK time
Retail Automotive CP Germany 2021 Re-offer has priced with a DM one basis point inside its originally retained level, but 3bp wider than the previous public German auto loan ABS – RevoCar 2023-1 – which printed in April.
Retail Automotive CP Germany 2021 Re-offer
19 July 2023
ABS Markets Deal Alert - 19 July 2023 12.15 UK time
The spread has been set and a book update has been released for Retail Automotive CP Germany 2021 Re-offer, as follows:
Retail Automotive CP Germany 2021 Re-offer
19 July 2023
ABS Markets Deal Alert - 19 July 2023 12.10 UK time
Guidance and a book update on a €201.857m size have been released on Irish BTL RMBS Dilosk RMBS No.7, as follows:
Dilosk RMBS No.7
19 July 2023
ABS Markets Deal Alert - 19 July 2023 12.05 UK time
Guidance and a book update have been released on a £349.113m size for UK equipment ABS Hermitage 2023, as follows:
Hermitage 2023
19 July 2023