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 - 17 July 2023 13.45 UK time
Initial price talk has been released for the only publicly offered tranche of UK equipment ABS Hermitage 2023, as follows:
Hermitage 2023
17 July 2023
ABS Markets Deal Alert - 17 July 2023 12.00 UK time
Initial price talk has been released on Irish BTL RMBS Dilosk RMBS No.7, as follows:
Dilosk RMBS No.7
17 July 2023
ABS Markets Deal Alert - 17 July 2023 10.15 UK time
Initial price talk has been released on SC Germany Consumer 2023-1, as follows:
SC Germany Consumer 2023-1
17 July 2023
ABS Markets Daily - 14 July 2023
* Unexpected momentum *Five international pricings *Six more in the pipe
Unexpected momentum
With four deals pricing this week and more expected next, the UK and European ABS/MBS primary market has gathered an unexpected momentum for mid-July. The majority of focus this week centred around sterling paper, but next week’s visible pipeline offers plenty of euro-denominated deals and options ...
14 July 2023
ABS Markets Deal Alert - 14 July 2023 17.55 UK time
UK credit card ABS NewDay Partnership Funding 2023-1 has priced. All offered tranches were received healthy oversubscription levels, with the B tranche tightening significantly form initial price talk of 300a, to land SONIA+290bp. A significant £180m protected order was attached to the senior notes. Consequently, initial price talk for class A tranche was indicated precisely at plus 140bp. The most recent ...
14 July 2023
ABS Markets Deal Alert - 13 July 2023 14.00 UK time
UK RMBS Oat Hill No.3 has priced. The publicly marketed B, C and D tranches all priced within initial price talk, with the C and D notes landing at the tight end of guidance. The final result is closely in line with the most recent UK BTL RMBS, Together Asset Backed Securitisation 2023-1ST1, which was sold last month.
Oat Hill No.3
13 July 2023
ABS Markets Deal Alert - 13 July 2023 11.55 UK time
Another deal has been added to the UK and European ABS/MBS primary pipeline, with UK equipment leasing ABS Hermitage 2023. Hermitage 2023 is the first securitisation of equipment finance receivables originated by Haydock Finance.
BNP Paribas and Citi act as arrangers, joined by Lloyds as joint lead managers and Apollo as co-manager.
Haydock Finance is available for investor calls from tomorrow, with pricing ...
13 July 2023
ABS Markets Deal Alert - 13 July 2023 10.00 UK time
Guidance and a second book update for UK RMBS Oat Hill No.3 has been released, as follows:
Oat Hill No.3
13 July 2023
ABS Markets Deal Alert - 12 July 2023 14.50 UK time
UK RMBS Permanent 2023-2 has priced. The publicly marketed class 1A1 tranche was eventually upsized from £500m to £750m, tightening from initial price talk of low 50s to plus 50bp. That final level is 2bp inside their previous May deal, Permanent 2023-1.
Permanent 2023-2
12 July 2023
ABS Markets Deal Alert - 12 July 2023 14.45 UK time
Initial price talk for UK credit card ABS NewDay Funding 2023-1 has been released, as follows:
NewDay Funding 2023-1
12 July 2023
ABS Markets Deal Alert - 11 July 2023 14.55 UK time
CreditPlus Bank has mandated CA-CIB as sole lead manager for the offering of €369.3m out of the €900m of the Class A Notes issued by Retail Automotive CP Germany 2021, initially retained by CreditPlus Bank.
Investor calls start from today, with pricing expected next week.
Retail Automotive CP Germany 2021 Re-Offer
11 July 2023
ABS Markets Deal Alert - 11 July 2023 09.15 UK time
The UK and European ABS/MBS primary pipeline grows bigger with the announcement of Irish RMBS Dilosk No.7. The last deal in the series (Dilosk No.6) was sold earlier this year, at the beginning of April. Although and unlike its predecessor, Dilosk No.7 does not feature all the regulatory added attraction of STS and STS+.
BofA and Natixis act both as joint ...
11 July 2023
ABS Markets Deal Alert - 10 July 2023 15.55 UK time
A fresh mandate has been added to the UK and European ABS/MBS primary pipeline with German STS consumer ABS, SC Germany Consumer 2023-1. Santander is publicly marketing the A-D tranches, though there is the disclaimer added that €115m of the senior A tranches is protected. The last deal in the series was sold in September 2022.
Santander acts as arranger, joined by ...
10 July 2023
ABS Markets Deal Alert - 10 July 2023 11.30 UK time
Initial price talk for UK RMBS Oat Hill No.3 has been released, as follows:
Oat Hill No.3
10 July 2023
ABS Markets Deal Alert - 10 July 2023 09.15 UK time
Initial price talk for UK Prime RMBS Permanent 2023-2 has been released, as follows:
Permanent 2023-2
10 July 2023
ABS Markets Deal Alert - 10 July 2023 08.30 UK time
BNP Paribas’ consumer ABS Noria 2023, priced late Friday having been announced earlier the same afternoon. The class As from the most recent French consumer deal, Ginkgo Sales Finance 2022 Re-offer from April 2023, came in at 71bp DM with a slightly shorter WAL.
Noria 2023
10 July 2023
ABS Markets Daily - 07 July 2023
*Hard to gauge *International primary markets quiet this week *Next set to be busier
Hard to gauge
While the Australian primary ABS/MBS market is experiencing a relatively slow start to July, the current pipeline is slowly but surely growing (see Primary market section below).“It feels as though there’s a fair bit still going on,” notes one Australian ...
7 July 2023
ABS Markets Deal Alert - 07 July 2023 15.20 UK time
Another deal is joining the UK and European primary pipeline, with the announcement of Newday Funding 2023-1. As opposed to last year, when NewDay issued three fully pre-placed transactions, the British issuer is publicly marketing the A-D tranches.
Citi and Santander act as arrangers, joined by BofA, Natwest and SMBC Nikko as joint lead managers. NewDay is available for invesot calls from today, with ...
7 July 2023
ABS Markets Deal Alert - 07 July 2023 13.25 UK time
BNP Paribas is in the market with a mandate for a new French consumer ABS from their Noria programme, Noria 2023. The announcement states that: “Subject to market conditions, investor feedback and achieving the appropriate balance sheet optimisation objectives of BNP Paribas Group a pre-placed transaction may be announced. The transaction is expected to comply with the requirements for simple, transparent ...
7 July 2023
ABS Markets Deal Alert - 06 July 2023 15.50 UK time
Santander’s full cap stack consumer ABS Santander Consumo 5 has priced. While the actual amount of senior paper available was bounded from the start – €401.2m was preplaced and of the €238.8m on offer, €50m was a protected order - the deal’s senior tranche attracted strong investor demand, ending 3.4x oversubscribed and pricing at plus 85bp. The publicly marketed E tranche priced ...
6 July 2023
ABS Markets Deal Alert - 06 July 2023 11.10 UK time
A new mandate from the Permanent shelf has just been announced. Similarly to the previous deal, which priced earlier in May, only the senior tranche will be offered to investors, with the size yet unknown.
Lloyds acts as sole arranger, joined by ABN AMRO and Citi as joint lead managers. Investor calls begin from 14.00UKT today, with pricing targeted for next ...
6 July 2023