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 - 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
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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
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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
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ABS Markets Deal Alert - 05 July 2023 12.00 UK time
A fresh UK RMBS mandate has joined the UK and European ABS/MBS primary pipeline, with the announcement of Oat Hill No.3.
BofA acts as arranger and lead manager. Investor calls begin today, with pricing targeted for next week.
Oat Hill 3
5 July 2023
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ABS Markets Deal Alert - 05 July 2023 11.20 UK time
Guidance has been released for Spanish STS consumer ABS Santander Consumo 5, as follows:
Santander Consumo 5
5 July 2023
ABS Markets Deal Alert - 03 July 2023 10.30 UK time
Initial price talk for Spanish STS consumer ABS Santander Consumo 5 has been released, as follows:
Santander Consumo 5
3 July 2023
ABS Markets Monthly - June 2023
*Future expectations *June in numbers *League tables
Future expectations
Hopes for H2 from June’s Barcelona conference
While generally a comprehensive theme or sentiment singularly surfaces from IMN’s Global ABS conference in Barcelona (ESG or punitive regulation in the past couple of years, for example), this year’s edition failed to generate an overarching issue or point of debate. If the general ...
3 July 2023
ABS Markets Daily - 30 June 2023
*Business as usual *RedZed prints RMBS
Europe/UK
Business as usual
While the UK and European ABS/MBS markets finally saw three deals price following its unofficial Barcelona hiatus, supply in the primary market still remains largely curbed. On the other hand, secondary market activity is picking up.
“Primary supply is rather contained,” notes one European ABS/MBS trader. “There ...
30 June 2023
ABS Markets Daily - 29 June 2023
The UK and European ABS/MBS markets’ visible pipeline is now almost empty, following yesterday’s pricing of Delphinus 2023-I, which was joined today by UK deals Brants Bridge 2023-1 and TABS 2023-1ST1.
UK non-conforming RMBS Brants Bridge 2023-1 was the first to make it across the line today. The deal’s 2.4x covered class A tranche priced at SONIA plus 117bp.
Brants Bridge 2023-1
29 June 2023
ABS Markets Deal Alert - 28 June 2023 13.45 UK time
Dutch Prime RMBS Delphinus 2023-I has priced. The single-offered €500m senior class A tranche priced at plus 46bp, tightening from initial price talk of low 50s. The final result is fairly north of the last Dutch Prime RMBS – SAECURE 21 – which saw its senior tranche price at plus 42bp in May.
28 June 2023
ABS Markets Deal Alert - 27 June 2023 16.10 UK time
Guidance and book update for Delphinus 2023-I have been released, as follows:
Delphinus 2023-I
Class 27 June 2023
ABS Markets Deal Alert - 27 June 2023 13.55 UK time
Initial price talk for UK RMBS Brants Bridge 2023-1 has been released, as follows:
Brants Bridge 2023-1
Class 27 June 2023
ABS Markets Deal Alert - 27 June 2023 11.45 UK time
Initial price talk for Together Asset Backed Securitisation 2023-1ST1 has been released, as follows:
Together Asset Backed Securitisation 2023-1ST1
27 June 2023
ABS Markets Deal Alert - 26 June 2023 09.55 UK time
Initial price talk for Dutch STS Prime RMBS Delphinus 2023-I has been released, as follows:
Delphinus 2023-I
Class 26 June 2023
ABS Markets Deal Alert - 26 June 2023 09.40 UK time
Spanish STS consumer ABS, Santander Consumo 5, has joined the UK and European ABS/MBS pipeline.
Santander acts as arranger, joined by BofA, Société Générale and UniCredit as joint lead managers. Santander is available for investor calls from 29 June, with pricing targeted for next week.
Santander Consumo 5
26 June 2023
ABS Markets Daily - 23 June 2023
*European primary unmoved *Three Aussies print *New mandate announced
Primary market
Europe/UK
There was no movement in the European and UK ABS/MBS primary market today, meaning the visible new issue pipeline still only contains the three deals announced earlier this week:23 June 2023
ABS Markets Daily - 22 June 2023
*Still subdued *Two UK RMBS join the pipeline
Still subdued
Although a post-Barcelona pipeline is slowly but surely emerging, activity in the UK and European ABS/MBS markets remains largely subdued.
“The primary market has been very quiet,” notes one European ABS/MBS trader. With currently only three deals in the visible pipeline, the market does feel sluggish. Commenting on ...
22 June 2023
ABS Markets Deal Alert - 22 June 2023 15.10 UK time
A fresh mandate has (finally) been added to the UK and European ABS/MBS primary pipeline. Specialist lender Together has announced Together Asset Backed Securitisation 2023-1ST1. The new deal is a follow up to the TABS 2022-1ST1 transaction (and effectively the one before that, TABS 2021-1ST1) where only first lien exposures are securitised.
However and unlike last year, Together is publicly marketing the A-E ...
22 June 2023
ABS Markets Daily - 21 June 2023
*May fund factsheets *Primary still quiet
May factsheets in
Last month, the UK and European ABS/MBS markets surfed on the solid momentum experienced during the second half of April. Although hindered by the May public holidays and shortened issuance windows, the latest ABS/MBS fund factsheets highlight solid primary market activity, matched by continued strong oversubscription levels.
In contrast ...
21 June 2023
ABS Markets Deal Alert - 19 June 2023 11.05 UK time
The post-Barcelona UK and European ABS/MBS primary pipeline is officially open, with the announcement of Dutch Prime RMBS Delphinus 2023-I. This marks the return of the Delphinus programme, with the last securitisation originated in 2006.
ASR Levensverzekering is available for investor calls from today, with pricing targeted for next week. Rabobank acts as arranger, joined by BNP Paribas as joint lead manager.
Delphinus ...
19 June 2023
ABS Markets Daily - 16 June 2023
*Unusual impasse *European primary quiet *One AUD deal prices
Unusual impasse
As noted in recent regulatory notices (SCI ABS Markets passim), ABS CDO Cavendish Square Funding (CSF) is in technical default. However, the situation is unusual in that CSF has sufficient funds to pay coupons and now the class C noteholders are trying to break the impasse.
At ...
16 June 2023