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.
-
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
-
ABS Markets Daily - 9 June 2023
*Four European deals print this week *As do two Australian RMBS
Primary market
Europe/UK
9 June 2023
Three deals priced earlier this week, two of which were pre-placed – London Cards No.1 and SBOLT 2023-1 – and one retained – Caixabank Consumo 6. They were joined this afternoon by Red & Black Auto Lease France 2, which publicly offered ...
-
ABS Markets Deal Alert - 09 June 2023 16.55 UK time
The last deal in the pre-Barcelona visible pipeline, Red & Black Auto Lease France 2, has just priced. The publicly offered class A tranche landed at plus 68bp, tightening from initial price talk of 70-L70s. The tranche was further upsized to €500m (from €400m at guidance).
Back in October 2021, the previous deal (Red & Black Auto Lease France 1) - ...
9 June 2023
-
ABS Markets Daily - 8 June 2023
*Upcoming test *SME ABS prints *Auto updates
Upcoming test
As market participants prepare for the annual Global ABS conference in Barcelona, issuance in the UK and European primary ABS/MBS markets has been subdued.
While two pre-placed/retained mandates have priced so far this week, there is currently only one remaining publicly marketed transaction in the visible pipeline (see Primary ...
8 June 2023
-
ABS Markets Deal Alert - 08 June 2023 13.20 UK time
UK SME ABS SBOLT 2023-1 has already priced. While yesterday’s mandate announcement set forth a public transaction, the deal’s class A-C tranches were eventually pre-placed, with the D-Z tranches retained. Such execution is reminiscent of London Cards No.1, which priced earlier this week.
SBOLT 2023-1
8 June 2023
ABS Markets Deal Alert - 07 June 2023 16.20 UK time
BNP Paribas and Standard Chartered have been mandated as co-arrangers and joint lead managers on the upcoming public securitisation, SBOLT 2023-1, a RegS UK SME ABS transaction backed by loans originated through the Funding Circle UK platform. The deal is expected to place £-denominated notes, subject to market conditions.
Funding Circle was last active with their SBOLT programme in November 2021, with SBOLT ...
7 June 2023
ABS Markets Deal Alert - 07 June 2023 09.30 UK time
Initial price talk has been released for French auto lease ABS Red & Black Auto Lease France 2, as follows:
Red & Black Auto Lease France 2
7 June 2023
ABS Markets Daily - 6 June 2023
Primary market
Europe/UK
Today saw Spanish STS consumer ABS Caixabank Consumo 6 retained, as follows:Caixabank Consumo 6
6 June 2023
ABS Markets Deal Alert - 05 June 2023 15.10 UK time
London Cards No. 1, which was announced only last Friday (SCI ABS Markets), has priced. While the mandate announcement originally stated that a full capital structure transaction was to be expected, the deal was eventually pre-placed/retained.
London Cards No. 1
5 June 2023
ABS Markets Daily - 2 June 2023
*Australian pick-up *Europe has a quiet week *Two AUD deals price
Australian pick-up
The Australian securitisation market is experiencing a notable pick-up in activity of late, both in terms of deals pricing and pipeline. The trend has carried on this week (see Primary market section below) as the encouraging momentum continues.
“There has certainly been a healthy flow ...
2 June 2023
ABS Markets Deal Alert - 02 June 2023 14.30 UK time
Capital on Tap has mandated BNP Paribas and HSBC as joint Arrangers and joint lead managers on its upcoming public securitisation London Cards No. 1, a RegS UK ABS transaction. The deal is expected to place a full capital structure of £ notes, subject to market conditions.
......... 2 June 2023
ABS Markets Monthly - May 2023
*CMBS silence *May in numbers *League tables
CMBS silence
At the end of last year/beginning of this year, financial institutions and rating agencies underwent the traditional and thankless task of presenting their outlook for the upcoming year. In this context, the broad market consensus was that minimal issuance for European CMBS transactions was to be expected in 2023. Without ...
31 May 2023
ABS Markets Deal Alert - 31 May 2023 13.00 UK time
Société Générale (SG) is restarting the UK/European ABS/MBS primary pipeline with a fresh mandate from its Red & Black programme. The latest auto lease ABS – Red & Black Auto Lease France 2 – publicly markets the senior class A tranche.
SG is joined by RBC Capital Markets as joint lead manager. Investor calls start tomorrow with pricing expected next week.
Red & Black ...
31 May 2023
ABS Markets Daily - 26 May 2023
*Five European deals print this week *As do three Australian *AUD ABS also added
Primary market
Europe/UK
Five deals priced this week with UK RMBS CMF 2023-1 and Tower Bridge Funding 2023-2 leading the way on Wednesday and Thursday respectively. Whereas, today was all about ABS.Swisscard originated Swiss Credit Card Issuance 2023-1 priced this morning via ...
26 May 2023
ABS Markets Deal Alert - 26 May 2023 17.50 UK time
AutoFlorence 3 has priced with its class As coming in 15bp wider than the previous public Italian auto ABS seniors from Koromo Italy, which printed in February. AutoFlorence did, however, reflect continued demand for mezz paper with strong coverage levels down the stack.
AutoFlorence 3
26 May 2023
ABS Markets Deal Alert - 26 May 2023 15.30 UK time
German STS auto lease ABS VCL 39 has priced with its class As 1bp inside the previous deal from the platform, VCL 38, in February of this year.
VCL 39
26 May 2023
ABS Markets Deal Alert - 26 May 2023 08.45 UK time
Guidance and a second book update have been released for German auto lease ABS VCL 39, as follows:
VCL 39
26 May 2023
ABS Markets Deal Alert - 25 May 2023 16.15 UK time
UK BTL Tower Bridge Funding 2023-2 has priced. Demand for the publicly offered mezzanine tranches was strong, with the B,C and D notes ending up 6.8x; 6.2x; 3.2x covered, respectively.
Tower Bridge Funding 2023-2
25 May 2023
ABS Markets Deal Alert - 24 May 2023 16.45 UK time
Initial price talk has been released for Italian STS auto ABS AutoFlorence 3, as follows:
AutoFlorence 3
Class 24 May 2023
ABS Markets Deal Alert - 24 May 2023 15.35 UK time
A second book update and guidance has been released for Tower Bridge Funding 2023-2, as follows:
Tower Bridge Funding 2023-2
24 May 2023
ABS Markets Deal Alert - 24 May 2023 15.10 UK time
UK STS Prime RMBS CMF 2023-1 has just priced. The deal’s 1x covered and publicly marketed class A tranche landed at plus 67bp. Compared to last week’s heavy UK Prime RMBS issuance, the final execution is 5bp wider than Oak 4, and discernibly wider of benchmark and twelve month tight (SONIA plus 52bp) of Lanark 2023-1 and Permanent 2023-1 (ABS ...
24 May 2023