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 - 20 December 2023
*Secondary stands down *Public primary stays silent as Tower Bridge goes private
Secondary stands down
After a final flourish last week, the European and UK ABS/MBS secondary market looks to now be standing down for the year. However, there are hopes for a quick start to 2024.
“Last week was very busy and we saw activity across all ...
20 December 2023
-
ABS Markets Daily - 19 December 2023
*November funds report *Two privates on parade *Australia to stay positive
November factsheets in
All of the European and UK ABS funds we monitor have now reported for November. All noted a slowing in primary issuance after the high volumes seen in the previous two months and tightening spreads in an active and buying-biased secondary market. Nevertheless, they were ...
19 December 2023
-
ABS Markets Daily - 15 December 2023
*European primary fizzles *Australia goes private *Secondary grinds tighter for now
Primary
Europe/UK
The European and UK primary market continued to fizzle out this week as year-end gets ever closer. The only new deals were two not offered/preplaced deals on Monday and Tuesday, followed by another preplaced deal today.UK reperforming consumer ABS Wolf Receivables Financing 3 ...
15 December 2023
-
ABS Markets Daily - 12 December 2023
*Stratton prices *ABA prints
Primary
Europe/UK
UK non-conforming RMBS Stratton Mortgage Funding 2024-1 has priced as follows:Stratton Mortgage Funding 2024-1
12 December 2023
ABS Markets Daily - 11 December 2023
*Performer preplaced *ABA launches *Secondary strong despite slowdown
Primary
Europe/UK
UK consumer ABS Performer Funding 1 has been preplaced via joint arrangers and lead managers Lloyds and Morgan Stanley.Performer Funding 1
11 December 2023
ABS Markets Daily - 8 December 2023
*French Prime retained *Angle prices Radian *European secondary still rallying
Primary
Europe/UK
It was a fairly quiet end to a very quiet week that didn’t see any publicly placed deals price. There were, however, two private deals on Wednesday and one today:Milleis Banque Privée retained its inaugural securitisation – RMBS FCT French Prime Cash 2023. The private ...
8 December 2023
ABS Markets Daily - 7 December 2023
*Europe quiet again *Australia sees one launch
Primary
Europe/UK
Another day without any primary market news. As a result, the visible European new issue pipeline still only contains one deal:7 December 2023
ABS Markets Daily - 6 December 2023
*Europe shows signs of life *Two Australian deals move forward
Primary
Europe/UK
The market showed signs of life for the first time this week with a mandate announcement, a preplacement and a retention.Davidson Kempner SPV Ertow Holdings XI mandated BofA for non-conforming RMBS Stratton Mortgage Funding 2024-1 earlier this afternoon, which will be utilised to call and refinance 6 December 2023
ABS Markets Deal Alert - 6 December 2023 16.15 UK time
Ertow Holdings XI has mandated BofA as sole arranger/lead manager for Stratton Mortgage Funding 2024-1, a sterling denominated 144A/RegS UK RMBS transaction. A transaction may follow subject to market conditions.
Proceeds of the transaction are intended to be used to exercise the call option of Stratton Mortgage Funding 2021-2. Pricing is expected next week.
......... 6 December 2023
ABS Markets Daily - 4 December 2023
*Europe silent *Australia busy
Primary
Europe/UK
No activity today, so the visible European new issue pipeline remains empty.Australia
One mandate, one announcement and one launch made for a busy start to the week.Auswide Bank has mandated ANZ (arranger), Macquarie and Westpac to engage with investors in relation to Auswide’s ABA RMBS programme. ABA Trust 2023-1 may follow, subject to market conditions.
4 December 2023
ABS Markets Daily - 1 December 2023
Primary
Europe/UK
A very quiet week, with only one placed deal – UK STS prime RMBS Gemgarto 2023-1, which priced yesterday. Next week currently looks like it will be even quieter with no deals in the visible European new issue pipeline.Meanwhile, the resecuritisation of Italian RMBS Stresa Securitisation has priced, as follows:
Stresa Securitisation
1 December 2023
ABS Markets Monthly - November 2023
November in numbers
Primary market
Another strong month in International ABS new issuance. No records broken, but hefty headline figures were still seen.
Europe/UK
Strong overall volumes in both euro and sterling, with the latter showing great improvement in the year-on-year comparison:All issuance
1 December 2023
ABS Markets Deal Alert - 30 November 2023 17.15 UK time
UK STS prime RMBS Gemgarto 2023-1 has priced as follows:
Gemgarto 2023-1
30 November 2023
ABS Markets Deal Alert - 30 November 2023 15.20 UK time
UK STS prime RMBS Gemgarto 2023-1 has released another book update and final guidance. Pricing is targeted for 16:30 UKT today.
Gemgarto 2023-1
30 November 2023
ABS Markets Deal Alert - 30 November 2023 09.00 UK time
UK STS prime RMBS Gemgarto 2023-1 has released guidance and a book update. Pricing is expected today.
Gemgarto 2023-1
30 November 2023
ABS Markets Daily - 29 November 2023
*BPCE’s inaugural SME ABS retained *Firstmac prints
Primary
Europe/UK
29 November 2023
Mercure Master SME FCT has been retained via arranger and originator BPCE. It is an evergreen revolving cash securitisation of secured and unsecured loans to French SMEs extended by the networks of the Banque Populaire and the Caisse d’Epargne that form part of the BPCE Group and is BPCE’s first SME ...
ABS Markets Daily - 28 November 2023
*Gemgarto starts talking *Firstmac sets spreads
Primary
Europe/UK
Sole constituent of the current visible European pipeline Gemgarto 2023-1 opened its books and released initial price talk today. Pricing is targeted for as early as tomorrow.Gemgarto 2023-1
28 November 2023
ABS Markets Deal Alert - 28 November 2023 13.00 UK time
UK STS prime RMBS Gemgarto 2023-1 has released initial price talk. Pricing is targeted for as early as tomorrow.
Gemgarto 2023-1
28 November 2023
ABS Markets Daily - 27 November 2023
*Eropean primary silent *Firstmac launches
Primary
Europe/UK
No activity today. The visible European new issue pipeline currently looks like this:27 November 2023
ABS Markets Daily - 24 November 2023
*Secondary quietly positive *European primary has a late flurry *Liberty prints
Secondary quietly positive
Unsurprisingly, given the US public holiday and another quiet week in primary (see Primary section below), there was little action in the European and UK ABS/MBS secondary market this week. However, market sentiment is positive.
“There really is very little to say about this ...
24 November 2023
ABS Markets Daily - 23 November 2023
*Europe appears to give thanks *Australian duo move ahead
Primary
Europe/UK
Market participants appeared to have adopted the US public holiday as there was no activity today.The European visible new issue pipeline remains empty.
Australia
A bit more movement in the southern hemisphere today as Firstmac sought interest for its auto deal and Liberty upsized.Prime consumer Auto ABS Firstmac ...
23 November 2023