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 - 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
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ABS Markets Deal Alert - 24 May 2023 09.00 UK time
Initial price talk for Prime German STS auto ABS VCL 39 has been released, as follows:
VCL 39
24 May 2023
ABS Markets Deal Alert - 23 May 2023 12.30 UK time
Initial price talk for UK RMBS Tower Bridge Funding 2023-2 has been released, as follows:
Tower Bridge Funding 2023-2
23 May 2023
ABS Markets Deal Alert - 22 May 2023 14.35 UK time
Initial price talk for UK STS Prime RMBS CMF 2023-1 has been released, as follows:
CMF 2023-1
Class 22 May 2023
ABS Markets Deal Alert - 22 May 2023 09.15 UK time
Volkswagen is publicly marketing a new deal from its established VCL programme. The Prime German STS auto lease ABS, VCL Number 39, features the classic A and B notes offering. The previous deal, VCL 38, priced in February.
Investor calls start today, with pricing expected this week. Lloyds acts as arranger, joined by Commerzbank and MUFG as joint lead managers.
VCL 39
22 May 2023
ABS Markets Daily - 19 May 2023
*April fund factsheets *Two more deals price *Italian auto announced
April factsheets in
A significant surge in activity and supply shifted investor focus towards the primary UK and European ABS/MBS markets in April. The latest ABS/MBS fund factsheets highlight a constructive market sentiment over the month.
The large new issue pipeline experienced in the second half of April ...
19 May 2023
ABS Markets Deal Alert - 19 May 2023 14.10 UK time
Dutch BTL RMBS Vecht 2023-1 has priced. While pricing was initially targeted for last week, arranger Morgan Stanley had reported that the class D, X1, X2, Z1 and Z2 notes would be sold via a BWIC process. The senior tranche printed with a DM of 130bp, wide of initial price talk and the most recent Dutch BTL Domi 2023-1 transaction ...
19 May 2023
ABS Markets Deal Alert - 19 May 2023 09.25 UK time
BNP Paribas is putting an end to the dominance of UK RMBS mandates this week, with the announcement of AutoFlorence 3. The new Italian STS Auto ABS deal from the AutoFlorence shelf includes the public offering the full capital structure (A-E tranches).
BNPP is available for investor calls from today.
19 May 2023
ABS Markets Daily - 18 May 2023
*Another UK prime pricing *Structure released *New announcement
Primary market
Europe/UK
UK RMBS continued to dominate in another active day, with one deal pricing, the capital structure released on another and a new primarily private deal announced.
UK STS prime RMBS Lanark 2023-1 priced today matching yesterday’s 12 month tight for the sector from Permanent 2023-1:
18 May 2023
ABS Markets Deal Alert - 18 May 2023 17.05 UK time
Another day and another UK Prime STS RMBS prices. Lanark 2023-1’s Class 1A tranche landed SONIA plus 52bp, matching Lloyds’ Permanent 2023-1, which priced yesterday. The single-offered tranche saw strong investor demand, with a 2.2x oversubscription level.
Lanark 2023-1
18 May 2023
ABS Markets Deal Alert - 18 May 2023 15.05 UK time
UK RMBS mandates keep dominating primary issuance this week, with Belmont Green Finance (BGF) announcing a new Tower Bridge transaction, its second of the year.
Natwest and Santander act as joint arrangers, joined by Barclays as joint lead manager. BGF is available for investors calls from tomorrow, with pricing expected next week.
Tower Bridge Funding 2023-2
18 May 2023
ABS Markets Deal Alert - 18 May 2023 11.30 UK time
Details for UK STS Prime RMBS CMF 2023-1 have been released, as follows:
CMF 2023-1
Class 18 May 2023
ABS Markets Deal Alert - 17 May 2023 16.25 UK time
Prime STS UK RMBS Oak 4 has priced. The 1.3x covered Class A tranche landed at SONIA plus 62bp, 10bp wide of Permanent 2023-1, which priced earlier today.
Oak 4
17 May 2023
ABS Markets Deal Alert - 17 May 2023 15.10 UK time
Charter Court Financial Services has mandated BofA as sole arranger in relation to CMF 2023-1, a UK STS RMBS transaction backed by UK prime owner-occupied mortgages. Barclays and BNP will act as joint lead managers.
Charter Court is available for investor calls from tomorrow.
A transaction offering £ denominated senior notes is expected to follow shortly, subject to market conditions.
......... 17 May 2023
ABS Markets Deal Alert - 17 May 2023 14.50 UK time
Lloyds’ Prime STS UK RMBS, Permanent 2023-1 has just priced. The deal’s hefty £1bn Class A1 tranche landed at SONIA plus 52bp, down from initial price talk of mid 50s. The deal’s retained A2 tranche priced at par.
Permanent 2023-1
17 May 2023
ABS Markets Deal Alert - 17 May 2023 13.40 UK time
Initial price talk for UK BTL RMBS Polaris 2023-1 has been released, as follows:
Polaris 2023-1
Class 17 May 2023
ABS Markets Daily - 17 May 2023
*Stable secondary *Two new issues price *Updates on others
Stable secondary
While UK RMBS mandates currently dominate the primary UK and European ABS/MBS market, the secondary market – although experiencing a drop in volume – displays continued signs of stability.
This week started with five deals in the visible European new issuance pipeline, four of which belong ...
17 May 2023
ABS Markets Deal Alert - 16 May 2023 15.30 UK time
Initial price talk for Prime STS UK RMBS Lanark 2023-1 has been released, as follows:
Lanark 2023-1
Class 16 May 2023
ABS Markets Deal Alert - 16 May 2023 08.50 UK time
Initial price talk for Prime STS UK RMBS Oak 4 has been released, as follows:
Oak 4
Class 16 May 2023
ABS Markets Deal Alert - 15 May 2023 13.15 UK time
The list of RMBS mandates grows bigger with the announcement of Lanark 2023-1. Clydesdale Bank’s latest Prime RMBS features a single-offered 1A tranche.
Citi acts as arranger, joined by Barclays, BofA and Deutsche as joint lead managers.
Pricing is targeted for this week.
Lanark 2023-1
15 May 2023