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 - 12 May 2023 15.50 UK time
UK BTL RMBS deal Hops Hill 3 has priced. The senior class A tranche landed at SONIA plus 115bp, at the wide end of initial price talk. It matches the levels seen in Atlas Funding 2023-1 at the end of April, but is 5bp wider than last week’s Pierpont 2023-1.
Hops Hill 3
12 May 2023
ABS Markets Deal Alert - 12 May 2023 15.25 UK time
SAECURE 21, Aegon’s Dutch Prime RMBS has just priced. The 1.9x covered senior Class A tranche landed at plus 42bp. Comparatively, Dutch Prime RMBS Green Storm 2023 priced at plus 38bp in early March.
12 May 2023
ABS Markets Deal Alert - 12 May 2023 13.30 UK time
Guidance a second book update have been released for UK BTL RMBS Hops Hill 3, as follows:
Hops Hill 3
12 May 2023
ABS Markets Deal Alert - 12 May 2023 09.00 UK time
Guidance and a second book update have been released for Dutch STS Prime RMBS Saecure 21, as follows:
Saecure 21
12 May 2023
ABS Markets Daily - 11 May 2023
*Strong pipeline *Three deals set to price *Three deals announced
Strong pipeline
Unsurprisingly the beginning of May, with its bank-holiday shortened weeks, saw a drop in pace for primary market issuance and secondary market volumes. However, as we approach the mid-month mark, current market conditions should enable a strong pipeline.
Three deals are expected to price tomorrow – ...
11 May 2023
ABS Markets Deal Alert - 11 May 2023 16.50 UK time
Oak 4 is the third deal and UK RMBS to be announced today. Aldermore Bank is publicly marketing the senior Class A tranche of its latest Prime STS transaction. BNP and Lloyds act as arrangers, joined by BofA as joint-lead manager.
Aldermore is available for investor calls from tomorrow, with pricing expected next week.
Oak 4
11 May 2023
ABS Markets Deal Alert - 11 May 2023 16.30 UK time
Another UK RMBS has joined the ABS/MBS primary pipeline. Pepper Money is in the market with its latest Polaris RMBS transaction, Polaris 2023-1. Citi and Lloyds acts as co-arrangers, joined by Deutsche Bank, NAB and Standard Chartered as joint-lead managers.
Pepper Money is available for investor calls from today, with pricing expected next week.
Polaris 2023-1
11 May 2023
ABS Markets Deal Alert - 11 May 2023 10.40 UK time
A new UK RMBS has been announced this morning, with Lloyds coming to market with a fresh mandate from its established Permanent shelf. The new STS Prime transaction, Permanent 2023-1 is targeted to price next week.
Lloyds acts as arranger, joined by Barclays and Santander as joint-lead managers.
Permanent 2023-1
11 May 2023
ABS Markets Deal Alert - 10 May 2023 13.50 UK time
Initial price talk for Prime Dutch RMBS SAECURE 21 has been released, as follows:
SAECURE 21
Class 10 May 2023
ABS Markets Deal Alert - 10 May 2023 10.55 UK time
Initial price talk for UK BTL RMBS Hops Hill 3 has been released, as follows:
Hops Hill 3
10 May 2023
ABS Markets Deal Alert - 09 May 2023 13.25 UK time
Initial price talk for Dutch BTL RMBS Vecht Residential 2023-1 has been released, as follows:
Vecht Residential 2023-1
Class 9 May 2023
ABS Markets Daily - 05 May 2023
Australian Market update
The Australian securitisation market experienced another quiet week, with only Bluestone’s A$500m non-conforming RMBS Sapphire XXVII 2023-1 pricing (see below).
“The market has not seen a huge amount of activity, as far as mainstream mortgage lenders this week,” notes one Australian ABS/MBS trader.
Yet, looking back at trends and volumes in April, the trader ...
5 May 2023
ABS Markets Deal Alert - 05 May 2023 11.50 UK time
Aegon also announced a deal today, publicly marketing the class A tranche of Dutch STS RMBS SAECURE 21.
ABN AMRO acts as arranger, joined by BNP Paribas, BofA, HSBC and Wells Fargo as joint-lead managers. Aegon is available for investor calls from 8 May, with pricing expected by the end of next week.
SAECURE 21
5 May 2023
ABS Markets Deal Alert - 05 May 2023 11.10 UK time
A new mandate has hit screens this morning, with Keystone Property Finance publicly marketing UK BTL RMBS Hops Hill 3.
BNP Paribas and Santander act as joint arrangers and lead managers.
Keystone are available for investor calls from today, with pricing targeted for next week.
Hops Hill 3
5 May 2023
ABS Markets Deal Alert - 04 May 2023 16.20 UK time
Finnish STS auto ABS Kimi 12 has just priced. The 1.2x covered publicly marketed class A tranche landed at plus 70bp. By comparison, Tommi 4’s €485.1m class A tranche priced at plus 69bp two weeks ago (LT Autorahoitus IV).
Kimi 12
4 May 2023
ABS Markets Deal Alert - 04 May 2023 13.30 UK time
Italian STS consumer loan ABS Quarzo 2023 has priced. Originally expected to be around €400m, the 1.5x covered class A tranche was upsized to €450m and landed at plus 95bp, at the lower end of initial price talk.
Quarzo 2023
4 May 2023
ABS Markets Deal Alert - 02 May 2023 09.20 UK time
Initial price talk for Finnish STS auto ABS Kimi 12 has been released, as follows:
Kimi 12
Class 2 May 2023
ABS Markets Deal Alert - 02 May 2023 08.45 UK time
Initial price talk for Italian STS consumer loan ABS Quarzo 2023 has been released, as follows:
Quarzo 2023
2 May 2023
ABS Markets Daily - 28 April 2023
Primary market
Europe/UK
The week and month ended quietly for European and UK ABS/MBS with nothing adding to the two public deals pricing on Wednesday – RevoCar 2023-1 and Twin Bridges 2023-1. Globaldrive Auto Receivables UK 2023-A and FCT Opera 2023 were also retained during the week.
Distribution statistics have been released for RevoCar ...
28 April 2023
ABS Markets Monthly - April 2023
April in numbers
Primary market
Europe/UK
Pent up supply at last made it into the European and UK ABS/MBS primary markets in this month. Despite heightened volumes, demand remained strong throughout and ensured deals printed well across a range of sectors. The only downside was a slowing in secondary market activity with primary pulling so much focus.
28 April 2023
ABS Markets Deal Alert - 28 April 2023 10.45 UK time
Structural details have been released for Dutch BTL RMBS Vecht Residential 2023-1. Pricing via arranger and lead manager Morgan Stanley is targeted for the week commencing 8 May.
Vecht Residential 2023-1
28 April 2023