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 - 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
ABS Markets Daily - 26 April 2023
*Strong forecast *Two deals announced *Two deals priced
Strong forecast
Following the most active week of the year last week – with over €3bn of issuance through seven publicly marketed transactions – the European and UK ABS/MBS markets are working through a more manageable volume of mandates this week.
Despite a large number of transactions on offer last ...
26 April 2023
ABS Markets Deal Alert - 26 April 2023 18.15 UK time
UK BTL RMBS Twin Bridges 2023-1 has priced. The deal achieved DMs inside last week’s BTL deal Atlas Funding 2023-1 throughout the capital stack.
Twin Bridges 2023-1
26 April 2023
ABS Markets Deal Alert - 26 April 2023 15.40 UK time
Morgan Stanley has been mandated as sole arranger and lead manager in relation to Vecht Residential 2023-1, a public securitisation secured against a granular portfolio of residential buy-to-let mortgages to professional landlords, originated by Mogelijk Hypotheken.
The Mogelijk management team will be available for calls and in-person meetings from Tuesday 2 May.
26 April 2023
A multi-tranche transaction is expected ...
ABS Markets Deal Alert - 26 April 2023 15.35 UK time
Prime German auto ABS RevoCar 2023-1 has priced. The deal’s 1.6x covered class A tranche was ultimately upsized to €455m and landed at plus 66bp (tightening from initial price talk of L70s). The pool was also upsized from €400m to €500m.
RevoCar 2023-1
26 April 2023
ABS Markets Deal Alert - 26 April 2023 09.30 UK time
Italian STS Consumer Loan ABS Quarzo 2023 joins the UK and European ABS/MBS primary pipeline. Mediobanca acts as sole arranger, joined by IMI-Intesa Sanpaolo, Société Générale and UniCredit as joint lead managers.
Pricing is expected for next week.
Quarzo 2023
26 April 2023
ABS Markets Daily - 25 April 2023
*Two deal updates *Auto announced *RMBS retained
Primary market
Europe/UK
Today saw pricing and book updates for the German auto ABS and UK BTL RMBS that are due to price tomorrow. The latest is as follows:
25 April 2023
ABS Markets Deal Alert - 25 April 2023 14.30 UK time
Guidance and a book update have been released for Prime German STS auto loan ABS RevoCar 2023-1, as follows:
RevoCar 2023-1
25 April 2023
ABS Markets Deal Alert - 25 April 2023 10.30 UK time
Santander is in the market today with a fresh mandate from its Finnish auto ABS shelf, Kimi 12. The deals comprises the A-F notes, with solely the senior €414.2m class A tranche being publicly marketed.
ING and UniCredit act as joint-lead managers. Santander will be available for investor calls from tomorrow, with pricing expected for next week
Kimi 12
25 April 2023
ABS Markets Deal Alert - 25 April 2023 08.50 UK time
Initial price talk for UK BTL RMBS Twin Bridges 2023-1 has been released, as follows:
Twin Bridges 2023-1
25 April 2023
ABS Markets Deal Alert - 24 April 2023 15.05 UK time
UK STS auto ABS Globaldrive Auto Receivables UK 2023-A has been retained, as follows:
Globaldrive Auto Receivables UK 2023-A
24 April 2023
ABS Markets Deal Alert - 24 April 2023 09.15 UK time
Initial price talk has been released for RevoCar 2023-1, as follows:
RevoCar 2023-1
Class 24 April 2023
ABS Markets Daily - 21 April 2023
*Solid execution *Three more EUR/GBP prints today *Four AUD deals this week
Solid execution
The European and UK primary ABS/MBS markets welcomed a flurry of deals this week. Despite the extensive and competing supply on offer and despite geographic and asset diversity, deals were all matched by solid investor demand.
“Issuers really all flocked to the primary market ...
Market Moves21 April 2023
ABS Markets Deal Alert - 21 April 2023 17.45 UK time
Initially targeted for yesterday, UK BTL RMBS Atlas Funding 2023-1 is the last deal from the visible pipeline to price this week. The 1.8x covered senior A tranche landed at plus 115bp, inside initial price talk of 120-125. Further down the capital structure, the B, C, D, E tranches saw ample investor demand, 3.2x, 3.9x, 3.3x, 3x oversubscribed, respectively. The X ...
21 April 2023
ABS Markets Deal Alert - 21 April 2023 16.15 UK time
Finnish auto loan ABS LT Autorahoitus IV (Tommi 4) has just priced. The deal’s 1.5x covered class A tranche landed at plus 69bp, tightening from initial price talk of L70s.
LT Autorahoitus IV
21 April 2023
ABS Markets Deal Alert - 21 April 2023 15.25 UK time
UK credit card ABS Delamare Cards MTN Issuer 2023-1 has just priced. The publicly-marketed £300m class A1 tranche landed at SONIA plus 80bp, inside initial price talk of 80a/L80s.
Delamare Cards MTN Issuer 2023-1
21 April 2023
ABS Markets Daily - 20 April 2023
Primary market
An active day in the European and UK ABS/MBS market saw four publicly placed deals price as follows:
20 April 2023
ABS Markets Deal Alert - 20 April 2023 18.10 UK time
PCL 2023-1 is the fourth deal to make it across the line today in the UK and European ABS/MBS markets. The deal’s publicly marketed class A, B and C tranches all received strong investor demand, evidenced by solid oversubscription (1.24x, 4.3, 6x, respectively). The deal was also upsized to a £450m pool size.
PCL 2023-1
20 April 2023
ABS Markets Deal Alert - 20 April 2023 16.15 UK time
CA-CIB’s reoffer of Ginkgo Sales Finance 2022 has priced.
Ginkgo Sales Finance 2022
Class 20 April 2023
ABS Markets Deal Alert - 20 April 2023 15.40 UK time
Dutch STS auto lease ABS Hill FL 2023-1 has just priced. The transaction was eventually upsized from €415m to €450m. The 1.6x covered senior class A tranche landed at plus 76bp, tightening from initial price talk of 80a.
Further down the capital structure, the B,C, D tranches saw strong investor demand, 4.8x, 3.3x, 1.6x oversubscribed, respectively.
Hill FL 2023-1
20 April 2023
ABS Markets Deal Alert - 20 April 2023 11.00 UK time
German auto ABS Silver Arrow Compartment 15 is the first deal to price today, in what promises to be a bustling day.
The 2.8x covered class A tranche priced at plus 44bp, only 3bp wide of 2023’s auto tight, Bavarian Sky Compartment German Auto Loans 12, back in February.
Silver Arrow Compartment 15
20 April 2023