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 - 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
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ABS Markets Daily - 19 April 2023
*March factsheets report resilience *Primary bottleneck brewing *BTL RMBS announced
March factsheets in
The latest ABS/MBS fund factsheets highlighted difficulties that managers faced over March. Notably that as the US and European banking crisis struck financial markets mid-month, volatility lead to scant supply in terms of new primary issues and the secondary market was also sluggish, with the lowest ...
19 April 2023
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ABS Markets Deal Alert - 19 April 2023 17.15 UK time
The UK and European primary pipeline grows even bigger, with the announcement of a new UK BTL RMBS. Paratus AMC is in the market with a new full-cap deal from its established Twin Bridges shelf, Twin Bridges 2023-1.
NAB and Natixis act as joint arrangers, joined by BNP Paribas, Deutsche Bank and Lloyds as joint lead managers. Apollo acts as co-manager.
Paratus AMC is ...
19 April 2023
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ABS Markets Deal Alert - 19 April 2023 15.10 UK time
Initial price talk has been released for Finish STS auto ABS, LT Autorahoitus IV (Tommi 4), as follows:
LT Autorahoitus IV
19 April 2023
ABS Markets Deal Alert - 19 April 2023 14.50 UK time
Initial price talk has been released for UK STS Prime credit card ABS Delamare Cards MTN Issuer 2023-1, as follows:
Delamare Cards MTN Issuer 2023-1
19 April 2023
ABS Markets Deal Alert - 19 April 2023 10.30 UK time
Guidance and a book update have been released for German STS auto loan ABS – Silver Arrow Compartment 15, as follows:
Silver Arrow Compartment 15
19 April 2023
ABS Markets Deal Alert - 19 April 2023 09.45 UK time
Initial price talk has been released for Ginkgo Sales Finance 2022, as follows:
Ginkgo Sales Finance 2022
Class 19 April 2023
ABS Markets Deal Alert - 18 April 2023 13.45 UK time
Initial price talk has been released for UK Consumer ABS PCL 2023-1, as follows:
PCL 2023-1
Class 18 April 2023
ABS Markets Deal Alert - 18 April 2023 11.15 UK time
Initial price talk has been released for UK Prime BTL RMBS Atlas Funding 2023-1, as follows:
Atlas Funding 2023-1
18 April 2023
ABS Markets Deal Alert - 18 April 2023 09.00 UK time
Initial price talk has been released for German auto ABS Silver Arrow Compartment 15, as follows:
Silver Arrow Compartment 15
18 April 2023
ABS Markets Daily - 17 April 2023
*Irish prime RMBS retained *Finnish auto details released
Primary market
Europe/UK
Irish prime STS RMBS Burlington Mortgages No. 2 has been retained, as follows:Burlington Mortgages No. 2
17 April 2023
ABS Markets Deal Alert - 17 April 2023 11.45 UK time
Details for Finnish auto loan ABS LT Autorahoitus IV (Tommi 4) have been released, as follows:
LT Autorahoitus IV (Tommi 4)
17 April 2023
ABS Markets Daily - 14 April 2023
*Good times *European/UK primary herd on the move *Aussie pipe still strong
Good times
The European and UK primary ABS/MBS markets experienced a long-awaited surge in activity this week. As the macro-economic background normalises and volatility fades, current market conditions are looking rather ideal for issuers.
At the end of last week, CA-CIB’s Ginkgo Sales Finance 2022 was ...
14 April 2023
ABS Markets Deal Alert - 14 April 2023 12.35 UK time
UK Mortgage Lending (formerly known as Optimum Credit) has mandated BNP Paribas and Citi as co-arrangers and BNP Paribas, Citi, HSBC, Lloyds, NatWest and Santander as JLMs on its upcoming public securitisation Castell 2023-1, backed by a portfolio of second lien UK non-conforming owner-occupied residential mortgage loans.
A fully pre-placed deal is expected to price today.
......... 14 April 2023
ABS Markets Deal Alert - 14 April 2023 12.30 UK time
Premium Credit has launched its sixth public securitisation of UK insurance premium finance and other instalment credit receivables – PCL 2023-1. BofA and Lloyds are arrangers, they are joined by RBC and SG as joint lead managers.
Investor calls commence today and pricing is expected next week.
PCL 2023-1
14 April 2023
ABS Markets Deal Alert - 14 April 2023 11.30 UK time
Tesco Bank has mandated Citi as arranger and Citi and Santander as joint lead managers for Delamare Cards MTN Issuer 2023-1, a RegS STS UK credit cards ABS transaction and the fifth public issuance from its Delamare Cards MTN Issuer programme.
A transaction offering GBP denominated senior notes is expected to follow shortly, subject to market conditions. The ...
14 April 2023
ABS Markets Deal Alert - 14 April 2023 11.15 UK time
LocalTapiola Finance has mandated BNP Paribas as sole arranger and lead manager on its upcoming public securitisation of Finnish auto loans – LT Autorahoitus IV (Tommi 4). Following a series of investor meetings, an STS transaction offering senior and mezzanine notes may be announced, subject to market conditions.
LocalTapiola Finance will be available for investor calls from Tuesday ...
14 April 2023
ABS Markets Daily - 13 April 2023
Primary market
Europe/UK
The ABS/MBS primary market has picked up in earnest this week, with four new deals announced so far.
First up, was auto lease ABS Hill FL 2023-1, which started marketing on Tuesday. The STS transaction, originated by Dutch firm Hiltermann Lease and arranged by BofA, does not securitise the leased vehicles residual values, but does ...
13 April 2023
ABS Markets Deal Alert - 13 April 2023 10.30 UK time
Also joining the pipeline today is RevoCar 2023-1. Bank11 is publicly marketing the €364m class A tranche, with the deal backed by a portfolio of German auto loan receivables originated and serviced by Bank11 for new and used vehicles provided to predominantly private, but also commercial customers.
Unicredit is arranger and is joined by DZ Bank and ING ...
13 April 2023
ABS Markets Deal Alert - 13 April 2023 10.15 UK time
Lendco is in the market this morning with a fresh UK Prime BTL RMBS from its Atlas programme – Atlas Funding 2023-1. The specialist lender is publicly marketing a full cap stack deal.
BNP Paribas and HSBC act as joint arrangers, joined by Lloyds and Natwest as joint lead managers. Lendco is available for investor calls from today, ...
13 April 2023
ABS Markets Deal Alert - 13 April 2023 10.00 UK time
Mercedes Benz has announced its latest German STS auto loan ABS – Silver Arrow Compartment 15. Unicredit is acting as arranger and is joint lead with BNP Paribas.
Pricing is expected during the week commencing 17 April.
Silver Arrow Compartment 15
13 April 2023