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 - 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
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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
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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
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ABS Markets Daily - 6 April 2023
*Busier days ahead *Three new issues print *Another announced
Busier days ahead
The European and UK ABS/MBS primary markets are building on the pick-up in issuance experienced last week. Although supply still remains relatively low, with the macroeconomic backdrop improving more issuers are expected to come to market soon.
If auto ABS deals accounted for all of the ...
6 April 2023
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ABS Markets Deal Alert - 6 April 2023 17.15 UK time
Irish Prime RMBS Dilosk No. 6 has just priced. The 1.3x covered class A tranche priced at plus 87bp, tightening from initial price talk of plus 90-95bp. Strong investor demand was particularly evident in the 4.2x and 3.7x oversubscribed mezzanine B and C tranches, also pricing well inside initial price talk.
Dilosk RMBS No.6 (STS)
6 April 2023
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ABS Markets Deal Alert - 6 April 2023 11.35 UK time
Guidance and a second book update have been released for Irish prime deal Dilosk RMBS No.6 (STS), as follows:
Dilosk RMBS No.6 (STS)
6 April 2023
ABS Markets Deal Alert - 6 April 2023 11.30 UK time
CA-CIB is once again in the market with a mandate from its Ginkgo programme, after the public placement of Ginkgo Auto Loans 2022 Re-offer on 22 February. This time, CA Consumer Finance has mandated CA-CIB as sole lead manager and arranger for the offering of €431.8m out of the €747.6m of the Class A Notes issued by Ginkgo Sales ...
6 April 2023
ABS Markets Daily - 5 April 2023
*Auto ABS prices *BTL RMBS retained *Dilosk update
Primary market
UK STS auto ABS Azure Finance No.3 has just priced, with the 2.3x covered class A tranche landing at SONIA plus 80bp, tightening significantly from initial price talk of plus 90-95bp. The final result highlights solid execution and investor demand – albeit an 18bp pick-up to last week’s Bavarian Sky ...
5 April 2023
ABS Markets Monthly - Australia Q123
Gaining steam
*Australian ABS/MBS market first quarter review
Despite the recent global volatility triggered by the banking markets, the Australian securitisation market is gaining steam. If so far issuance has been relatively subdued, with just over A$8bn issued during the first quarter – as opposed to A$12.2bn last year, the market is showings signs of resilience, with a strong ...
5 April 2023
ABS Markets Deal Alert - 5 April 2023 09.30 UK time
Guidance and a book update have been released for UK STS auto ABS Azure Finance No.3., as follows:
Azure Finance No.3
5 April 2023
ABS Markets Deal Alert - 4 April 2023 14.45 UK time
Initial price talk has been released for Irish prime deal Dilosk RMBS No.6 (STS), as follows:
Dilosk RMBS No.6 (STS)
4 April 2023
ABS Markets Monthly - March 2023
March in numbers
Another month impacted by macro volatility served to keep a lid on March European and UK ABS/MBS new issuance volumes and continue the run of disappointing numbers for 2023. However, overall primary demand and secondary spreads have held up surprisingly well.
Primary market
In the face of the ramifications of the ...
3 April 2023
ABS Markets Deal Alert - 3 April 2023 11.30 UK time
Initial price talk has been released for UK STS auto ABS Azure Finance No.3., as follows:
Azure Finance No.3
3 April 2023
ABS Markets Daily - 31 March 2023
*Some nervousness *Four autos print *NPL RMBS retained
Some nervousness
Following a couple of weeks of volatility, the European and UK ABS/MBS markets have picked up surprisingly fast this week, predominantly through solid auto ABS supply. However, the broader environment and general stability still appear unsteady for now.
Returning to the trend experienced during February, a flurry of ...
31 March 2023
ABS Markets Deal Alert - 30 March 2023 18.05 UK time
The second publicly marketed auto ABS deal of the week – Bavarian Sky UK 5 – has just priced. The 1.4x covered class A tranche landed at SONIA plus 62bp, tightening from initial price talk of mid-high 60s. It is however some 5bp wider of the latest German auto ABS print, A-BEST 21, which priced earlier this week.
Bavarian Sky ...
30 March 2023
ABS Markets Deal Alert - 30 March 2023 14.00 UK time
Guidance and a book update have been released for BMW’s auto loan ABS Bavarian Sky UK 5, as follows:
Bavarian Sky UK 5
30 March 2023
ABS Markets Deal Alert - 29 March 2023 12.00 UK time
Details have been released for UK STS auto ABS Azure Finance No. 3. Originator Blue Motor Finance is available for investor calls from today, with pricing targeted for next week.
Azure Finance No. 3
29 March 2023
ABS Markets Deal Alert - 29 March 2023 9.45 UK time
Initial price talk has been released for BMW’s auto loan ABS Bavarian Sky UK 5, as follows:
Bavarian Sky UK 5
29 March 2023
ABS Markets Deal Alert - 28 March 2023 13.00 UK time
FCA Bank’s public re-offering of German auto ABS A-BEST 21 has just priced. The 1.75x covered class A tranche landed at plus 57bp, inside initial price talk of 60-area.
If the overall execution and coverage showed encouraging signs, levels are still wider than the previous German auto ABS print – Cars Alliance Auto Loans Germany V 2023-1 ...
28 March 2023
ABS Markets Deal Alert - 28 March 2023 12.30 UK time
Blue Motor Finance has mandated Morgan Stanley as sole arranger and joint lead manager and Standard Chartered Bank as joint lead manager for Azure Finance No. 3, a public securitisation secured against a granular static portfolio of fully amortising auto hire purchase agreements. The last deal from the platform priced in July 2020.
The Blue Motor Finance management ...
28 March 2023