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 - 27 March 2023 9.45 UK time
BMW UK is in the market this morning and publicly offering the class A tranche from its Bavarian Sky UK 5 transaction. HSBC and Santander act as joint lead managers, joined by RBC and Lloyds as co-managers.
Bavarian Sky UK 5
27 March 2023
ABS Markets Deal Alert - 27 March 2023 9.30 UK time
Initial price talk has been released for the re-offer of German auto ABS A-BEST 21, as follows:
A-BEST 21 Re-offer
27 March 2023
ABS Markets Daily - 24 March 2023
*Signs of resilience *Primary flurry
Signs of resilience
If the banking turmoil and ensuing broader market volatility still dominate the headlines, the UK and European ABS/MBS markets are displaying signs of continued resilience.
Given the current volatile environment, the primary market once again saw little activity this week, with the exception of a few retained deals (see Primary ...
Market Moves24 March 2023
ABS Markets Daily - 23 March 2023
Primary market
Three retained deals priced today, one of which was a partially pre-placed green Spanish RMBS.
UCI’s latest prime RMBS was brought by BNP Paribas and Santander with €100m of its €352m class As pre-placed and the balance retained. FT RMBS Green Prado XI’s class A and B notes are designated as ‘Secured Green Standard Bonds’ ...
23 March 2023
ABS Markets Deal Alert - 21 March 2023 14.00 UK time
Defying the current climate and global volatility, FCA Bank has come to market with the re-offering of its A-BEST 21, a securitisation of auto loan and lease receivables granted to German private and commercial obligors. The deal was originally retained in August 2021 and now FCA Bank is publicly offering the €400m class A tranche.
CA-CIB and UniCredit ...
21 March 2023
ABS Markets Daily - 17 March 2023
*Some widening *Solitary new issue
Some widening
In a week largely dominated by a fall in bank stocks and broader macroeconomic volatility, the UK and European ABS/MBS markets have seen little activity.
“The ABS/MBS markets acted as predicted in what is a volatile environment, whereby many clients linger on the sidelines until stability eventually returns,” notes one European ...
Market Moves17 March 2023
ABS Markets Deal Alert - 16 March 2023 12.45 UK time
UK non-conforming RMBS Elstree Funding No.3, has priced as follows:
Elstree Funding No.3
16 March 2023
ABS Markets Daily - 15 March 2023
*February factsheets in *Elstree edges ahead
February factsheets in
Positive market sentiment and elevated primary issuance were key drivers throughout February. Such sentiment is highlighted in the latest ABS/MBS fund factsheets.
Following a quiet start to the year from continental Europe, issuers took advantage of positive financing conditions and continued spread rallying. If auto deals accounted for a ...
15 March 2023
ABS Markets Deal Alert - 15 March 2023 10.45 UK time
A book update has been released for UK non-conforming RMBS Elstree Funding No.3, as follows:
Elstree Funding No.3
15 March 2023
ABS Markets Daily - 10 March 2023
*Encouraging outlook *UK focus in primary
Encouraging outlook
The UK and European ABS/MBS markets are currently navigating through a couple of macro-economic factors, with QT now underway and the central banks’ monetary meetings soon approaching (16 March and 23 March for the ECB and BoE, respectively). If the wider macro environment remains rather volatile, the short-term outlook for ABS/MBS ...
Market Moves10 March 2023
ABS Markets Deal Alert - 9 March 2023 13.00 UK time
West One Secured Loans is back in the market with non-conforming RMBS Elstree Funding No.3, which is backed by UK first lien BTL and prime second lien mortgages. Sole arranger is NatWest Markets, which is joint lead manager alongside Barclays and Lloyds.
RMBS Elstree Funding No.3
9 March 2023
ABS Markets Daily - 7 March 2023
Primary market
A £1.3bn UK non-conforming RMBS was announced and pre-placed today – Grosvenor Square RMBS 2023-1. Originated by Kensington Mortgage Company (98.5%), Southern Pacific and Money Partners, the deal was arranged by Goldman Sachs, alongside Bank of America as joint lead managers.
Grosvenor Square RMBS 2023-1
7 March 2023
ABS Markets Daily - 3 March 2023
*Temporary halt *Three new issues this week
Temporary halt
Coincidently or not, with QT beginning, the primary pipeline for UK and European ABS/MBS markets came to a standstill this week and the secondary market slowed significantly. However, expectations are that new issuance will pick up soon.
“It’s been a relatively quiet week in secondary, with a ...
Market Moves3 March 2023
ABS Markets Daily - 2 March 2023
*RPL RMBS pre-placed *Green talk
Primary market
Reperforming FT RMBS Miravet 2023-1 priced today. HSBC pre-placed the Spanish deal’s top six tranches, while the remainder of the stack was retained, as follows:
FT RMBS Miravet 2023-1
2 March 2023
ABS Markets Monthly - February 2023
*UK OK? *February in numbers
UK OK?
Supply in the UK and European ABS/MBS markets was dominated by UK issuers and the RMBS sector specifically since the start of the year and while February has seen this influence reduce the sector remains a key area of focus. However, given the blow to the sector following the UK’s disastrous mini-budget ...
1 March 2023
ABS Markets Deal Alert - 1 March 2023 16.00 UK time
The latest of the German auto ABS deals – Cars Alliance Auto Loans Germany V 2023-1 – has just priced. The 1.1x covered senior class A tranche landed at plus 51 bp, 10bp wide of last week’s 2023 auto tight from Bavarian Sky 12.
RCI Banque Germany is also retaining €100m of the €700m senior tranche. The mezzanine B notes saw strong ...
1 March 2023
ABS Markets Deal Alert - 28 February 2023 16.15 UK time
Guidance has been released for Cars Alliance Auto Loans Germany V 2023-1, as follows:
Cars Alliance Auto Loans Germany V 2023-1
28 February 2023
ABS Markets Daily - 27 February
Primary market
Today saw one new deal announced, price talk released on another and an auto ABS close.
Dutch mortgage lender and ESG RMBS issuer Obvion is back in the market with the latest deal from its STORM programme – Green STORM 2023. The prime RMBS is backed by a securitised portfolio of €526.3m energy efficient loans. ...
27 February 2023
ABS Markets Deal Alert - 27 February 2023 12.30 UK time
Initial price talk has been released for Cars Alliance Auto Loans Germany V 2023-1, as follows, with pricing expected Wednesday morning.
Cars Alliance Auto Loans Germany V 2023-1
27 February 2023
ABS Markets Daily - 24 February
*The last week before QT *Shamrock just priced *Three of four autos print
The last week before QT
In a week dominated by auto ABS deals – with three pricing and another announced – the European and UK ABS/MBS primary markets have maintained a strong momentum. However, with QT looming ever so close, the pipeline is slowly starting to ...
Market Moves24 February 2023
ABS Markets Deal Alert - 23 February 2023 15.10 UK time
Bavarian Sky 12 is the third auto ABS to price this week. The publicly offered senior tranche covered at 1.6x after it was upsized from €646m to €900m.
The class As printed 2bp inside fellow German auto ABS VCL 38, which priced last week at the previous 2023 auto tight.
Bavarian Sky Compartment German Auto Loans 12
23 February 2023