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 - 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
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ABS Markets Deal Alert - 22 February 2023 17.00 UK time
Autonoria DE 2023 is the second deal to make it across the line today. The full cap-stack German auto ABS showed impressive investor demand across the mezzanine (B-D) tranches, with 3.8x, 4.4x, 4.4x coverage respectively, and all pricing inside initial price talk. Further down, the E and F tranches were even more well bid, with 8.4x and 8.0x coverage ...
22 February 2023
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ABS Markets Deal Alert - 22 February 2023 14.00 UK time
The third attempt to publicly place Ginkgo Auto Loans 2022 has met with success as the deal priced just now. CA-CIB’s re-offer of part of the original €575.2m senior tranche ended 2.1x oversubscribed from a starting point of 1.0x when initial price talk was released.
Ginkgo Auto Loans 2022 Re-offer
22 February 2023
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ABS Markets Deal Alert - 22 February 2023 10.50 UK time
Guidance has been released for the class As of Irish non-Conforming RMBS Shamrock Residential 2023-1, as follows:
Shamrock Residential 2023-1
22 February 2023
ABS Markets Daily - 21 February
Primary market
No new deal announcements today, but a flurry of updates.
Initial price talk has been released on Bavarian Sky Compartment German Auto Loans 12, as follows:
Bavarian Sky Compartment German Auto Loans 12
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.30 UK time
Guidance has been released for German auto loan ABS Autonoria DE 2023, as follows:
Autonoria DE 2023
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.20 UK time
Guidance has been released for the partial class A re-offer of Ginkgo Auto Loans 2022. Pricing is expected tomorrow morning.
Ginkgo Auto Loans 2022 Re-offer
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.15 UK time
Initial price talk has been released on Bavarian Sky Compartment German Auto Loans 12, as follows:
Bavarian Sky Compartment German Auto Loans 12
21 February 2023
ABS Markets Daily - 20 February
Primary market
A quieter Monday than recent weeks saw one new deal announced and initial talk on another.
Earlier today, RCI Banque Germany announced Cars Alliance Auto Loans Germany V 2023-1. The deal looks similar to the firm’s last ABS outing – Cars Alliance Auto Loans Germany V 2021-1, which priced in October 2021, though the new ...
20 February 2023
ABS Markets Deal Alert - 20 February 2023 10.30 UK time
The week is kicking off with a new deal announcement this morning with Cars Alliance Auto Loans Germany V 2023-1. RCI Banque Germany (RCI) is publicly offering the class A and B tranches.
BNP Paribas and Société Générale act as joint arrangers, joined by Citi as joint bookrunner. RCI is available for investor calls from today with pricing expected as early as ...
20 February 2023
ABS Markets Deal Alert - 20 February 2023 08.30 UK time
Initial price talk has been released for German auto loan ABS Autonoria DE 2023, as follows:
Autonoria DE 2023
20 February 2023
ABS Markets Daily - 17 February
*Secondary stays strong
*Three new issues print
*Unusual RMBS issuedSecondary stays strong
This week has seen the shift in focus from the secondary to the primary market further materialise, with four publicly marketed deals pricing combined with a healthy pipeline. However, the increase in supply is not yet ploughing into secondary spreads.
With QT looming less than two weeks ...
17 February 2023
ABS Markets Deal Alert - 17 February 2023 11.30 UK time
Initial price talk has been released for Irish legacy non-conforming RMBS Shamrock Residential 2023-1, as follows:
Shamrock Residential 2023-1
17 February 2023
ABS Markets Daily - 16 February
*January fund factsheets
*New deal in the pipeline
*Guidance released x2January factsheets in
Following exceptionally light volumes in December last year, the UK and European ABS/MBS market got off to a strong start in 2023. Such sentiment is highlighted in the latest ABS/MBS fund factsheets.
As the primary ABS/MBS market emerged from its year-end hiatus, a handful of deals ...
16 February 2023
ABS Markets Deal Alert - 16 February 2023 16.15 UK time
Guidance has been released for Dutch STS RMBS Domi 2023-1, as follows:
Domi 2023-1
16 February 2023
ABS Markets Deal Alert - 16 February 2023 14.30 UK time
Guidance has been released for German auto lease ABS VCL 38, as follows:
VCL 38
16 February 2023
ABS Markets Deal Alert - 16 February 2023 11.45 UK time
BMW Bank is back in the market with the announcement of its latest Bavarian Sky transaction – Compartment German Auto Loans 12. The German issuer is publicly offering the class A tranche. CA-CIB and MUFG act as joint-lead managers, joined by DZ Bank and Skandinaviska Enskilda Banken as co-managers.
Bavarian Sky Compartment German Auto Loans 12
16 February 2023
ABS Markets Deal Alert - 15 February 2023 17.45 UK time
BPCE’s French consumer ABS transaction FCT Purple Master Credit Card has priced. The €550m class A tranche landed inside 60a initial price talk at plus 58bp – 12bp inside the previous French credit card deal in June of last year, Master Credit Cards PASS France 2022-1.
FCT Purple Master Credit Cards 2023-1
15 February 2023
ABS Markets Deal Alert - 15 February 2023 16.00 UK time
Guidance has been released on Koromo Italy, as follows:
Koromo Italy
15 February 2023
ABS Markets Deal Alert - 15 February 2023 10.15 UK time
Initial price talk has been released for Dutch STS RMBS Domi 2023-1, as follows:
Domi 2023-1
15 February 2023