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 - 15 February 2023 09.00 UK time
Initial price talk has been released for German auto lease ABS VCL 38, as follows:
VCL 38
15 February 2023
ABS Markets Daily - 14 February
Primary market
Today saw updates to three deals in the European and UK ABS/MBS new issue pipeline and the addition of a new re-offer.
The third attempt to publicly place the senior tranche of Ginkgo Auto Loans 2022 was announced this afternoon. The re-offer, via CA-CIB, involves €322.6m of the €575.2m class A notes originally retained in ...
14 February 2023
ABS Markets Deal Alert - 14 February 2023 14.00 UK time
CA Consumer Finance has mandated CA-CIB as sole lead manager for the offering of €322.6m out of the €575.2m of the class A Notes issued by Ginkgo Auto Loans 2022, which were fully retained in March 2022. The whole class A was re-offered later in the year, but was pulled again in October in the face of rocky market conditions.
Pricing is ...
14 February 2023
ABS Markets Daily - 13 February
*Busy Monday
*Secondary tightening continuesPrimary market
It was another busy Monday in the European and UK ABS/MBS primary market. Three new deals were announced and further details were given on another three already in the pipeline.
Volkswagen kicked things off this morning by announcing a new German auto lease ABS – VCL 38.
VCL 38
13 February 2023
ABS Markets Deal Alert - 13 February 2023 14.45 UK time
Morgan Stanley’s latest Irish legacy non-Conforming RMBS deal from the Shamrock shelf – Shamrock Residential 2023-1 has joined the growing new issue pipeline. The deal is co-managed by Standard Chartered.
The class A,B,C,D tranches are publicly offered, while the E,F,G, RFN tranches are on a call-desk basis and the rest of the stack is not offered. Pricing timeframe ...
13 February 2023
ABS Markets Deal Alert - 13 February 2023 09.30 UK time
Two new auto ABS deals have been announced this morning.
Volkswagen has kicked off the week by announced a new prime German auto lease ABS - Compartment VCL 38. Both the class A and B tranches are on offer via arranger BofA and joint lead managers, Mizuho and UniCredit.
VCL 38
13 February 2023
ABS Markets Deal Alert - 13 February 2023 09.10 UK time
Initial price talk has been released for BPCE’s French consumer ABS transaction FCT Purple Master Credit Cards 2023-1, as follows:
FCT Purple Master Credit Cards 2023-1
13 February 2023
ABS Markets Daily - 10 February 2023
*Deal flurry
*Secondary firm
*Primary round-upDeal flurry
If in the past few weeks the secondary market has dominated investor focus in UK and European ABS/MBS, a flurry of deals in the primary market this week is shifting the momentum.
“Generally, we are seeing a continuation of the trend experienced since January, whereby the secondary market is quite firm,” notes ...
10 February 2023
ABS Markets Deal Alert - 10 February 2023 16.00 UK time
Bumper DE 2023, LeasePlan’s German auto ABS has priced. The single offered €400m A tranche was eventually upsized to €500m and landed at plus 58bp – inside initial price talk. The last primary print for a German auto ABS was VCL 37 in October last year, which landed at plus 55bp.
Bumper DE 2023
10 February 2023
ABS Markets Deal Alert - 10 February 2023 12.45 UK time
Domivest has mandated Barclays, BNP Paribas and Macquarie Bank as arrangers to engage with investors in relation to DOMI 2023-1, an STS Dutch buy-to-let transaction backed by performing mortgages to professional landlords. A multi-tranche transaction is expected to follow, subject to market conditions.
Domivest management team will be available for virtual meetings 13 and 14 February.
......... 10 February 2023
ABS Markets Deal Alert - 10 February 2023 10.45 UK time
Guidance has been released for German auto lease ABS Bumper DE 2023 as follows:
Bumper DE 2023
10 February 2023
ABS Markets Daily - 8 February 2023
*Today’s primary activity
*Regulatory noticesPrimary market
Just now, auxmoney’s Fortuna Consumer Loan ABS 2023-1 became the second deal to price today and the first euro-denominated consumer ABS of the year. The €196m publicly-placed senior notes priced at plus 80bp – down from initial price talk of plus 85-90bp.
A testament to the current positive tone around the ABS/MBS ...
8 February 2023
ABS Markets Deal Alert - 8 February 2023 13.15 UK time
Initial price talk has been released for German auto lease ABS Bumper DE 2023 as follows:
Bumper DE 2023
8 February 2023
ABS Markets Deal Alert - 8 February 2023 13.00 UK time
UK prime RMBS Holmes Master Issuer 2023-1 priced this afternoon. The deal saw its upsized £750m class A1 note land at SONIA plus 58bp – inside initial price talk of low 60s.
This result prolongs the ongoing positive trend for UK prime RMBS deals, with pricing comparable to successful transactions Economic Master Issuer 2023-1 and Brass No. 11, ...
8 February 2023
ABS Markets Deal Alert - 7 February 2023 17.00 UK time
Guidance has been released on auxmoney’s Fortuna Consumer Loan ABS 2023-1. Pricing could be as early as tomorrow.
Fortuna Consumer Loan ABS 2023-1
7 February 2023
ABS Markets Deal Alert - 7 February 2023 15.10 UK time
Toyota Financial Services Italia (TFSI) has mandated Citi as sole arranger and lead manager for Koromo Italy, a debut European public securitisation, backed by a granular static pool of auto loan receivables fully comprising hybrid, plug-in or electric vehicles.
An STS transaction offering euro-denominated senior notes is expected to follow, subject to market conditions. TFSI is available for ...
7 February 2023
ABS Markets Deal Alert - 7 February 2023 14.15 UK time
Guidance has been released on Holmes Master Issuer 2023-1, with the spread set as follows:
Holmes Master Issuer 2023-1
7 February 2023
ABS Markets Deal Alert - 6 February 2023 14.15 UK time
Another euro-denominated deal has just hit the screens – BPCE’s French consumer ABS transaction FCT Purple Master Credit Cards 2023-1. Only the class A tranche is on offer via arrangers BPCE and Natixis and joint lead managers Natixis and Unicredit.
The transaction is a refinancing of the FCT Purple Master Credit Cards 2020-1. BPCE is open to investor ...
6 February 2023
ABS Markets Deal Alert - 6 February 2023 13.45 UK time
Auxmoney is back in the market with its third deal – Fortuna Consumer Loan ABS 2023-1. BNP Paribas is sole arranger and is joined by Citi and Natixis as joint lead managers.
The German consumer loan deal’s class A tranche benefits from an ESG (Social) label as around 70% of the portfolio qualifies (opinion provided by ISS). It is expected to price ...
6 February 2023
ABS Markets Deal Alert - 6 February 2023 13.00 UK time
Books are now open and initial price talk has been released for Holmes Master Issuer 2023-1 as follows:
Holmes Master Issuer 2023-1
6 February 2023
ABS Markets Daily - 6 February 2023
*Forward focus
*Primary wakes up
*ECB action analysedForward focus
The positive tone seen across the European and UK ABS/MBS primary and secondary markets in January will now be tested as February has got the year underway in earnest (see primary market section below). Consequently, there are doubts that previous strong volumes and tightening spreads will fully transfer into the month ...
6 February 2023