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.


  • ABS Markets Daily - 6 February 2023

    *Forward focus
    *Primary wakes up
    *ECB action analysed

    Forward 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

  • ABS Markets Deal Alert - 6 February 2023 09.30 UK time

    Two new mandates have been announced this morning in the European and UK ABS/MBS markets.

    In the UK, another prime RMBS is firing up the market with Holmes Master Issuer 2023-1 – the 29th issue out of the Holmes Master Trust structure. The class A1 note is on offer with Santander acting as arranger, joined by Barclays, Bofa, Deutsche ...

    6 February 2023

  • ABS Markets Daily - 3 February 2023

    *Secondary grinding tighter
    *Primary quiet

    Secondary grinding tighter

    With no new deal announcements in the primary European and UK ABS/MBS market this week, the secondary market remains dominant.

    “Primary issuance is not materialising for now,” says one trader. “Investors are standing by, but issuers are slow to come to market. We are expecting higher volumes and activity in the ...

    3 February 2023

  • ABS Markets Monthly - January 2023

    January in numbers

    The tone across the European and UK primary and secondary ABS/MBS markets was overwhelmingly positive in January, at least compared to the previous three or four months of moribund activity.

    Primary market

    The sense that new issuance had got off to a flyer for the year, even when compared to last January’s pre-Ukraine ...

    1 February 2023

  • ABS Markets Daily - 27 January 2023

    *Strong appetite
    *Swiss auto prices
    *Resi tap retained

    Strong appetite

    The primary European and UK ABS/MBS markets are quietly but firmly, through a string of solid deals, harvesting investor appetite. Notwithstanding a good result on Wednesday for Dutch Property Finance 2023-1 the first euro-denominated deal of the year, market focus this week hasn’t materially strayed from the current sweet spot ...

    27 January 2023

  • ABS Markets Deal Alert - 27 January 2023 10.45 UK time

    Initial price talk has been released for First Swiss Mobility 2023-1, with indicated coupons as follows:

    First Swiss Mobility 2023-1

    27 January 2023


  • ABS Markets Deal Alert - 25 January 2023 19.00 UK time

    RNHB’s Dutch Property Finance 2023-1 – the first euro-denominated transaction of the year – has just priced. With the full capital structure on offer, the deal was upsized from €300m to €500m. The A tranche landed at a DM of 135bp, while the B, C and D tranches printed at DMs of 235bp, 300bp and 430bp, respectively. All offered tranches ...

    25 January 2023

  • ABS Markets Deal Alert - 25 January 2023 10.00 UK time

    Guidance has been released for Dutch Property Finance 2023-1 and books have grown from yesterday’s levels.

    Dutch Property Finance 2023-1

    25 January 2023


  • ABS Markets Daily - 24 January 2023

    *European lag
    *Primary update

    European lag

    If UK deals have demonstrated through strong investor demand clear evidence of encouraging conditions in the primary ABS/MBS market, continental Europe is still lagging behind.

    “There is some continuity with what we have been experiencing in the last few weeks, with a tightening in structured products across the board,” states one European ABS/MBS ...

    24 January 2023

  • ABS Markets Daily - 23 January 2023

    *New Swiss auto
    *Secondary picking up

    Primary market

    A new auto ABS joined the pipeline today, with the announcement of Multilease’s First Swiss Mobility 2023-1. The deal represents a securitisation of auto lease receivables – from a pool of approximately CHF307m – granted to Swiss private and commercial customers. Credit Suisse and Zürcher Kantonalbank are acting as joint arrangers.

    23 January 2023


  • ABS Markets Deal Alert - 23 January 2023 10.45 UK time

    Initial price talk has been released for Dutch Property Finance 2023-1, as follows:

    Dutch Property Finance 2023-1

    23 January 2023


  • ABS Markets Daily - 20 January 2023

    *Variations on a theme
    *Primary activity

    Variations on a theme

    This week in the European and UK ABS/MBS primary market saw a continuation of UK RMBS holding focus, as it has since the start of the month. The week also saw the arrival of the first euro-denominated deal of the year, though almost inevitably it is an RMBS from a ...

    20 January 2023

  • ABS Markets Deal Alert - 20 January 2023 16.15 UK time

    Once again this year, a UK RMBS deal has performed well and shown strong investor demand, with Tower Bridge Funding 2023-1 pricing just now.

    The offered B, C and D tranches all priced well within their IPTs. Similarly, those tranches displayed successful coverage at 5.7x, 6.1x, 4.8x oversubscription, respectively.

    Tower Bridge Funding 2023-1

    20 January 2023


  • ABS Markets Deal Alert - 19 January 2023 17.00 UK time

    Following initial price talk yesterday guidance has been released for RMBS Tower Bridge Funding 2023-1, as follows:

    Tower Bridge Funding 2023-1

    19 January 2023


  • ABS Markets Daily - 18 January 2023

    *Primary surge
    *New issue activity
    *Regulatory notices

    Primary surge

    With one deal pricing and clear signs of a growing pipeline this week, primary UK and European ABS/MBS activity finally appears to be taking off.

    “We are seeing a lot of demand in the primary,” notes one European ABS/MBS trader. “Sterling deals are proving to really successful, with excellent investor demand ...

    18 January 2023

  • ABS Markets Deal Alert - 18 January 2023 10.15 UK time

    Another RMBS transaction has hit screens this morning, with specialist Dutch lender RNHB in the market with Dutch Property Finance 2023-1. This latest mandate is the tenth BTL transaction from the Dutch Property Finance programme.

    RNHB is looking to sell a full capital stack of rated notes from AAA to just-about IG. Barclays, BNP Paribas, HSBC, and Natixis ...

    18 January 2023

  • ABS Markets Deal Alert - 18 January 2023 11.30 UK time

    Initial price talk has been released for UK non-conforming RMBS Tower Bridge Funding 2023-1, as follows:

    Tower Bridge Funding 2023-1

    18 January 2023


  • ABS Markets Daily - 17 January 2023

    *December factsheets in
    *Active primary
    *Regulatory notices

    December factsheets in

    According to the latest ABS/MBS fund factsheets European and UK ABS/MBS issuance was – as expected and reported – light last December. With the primary market almost shutting down entirely. 2022 ended with total issuance volume of €53bn for European ABS, down 30% compared to the volume issued in 2021.

    If ...

    17 January 2023

  • ABS Markets Deal Alert - 17 January 2023 17.00 UK time

    Economic Master Issuer Series 2023-1 has priced at SONIA plus 56bp. The deal’s single tranche was 3.2x covered.

    Such strong demand and increasingly positive market sentiment ensured the deal priced comfortably inside last week’s Brass No. 11 Re-offer, which saw a 63bp DM. Unsurprisingly, though, it was significantly wider than the last deal from the platform – Economic Master Issuer Series 2021-1, ...

    17 January 2023

  • ABS Markets Deal Alert - 17 January 2023 12.30 UK time

    Guidance has been released for Economic Master Issuer Series 2023-1 at 58bp-60bp. The single tranche on offer is 2.8x covered at initial price talk and pricing is expected as early as today.

    Economic Master Issuer Series 2023-1

    17 January 2023


  • ABS Markets Deal Alert - 17 January 2023 12.00 UK time

    Belmont Green Finance Limited (BGFL) is in the market and offering Tower Bridge Funding 2023-1, a securitisation of owner-occupied and buy-to-let mortgages backed by properties in the UK. BofA Securities and Santander are acting as arrangers, joined by Barclays, Macquarie and NatWest as joint lead managers.

    BGFL is open to investor calls from today, with pricing targeted for Friday, 20 January.

    Tower Bridge ...

    17 January 2023


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