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 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
-
ABS Markets Deal Alert - 16 January 2023 14.00 UK time
Initial price talk has been released for Economic Master Issuer Series 2023-1 at low-60s, suggesting the deal will price inside the 63bp level of last week’s Brass No. 11 Re-offer. Books are now open and pricing is expected as early as tomorrow.
Economic Master Issuer Series 2023-1
16 January 2023
-
ABS Markets Daily - 13 January 2023
*Waiting for the pipeline
*Primary market activity this weekWaiting for the pipeline
Following a quiet restart to the year, activity and volumes were once again subdued in the primary UK and European ABS/MBS markets this week. Nevertheless, the new issue pipeline and anticipation is starting to build.
“Primary activity is still relatively non-existent for now,” notes one European ...
13 January 2023
-
ABS Markets Deal Alert - 12 January 2023 14.40 UK time
Coventry Building Society (CBS) is back in the market today with the third issue from its Economic Master Issuer programme – Economic Master Issuer 2023-1. The STS RMBS consists of a £2.12bn portfolio of prime, first-lien, owner-occupied UK residential mortgage loans. HSBC is acting as arranger, joined by Barclays and Citi as joint lead managers.
CBS is open to ...
12 January 2023
-
ABS Markets Daily - 10 January 2023
*Brass priced
*RMBS resiliencePrimary market
Yorkshire Building Society’s secondary placement of the class A1 notes from Brass No.11 priced this afternoon. The reoffering of this prime RMBS showed solid spread tightening with the A1 notes printing with a 63bp DM, tightening from initial price talk in the 70 area. This solid performance highlights the ongoing strong investor appetite for ...
10 January 2023
-
ABS Markets Daily - 6 January 2023
*Slowly picking up
*Bridgegate first
*Brass is back
*Polish auto ABS launchedSlowly picking up
As the new year gets underway, the general view from the UK and European ABS/MBS markets appears to be that the ‘worst is behind us’. Unsurprisingly, for the first week of the year activity and volumes have been faint, with new issuance only beginning to come to life today ...
6 January 2023
-
ABS Markets Deal Alert - 6 January 2023 15.15 UK time
VW is marketing a new auto lease ABS via Santander – VCL Master Poland. The deal references a PLN 2,138.2m – as of October 2022 pool cut-off date – portfolio of lease receivables from contracts extended to retail lessees located in Poland.
The leases were originated by Volkswagen Financial Services Polska. The notes are expected to be rated AAA ...
6 January 2023
-
ABS Markets Deal Alert - 6 January 2023 12.30 UK time
Yorkshire Building Society (YBS) has mandated Barclays and HSBC as joint intermediary re-offer banks for a secondary market placement of the class A1 notes from Brass No.11. The transaction – a prime UK STS RMBS of residential mortgages originated in England, Wales and Scotland – was previously fully retained due to volatile market conditions (SCI 30 September).
6 January 2023
-
ABS Markets Deal Alert - 6 January 2023 09.45 UK time
The Mortgage Business has publicly announced and priced the first European and UK ABS/MBS new issue of 2023. UK RMBS Bridgegate Funding’s senior tranche was not offered and the remainder of the capital stack was preplaced via Citi and Lloyds.
Bridgegate Funding
6 January 2023
-
ABS Markets Monthly - December 2022
2022 in numbers
The political and economic headwinds that beset the European and UK ABS/MBS markets in 2022 are well-documented elsewhere, so there’s no need to go into them in-depth in this review of the primary market’s year. Here, we will focus on the numbers as provided by SCI’s Euro ABS/MBS Deal Tracker.
Overall
Total ...
3 January 2023
-
ABS Markets Daily - 30 December 2022
*New NPL ABS
*Regulatory noticesMarket update
The European and UK ABS/MBS primary and secondary markets have been extremely quiet over the past two weeks, as is usually the case over the Christmas holiday period. However, one new deal did price yesterday – Luzzatti POP NPLs 2022.
The NPL ABS came via Banca IMI/Intesa Sanpaolo and was originated by 15 ...
30 December 2022
-
ABS Markets Daily - 19 December 2022
*New private SME ABS
*Secondary slowing but strengtheningPrimary market
A private Italian SME ABS closed today via JPMorgan and illlimity Bank – Colt SPV. The deal is collateralised by a portfolio of non-mortgage floating rate loans granted to Italian corporates and SMEs by illimity.
The loans benefit from a guarantee issued by either SACE (76.2% of the portfolio ...
19 December 2022
-
ABS Markets Daily - 16 December 2022
*Year-end?
*Retained auto deal
*New warehouseYear-end?
With European and UK ABS/MBS primary activity coming to a standstill, the market’s long-awaited year-end feels as if it has finally arrived at least for public deals. Though private deals continue to slip out.
“The focus now is clearly on January,” notes one European ABS/MBS trader. “We expect a few transactions ...
16 December 2022
-
ABS Markets Daily - 15 December 2022
*New private RMBS
*PCS predictionsPrimary market
Details emerged today of a new privately placed RMBS via Morgan Stanley. Clavel Residential 2 references a static pool of reperforming Spanish residential mortgages originated by Santander. Almost the entire portfolio is linked to loans with prior restructurings, of which 74% relates to grace periods allowing the borrower to pay only the interest component of ...
15 December 2022
-
ABS Markets Daily - 14 December 2022
*Factsheets in
*Primary & secondary stay quietFactsheets in
Mid-month often equates with the release of ABS/MBS fund factsheets and market commentaries, allowing reflection on past and current trends.
According to Ostrum Euro ABS fund’s factsheet, European ABS spreads in November witnessed a significant tightening of the senior (15-30 bp) and mezzanine tranches (35-100 bp) and returning to the levels seen ...
14 December 2022
-
ABS Markets Daily - 13 December 2022
*Investor expectations
*New CMBSInvestor expectations
13 December 2022
-
ABS Markets Daily - 9 December 2022
*Pattern set
*Latest primary deal priced
Pattern set9 December 2022
-
ABS Markets Daily - 7 December 2022
*Prime activity expected
*Another retained new issue
*BWIC focus in secondaryPrime activity expected
7 December 2022
-
ABS Markets Daily - 5 December 2022
*Predictions placed
*Primary quiet
*Secondary still active, especially CMBS
5 December 2022