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 Daily - 25 August 2023
*Hemispherical divergence *Strong Australian pipeline
Primary
There was no activity today in international ABS primary. A situation in keeping with the previous three sessions in the northern hemisphere, but out of step with the southern hemisphere’s week.In Europe and the UK one deal priced during the week – Avon Finance No.3, which was preplaced on Monday. ...
25 August 2023
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ABS Markets Daily - 24 August 2023
*Two Australian deals price *One seeks interest *Two more begin marketing
Primary market
Australia
Prime RMBS Firstmac Mortgage Funding Trust No.4 2023-1 priced as follows:Firstmac Mortgage Funding Trust No.4 2023-1
Market Moves24 August 2023
ABS Markets Daily - 23 August 2023
*Australia active again *two pricings *three updates *one closing
Primary market
As Europe continues its summer slumber, it was another active late winter day in the Australian primary ABS/MBS market with updates on six deals. Including, as expected, two pricing, as follows:
23 August 2023
ABS Markets Daily - 22 August 2023
*Avon refi preplaced *Australian deals update *New Pepper mandate
Primary market
Europe/UK
22 August 2023
The European ABS/MBS market saw its first activity in nearly two weeks, with the preplacement of Avon Finance No.3 via Barclays. The deal is a refinancing of Avon Finance No.1, which was subject to a redemption notice yesterday (ABS Markets Daily - 21 August 2023), itself a refinancing ...
ABS Markets Daily - 21 August 2023
*Australian deals launch *European secondary ticks on *CMBS stays in focus
Primary market
Australia
Two deals were launched and updated today. Both are scheduled to price on Wednesday.Brighte Green Trust 2023-1 launched with initial coverage on its three available tranches of 1.0x on the A-C notes (including A$55m JLM interest), 1.1x on A-NC (including A$5m JLM interest) ...
21 August 2023
ABS Markets Daily - 17 August 2023
Primary
It was a quieter day all round today, though, as expected, Australian auto and equipment ABS Pepper SPARKZ Trust No.7 did price:
Pepper SPARKZ Trust No.7
17 August 2023
ABS Markets Daily - 16 August 2023
Primary
Another quiet day in Europe, but an active one in Australia again, with one deal pricing and three others updated.
Avanti AU Auto ABS Trust 2023-1 priced as follows:
Avanti AU Auto ABS Trust 2023-1
16 August 2023
ABS Markets Daily - 15 August 2023
*July fund factsheets *Europe becalmed *Australian primary buzzing
July factsheets in
The ABS funds we monitor have now reported for July. Their factsheets and commentaries show a busy month and positive if cautious future expectations.
The funds all report taking advantage of opportunities amid July’s robust activity in both the primary and the secondary European and UK ABS/MBS ...
15 August 2023
ABS Markets Daily - 11 August 2023
*European primary still quiet *Secondary scrappy *Australian pipeline builds
Europe/UK
Primary
Aside from yesterday’s retention of Dutch prime RMBS Orcinus 2023, the European primary market continued to be quiet all week with no other pricings or new deals announced. Consequently, the European visible new issue pipeline remains empty.Secondary
11 August 2023
Lists and activity more broadly remained scrappy this week thanks ...
ABS Markets Daily - 10 August 2023
Primary market
Europe/UK
Today saw the first new deal to price since 28 July – retained Dutch prime RMBS Orcinus 2023, arranged by Rabobank. It is the second deal to be originated by ASR Levensverzekering this year, following June's Delphinus 2023-1.Orcinus 2023
Market Moves10 August 2023
ABS Markets Daily - 4 August 2023
*European primary silent *Secondary slows further *Aussie autos emerge
Europe/UK
Primary
The European and UK ABS/MBS primary market fell silent over the past week, with no pricings or new deals announced. Consequently, the visible new issue pipeline remains empty.Secondary
4 August 2023
As predicted last week (ABS Markets Daily - 28 July 2023), the summer slowdown continued in the secondary market this week, ...
ABS Markets Monthly - July 2023
*Liquidity issues *July in numbers *League tables
Liquidity issues
As the summer lull begins, it prompts the usual reminder of the illiquidity that historically hampers the European and UK ABS/MBS secondary market. However, last September’s UK mini-budget triggered the “LDI crisis”, a ferocious sell-off in Gilts and the volume of UK and European ABS/MBS traded on BWIC rocketed. Nevertheless, ...
31 July 2023
ABS Markets Daily - 28 July 2023
*Secondary slows *UK CMBS prints *International primary in neutral
Secondary slows
The European and UK ABS/MBS secondary market is now slowing down for summer, following the primary market’s shift into neutral.
“It’s definitely slower, though last week was fairly busy and we saw BWIC volume of around €150m. But this week it’s been a lot closer to €50m,” ...
28 July 2023
ABS Markets Daily - 27 July 2023
Primary market
Europe/UK
German auto loan ABS Globaldrive Auto Receivables 2023-A was retained today via Société Générale.Globaldrive Auto Receivables 2023-A
Market Moves27 July 2023
ABS Markets Daily - 26 July 2023
Primary market
Europe/UK
Spanish reperforming RMBS Clavel Residential 3 was privately placed this afternoon via Morgan Stanley.Clavel Residential 3
26 July 2023
ABS Markets Daily - 25 July 2023
Primary market
Europe/UK
WiZink Bank has retained Spanish credit card ABS aZul Master Credit Cards 2023-1. It priced as follows:aZul Master Credit Cards 2023-1
25 July 2023
ABS Markets Daily - 21 July 2023
*June fund factsheets *Seven deals price this week * UK CMBS on the cards
June factsheets in
The bulk of the ABS funds we monitor have now reported for June. Their factsheets reveal another solid month and positive views on the future.
June was a quieter month in the primary market, thanks chiefly to the Global ABS conference ...
21 July 2023
ABS Markets Deal Alert - 20 July 2023 18.30 UK time
Dilosk RMBS No.7 has priced. Its class A levels came in wider than the last Irish RMBS fully-backed by BTL loans – Glenbeigh 2 2021-2, which printed at a 90bp DM in September 2021. The platform’s own last 100% BTL deal Dilosk RMBS No.3 priced at a 75bp DM in April 2019.
Dilosk RMBS No.7
20 July 2023
ABS Markets Deal Alert - 20 July 2023 14.30 UK time
SC Germany Consumer 2023-1 has priced with its class As 2bp wider than the last issue from the platform in September 2022. However, it did come in inside the previous German consumer ABS – Fortuna Consumer Loan ABS 2023-1 – which printed in February 2023.
SC Germany Consumer 2023-1
20 July 2023
ABS Markets Deal Alert - 20 July 2023 10.15 UK time
Final guidance and a further book update on a €201.857m size have been released for Irish BTL RMBS Dilosk RMBS No.7, as follows:
Dilosk RMBS No.7
20 July 2023