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 - 10 July 2023 15.55 UK time
A fresh mandate has been added to the UK and European ABS/MBS primary pipeline with German STS consumer ABS, SC Germany Consumer 2023-1. Santander is publicly marketing the A-D tranches, though there is the disclaimer added that €115m of the senior A tranches is protected. The last deal in the series was sold in September 2022.
Santander acts as arranger, joined by ...
10 July 2023
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ABS Markets Deal Alert - 10 July 2023 11.30 UK time
Initial price talk for UK RMBS Oat Hill No.3 has been released, as follows:
Oat Hill No.3
10 July 2023
ABS Markets Deal Alert - 10 July 2023 09.15 UK time
Initial price talk for UK Prime RMBS Permanent 2023-2 has been released, as follows:
Permanent 2023-2
10 July 2023
ABS Markets Deal Alert - 10 July 2023 08.30 UK time
BNP Paribas’ consumer ABS Noria 2023, priced late Friday having been announced earlier the same afternoon. The class As from the most recent French consumer deal, Ginkgo Sales Finance 2022 Re-offer from April 2023, came in at 71bp DM with a slightly shorter WAL.
Noria 2023
10 July 2023
ABS Markets Daily - 07 July 2023
*Hard to gauge *International primary markets quiet this week *Next set to be busier
Hard to gauge
While the Australian primary ABS/MBS market is experiencing a relatively slow start to July, the current pipeline is slowly but surely growing (see Primary market section below).“It feels as though there’s a fair bit still going on,” notes one Australian ...
7 July 2023
ABS Markets Deal Alert - 07 July 2023 15.20 UK time
Another deal is joining the UK and European primary pipeline, with the announcement of Newday Funding 2023-1. As opposed to last year, when NewDay issued three fully pre-placed transactions, the British issuer is publicly marketing the A-D tranches.
Citi and Santander act as arrangers, joined by BofA, Natwest and SMBC Nikko as joint lead managers. NewDay is available for invesot calls from today, with ...
7 July 2023
ABS Markets Deal Alert - 07 July 2023 13.25 UK time
BNP Paribas is in the market with a mandate for a new French consumer ABS from their Noria programme, Noria 2023. The announcement states that: “Subject to market conditions, investor feedback and achieving the appropriate balance sheet optimisation objectives of BNP Paribas Group a pre-placed transaction may be announced. The transaction is expected to comply with the requirements for simple, transparent ...
7 July 2023
ABS Markets Deal Alert - 06 July 2023 15.50 UK time
Santander’s full cap stack consumer ABS Santander Consumo 5 has priced. While the actual amount of senior paper available was bounded from the start – €401.2m was preplaced and of the €238.8m on offer, €50m was a protected order - the deal’s senior tranche attracted strong investor demand, ending 3.4x oversubscribed and pricing at plus 85bp. The publicly marketed E tranche priced ...
6 July 2023
ABS Markets Deal Alert - 06 July 2023 11.10 UK time
A new mandate from the Permanent shelf has just been announced. Similarly to the previous deal, which priced earlier in May, only the senior tranche will be offered to investors, with the size yet unknown.
Lloyds acts as sole arranger, joined by ABN AMRO and Citi as joint lead managers. Investor calls begin from 14.00UKT today, with pricing targeted for next ...
6 July 2023
ABS Markets Deal Alert - 05 July 2023 12.00 UK time
A fresh UK RMBS mandate has joined the UK and European ABS/MBS primary pipeline, with the announcement of Oat Hill No.3.
BofA acts as arranger and lead manager. Investor calls begin today, with pricing targeted for next week.
Oat Hill 3
5 July 2023
ABS Markets Deal Alert - 05 July 2023 11.20 UK time
Guidance has been released for Spanish STS consumer ABS Santander Consumo 5, as follows:
Santander Consumo 5
5 July 2023
ABS Markets Deal Alert - 03 July 2023 10.30 UK time
Initial price talk for Spanish STS consumer ABS Santander Consumo 5 has been released, as follows:
Santander Consumo 5
3 July 2023
ABS Markets Monthly - June 2023
*Future expectations *June in numbers *League tables
Future expectations
Hopes for H2 from June’s Barcelona conference
While generally a comprehensive theme or sentiment singularly surfaces from IMN’s Global ABS conference in Barcelona (ESG or punitive regulation in the past couple of years, for example), this year’s edition failed to generate an overarching issue or point of debate. If the general ...
3 July 2023
ABS Markets Daily - 30 June 2023
*Business as usual *RedZed prints RMBS
Europe/UK
Business as usual
While the UK and European ABS/MBS markets finally saw three deals price following its unofficial Barcelona hiatus, supply in the primary market still remains largely curbed. On the other hand, secondary market activity is picking up.
“Primary supply is rather contained,” notes one European ABS/MBS trader. “There ...
30 June 2023
ABS Markets Daily - 29 June 2023
The UK and European ABS/MBS markets’ visible pipeline is now almost empty, following yesterday’s pricing of Delphinus 2023-I, which was joined today by UK deals Brants Bridge 2023-1 and TABS 2023-1ST1.
UK non-conforming RMBS Brants Bridge 2023-1 was the first to make it across the line today. The deal’s 2.4x covered class A tranche priced at SONIA plus 117bp.
Brants Bridge 2023-1
29 June 2023
ABS Markets Deal Alert - 28 June 2023 13.45 UK time
Dutch Prime RMBS Delphinus 2023-I has priced. The single-offered €500m senior class A tranche priced at plus 46bp, tightening from initial price talk of low 50s. The final result is fairly north of the last Dutch Prime RMBS – SAECURE 21 – which saw its senior tranche price at plus 42bp in May.
28 June 2023
ABS Markets Deal Alert - 27 June 2023 16.10 UK time
Guidance and book update for Delphinus 2023-I have been released, as follows:
Delphinus 2023-I
Class 27 June 2023
ABS Markets Deal Alert - 27 June 2023 13.55 UK time
Initial price talk for UK RMBS Brants Bridge 2023-1 has been released, as follows:
Brants Bridge 2023-1
Class 27 June 2023
ABS Markets Deal Alert - 27 June 2023 11.45 UK time
Initial price talk for Together Asset Backed Securitisation 2023-1ST1 has been released, as follows:
Together Asset Backed Securitisation 2023-1ST1
27 June 2023
ABS Markets Deal Alert - 26 June 2023 09.55 UK time
Initial price talk for Dutch STS Prime RMBS Delphinus 2023-I has been released, as follows:
Delphinus 2023-I
Class 26 June 2023
ABS Markets Deal Alert - 26 June 2023 09.40 UK time
Spanish STS consumer ABS, Santander Consumo 5, has joined the UK and European ABS/MBS pipeline.
Santander acts as arranger, joined by BofA, Société Générale and UniCredit as joint lead managers. Santander is available for investor calls from 29 June, with pricing targeted for next week.
Santander Consumo 5
26 June 2023