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 - 17 May 2023 14.50 UK time
Lloyds’ Prime STS UK RMBS, Permanent 2023-1 has just priced. The deal’s hefty £1bn Class A1 tranche landed at SONIA plus 52bp, down from initial price talk of mid 50s. The deal’s retained A2 tranche priced at par.
Permanent 2023-1
17 May 2023
ABS Markets Deal Alert - 17 May 2023 13.40 UK time
Initial price talk for UK BTL RMBS Polaris 2023-1 has been released, as follows:
Polaris 2023-1
Class 17 May 2023
ABS Markets Daily - 17 May 2023
*Stable secondary *Two new issues price *Updates on others
Stable secondary
While UK RMBS mandates currently dominate the primary UK and European ABS/MBS market, the secondary market – although experiencing a drop in volume – displays continued signs of stability.
This week started with five deals in the visible European new issuance pipeline, four of which belong ...
17 May 2023
ABS Markets Deal Alert - 16 May 2023 15.30 UK time
Initial price talk for Prime STS UK RMBS Lanark 2023-1 has been released, as follows:
Lanark 2023-1
Class 16 May 2023
ABS Markets Deal Alert - 16 May 2023 08.50 UK time
Initial price talk for Prime STS UK RMBS Oak 4 has been released, as follows:
Oak 4
Class 16 May 2023
ABS Markets Deal Alert - 15 May 2023 13.15 UK time
The list of RMBS mandates grows bigger with the announcement of Lanark 2023-1. Clydesdale Bank’s latest Prime RMBS features a single-offered 1A tranche.
Citi acts as arranger, joined by Barclays, BofA and Deutsche as joint lead managers.
Pricing is targeted for this week.
Lanark 2023-1
15 May 2023
ABS Markets Deal Alert - 15 May 2023 13.00 UK time
Initial price talk for prime STS UK RMBS Permanent 2023-1 has been released as follows:
Permanent 2023-1
Class 15 May 2023
ABS Markets Daily - 12 May 2023
Primary market
Europe/UK
12 May 2023
An update has been issued for Dutch BTL RMBS, Vecht Residential 2023-1, which had initially targeted this week for pricing. Arranger Morgan Stanley reports that the class A, B and C notes are fully covered, while the class D, X1, X2, Z1 and Z2 notes will now be sold via a BWIC process. Full pricing ...
ABS Markets Deal Alert - 12 May 2023 15.50 UK time
UK BTL RMBS deal Hops Hill 3 has priced. The senior class A tranche landed at SONIA plus 115bp, at the wide end of initial price talk. It matches the levels seen in Atlas Funding 2023-1 at the end of April, but is 5bp wider than last week’s Pierpont 2023-1.
Hops Hill 3
12 May 2023
ABS Markets Deal Alert - 12 May 2023 15.25 UK time
SAECURE 21, Aegon’s Dutch Prime RMBS has just priced. The 1.9x covered senior Class A tranche landed at plus 42bp. Comparatively, Dutch Prime RMBS Green Storm 2023 priced at plus 38bp in early March.
12 May 2023
ABS Markets Deal Alert - 12 May 2023 13.30 UK time
Guidance a second book update have been released for UK BTL RMBS Hops Hill 3, as follows:
Hops Hill 3
12 May 2023
ABS Markets Deal Alert - 12 May 2023 09.00 UK time
Guidance and a second book update have been released for Dutch STS Prime RMBS Saecure 21, as follows:
Saecure 21
12 May 2023
ABS Markets Daily - 11 May 2023
*Strong pipeline *Three deals set to price *Three deals announced
Strong pipeline
Unsurprisingly the beginning of May, with its bank-holiday shortened weeks, saw a drop in pace for primary market issuance and secondary market volumes. However, as we approach the mid-month mark, current market conditions should enable a strong pipeline.
Three deals are expected to price tomorrow – ...
11 May 2023
ABS Markets Deal Alert - 11 May 2023 16.50 UK time
Oak 4 is the third deal and UK RMBS to be announced today. Aldermore Bank is publicly marketing the senior Class A tranche of its latest Prime STS transaction. BNP and Lloyds act as arrangers, joined by BofA as joint-lead manager.
Aldermore is available for investor calls from tomorrow, with pricing expected next week.
Oak 4
11 May 2023
ABS Markets Deal Alert - 11 May 2023 16.30 UK time
Another UK RMBS has joined the ABS/MBS primary pipeline. Pepper Money is in the market with its latest Polaris RMBS transaction, Polaris 2023-1. Citi and Lloyds acts as co-arrangers, joined by Deutsche Bank, NAB and Standard Chartered as joint-lead managers.
Pepper Money is available for investor calls from today, with pricing expected next week.
Polaris 2023-1
11 May 2023
ABS Markets Deal Alert - 11 May 2023 10.40 UK time
A new UK RMBS has been announced this morning, with Lloyds coming to market with a fresh mandate from its established Permanent shelf. The new STS Prime transaction, Permanent 2023-1 is targeted to price next week.
Lloyds acts as arranger, joined by Barclays and Santander as joint-lead managers.
Permanent 2023-1
11 May 2023
ABS Markets Deal Alert - 10 May 2023 13.50 UK time
Initial price talk for Prime Dutch RMBS SAECURE 21 has been released, as follows:
SAECURE 21
Class 10 May 2023
ABS Markets Deal Alert - 10 May 2023 10.55 UK time
Initial price talk for UK BTL RMBS Hops Hill 3 has been released, as follows:
Hops Hill 3
10 May 2023
ABS Markets Deal Alert - 09 May 2023 13.25 UK time
Initial price talk for Dutch BTL RMBS Vecht Residential 2023-1 has been released, as follows:
Vecht Residential 2023-1
Class 9 May 2023
ABS Markets Daily - 05 May 2023
Australian Market update
The Australian securitisation market experienced another quiet week, with only Bluestone’s A$500m non-conforming RMBS Sapphire XXVII 2023-1 pricing (see below).
“The market has not seen a huge amount of activity, as far as mainstream mortgage lenders this week,” notes one Australian ABS/MBS trader.
Yet, looking back at trends and volumes in April, the trader ...
5 May 2023
ABS Markets Deal Alert - 05 May 2023 11.50 UK time
Aegon also announced a deal today, publicly marketing the class A tranche of Dutch STS RMBS SAECURE 21.
ABN AMRO acts as arranger, joined by BNP Paribas, BofA, HSBC and Wells Fargo as joint-lead managers. Aegon is available for investor calls from 8 May, with pricing expected by the end of next week.
SAECURE 21
5 May 2023