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 - 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
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ABS Markets Deal Alert - 05 May 2023 11.10 UK time
A new mandate has hit screens this morning, with Keystone Property Finance publicly marketing UK BTL RMBS Hops Hill 3.
BNP Paribas and Santander act as joint arrangers and lead managers.
Keystone are available for investor calls from today, with pricing targeted for next week.
Hops Hill 3
5 May 2023
ABS Markets Deal Alert - 04 May 2023 16.20 UK time
Finnish STS auto ABS Kimi 12 has just priced. The 1.2x covered publicly marketed class A tranche landed at plus 70bp. By comparison, Tommi 4’s €485.1m class A tranche priced at plus 69bp two weeks ago (LT Autorahoitus IV).
Kimi 12
4 May 2023
ABS Markets Deal Alert - 04 May 2023 13.30 UK time
Italian STS consumer loan ABS Quarzo 2023 has priced. Originally expected to be around €400m, the 1.5x covered class A tranche was upsized to €450m and landed at plus 95bp, at the lower end of initial price talk.
Quarzo 2023
4 May 2023
ABS Markets Deal Alert - 02 May 2023 09.20 UK time
Initial price talk for Finnish STS auto ABS Kimi 12 has been released, as follows:
Kimi 12
Class 2 May 2023
ABS Markets Deal Alert - 02 May 2023 08.45 UK time
Initial price talk for Italian STS consumer loan ABS Quarzo 2023 has been released, as follows:
Quarzo 2023
2 May 2023
ABS Markets Daily - 28 April 2023
Primary market
Europe/UK
The week and month ended quietly for European and UK ABS/MBS with nothing adding to the two public deals pricing on Wednesday – RevoCar 2023-1 and Twin Bridges 2023-1. Globaldrive Auto Receivables UK 2023-A and FCT Opera 2023 were also retained during the week.
Distribution statistics have been released for RevoCar ...
28 April 2023
ABS Markets Monthly - April 2023
April in numbers
Primary market
Europe/UK
Pent up supply at last made it into the European and UK ABS/MBS primary markets in this month. Despite heightened volumes, demand remained strong throughout and ensured deals printed well across a range of sectors. The only downside was a slowing in secondary market activity with primary pulling so much focus.
28 April 2023
ABS Markets Deal Alert - 28 April 2023 10.45 UK time
Structural details have been released for Dutch BTL RMBS Vecht Residential 2023-1. Pricing via arranger and lead manager Morgan Stanley is targeted for the week commencing 8 May.
Vecht Residential 2023-1
28 April 2023
ABS Markets Daily - 26 April 2023
*Strong forecast *Two deals announced *Two deals priced
Strong forecast
Following the most active week of the year last week – with over €3bn of issuance through seven publicly marketed transactions – the European and UK ABS/MBS markets are working through a more manageable volume of mandates this week.
Despite a large number of transactions on offer last ...
26 April 2023
ABS Markets Deal Alert - 26 April 2023 18.15 UK time
UK BTL RMBS Twin Bridges 2023-1 has priced. The deal achieved DMs inside last week’s BTL deal Atlas Funding 2023-1 throughout the capital stack.
Twin Bridges 2023-1
26 April 2023
ABS Markets Deal Alert - 26 April 2023 15.40 UK time
Morgan Stanley has been mandated as sole arranger and lead manager in relation to Vecht Residential 2023-1, a public securitisation secured against a granular portfolio of residential buy-to-let mortgages to professional landlords, originated by Mogelijk Hypotheken.
The Mogelijk management team will be available for calls and in-person meetings from Tuesday 2 May.
26 April 2023
A multi-tranche transaction is expected ...
ABS Markets Deal Alert - 26 April 2023 15.35 UK time
Prime German auto ABS RevoCar 2023-1 has priced. The deal’s 1.6x covered class A tranche was ultimately upsized to €455m and landed at plus 66bp (tightening from initial price talk of L70s). The pool was also upsized from €400m to €500m.
RevoCar 2023-1
26 April 2023
ABS Markets Deal Alert - 26 April 2023 09.30 UK time
Italian STS Consumer Loan ABS Quarzo 2023 joins the UK and European ABS/MBS primary pipeline. Mediobanca acts as sole arranger, joined by IMI-Intesa Sanpaolo, Société Générale and UniCredit as joint lead managers.
Pricing is expected for next week.
Quarzo 2023
26 April 2023
ABS Markets Daily - 25 April 2023
*Two deal updates *Auto announced *RMBS retained
Primary market
Europe/UK
Today saw pricing and book updates for the German auto ABS and UK BTL RMBS that are due to price tomorrow. The latest is as follows:
25 April 2023
ABS Markets Deal Alert - 25 April 2023 14.30 UK time
Guidance and a book update have been released for Prime German STS auto loan ABS RevoCar 2023-1, as follows:
RevoCar 2023-1
25 April 2023
ABS Markets Deal Alert - 25 April 2023 10.30 UK time
Santander is in the market today with a fresh mandate from its Finnish auto ABS shelf, Kimi 12. The deals comprises the A-F notes, with solely the senior €414.2m class A tranche being publicly marketed.
ING and UniCredit act as joint-lead managers. Santander will be available for investor calls from tomorrow, with pricing expected for next week
Kimi 12
25 April 2023
ABS Markets Deal Alert - 25 April 2023 08.50 UK time
Initial price talk for UK BTL RMBS Twin Bridges 2023-1 has been released, as follows:
Twin Bridges 2023-1
25 April 2023
ABS Markets Deal Alert - 24 April 2023 15.05 UK time
UK STS auto ABS Globaldrive Auto Receivables UK 2023-A has been retained, as follows:
Globaldrive Auto Receivables UK 2023-A
24 April 2023
ABS Markets Deal Alert - 24 April 2023 09.15 UK time
Initial price talk has been released for RevoCar 2023-1, as follows:
RevoCar 2023-1
Class 24 April 2023
ABS Markets Daily - 21 April 2023
*Solid execution *Three more EUR/GBP prints today *Four AUD deals this week
Solid execution
The European and UK primary ABS/MBS markets welcomed a flurry of deals this week. Despite the extensive and competing supply on offer and despite geographic and asset diversity, deals were all matched by solid investor demand.
“Issuers really all flocked to the primary market ...
Market Moves21 April 2023