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 - 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
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ABS Markets Deal Alert - 21 April 2023 17.45 UK time
Initially targeted for yesterday, UK BTL RMBS Atlas Funding 2023-1 is the last deal from the visible pipeline to price this week. The 1.8x covered senior A tranche landed at plus 115bp, inside initial price talk of 120-125. Further down the capital structure, the B, C, D, E tranches saw ample investor demand, 3.2x, 3.9x, 3.3x, 3x oversubscribed, respectively. The X ...
21 April 2023
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ABS Markets Deal Alert - 21 April 2023 16.15 UK time
Finnish auto loan ABS LT Autorahoitus IV (Tommi 4) has just priced. The deal’s 1.5x covered class A tranche landed at plus 69bp, tightening from initial price talk of L70s.
LT Autorahoitus IV
21 April 2023
ABS Markets Deal Alert - 21 April 2023 15.25 UK time
UK credit card ABS Delamare Cards MTN Issuer 2023-1 has just priced. The publicly-marketed £300m class A1 tranche landed at SONIA plus 80bp, inside initial price talk of 80a/L80s.
Delamare Cards MTN Issuer 2023-1
21 April 2023
ABS Markets Daily - 20 April 2023
Primary market
An active day in the European and UK ABS/MBS market saw four publicly placed deals price as follows:
20 April 2023
ABS Markets Deal Alert - 20 April 2023 18.10 UK time
PCL 2023-1 is the fourth deal to make it across the line today in the UK and European ABS/MBS markets. The deal’s publicly marketed class A, B and C tranches all received strong investor demand, evidenced by solid oversubscription (1.24x, 4.3, 6x, respectively). The deal was also upsized to a £450m pool size.
PCL 2023-1
20 April 2023
ABS Markets Deal Alert - 20 April 2023 16.15 UK time
CA-CIB’s reoffer of Ginkgo Sales Finance 2022 has priced.
Ginkgo Sales Finance 2022
Class 20 April 2023
ABS Markets Deal Alert - 20 April 2023 15.40 UK time
Dutch STS auto lease ABS Hill FL 2023-1 has just priced. The transaction was eventually upsized from €415m to €450m. The 1.6x covered senior class A tranche landed at plus 76bp, tightening from initial price talk of 80a.
Further down the capital structure, the B,C, D tranches saw strong investor demand, 4.8x, 3.3x, 1.6x oversubscribed, respectively.
Hill FL 2023-1
20 April 2023
ABS Markets Deal Alert - 20 April 2023 11.00 UK time
German auto ABS Silver Arrow Compartment 15 is the first deal to price today, in what promises to be a bustling day.
The 2.8x covered class A tranche priced at plus 44bp, only 3bp wide of 2023’s auto tight, Bavarian Sky Compartment German Auto Loans 12, back in February.
Silver Arrow Compartment 15
20 April 2023
ABS Markets Daily - 19 April 2023
*March factsheets report resilience *Primary bottleneck brewing *BTL RMBS announced
March factsheets in
The latest ABS/MBS fund factsheets highlighted difficulties that managers faced over March. Notably that as the US and European banking crisis struck financial markets mid-month, volatility lead to scant supply in terms of new primary issues and the secondary market was also sluggish, with the lowest ...
19 April 2023
ABS Markets Deal Alert - 19 April 2023 17.15 UK time
The UK and European primary pipeline grows even bigger, with the announcement of a new UK BTL RMBS. Paratus AMC is in the market with a new full-cap deal from its established Twin Bridges shelf, Twin Bridges 2023-1.
NAB and Natixis act as joint arrangers, joined by BNP Paribas, Deutsche Bank and Lloyds as joint lead managers. Apollo acts as co-manager.
Paratus AMC is ...
19 April 2023
ABS Markets Deal Alert - 19 April 2023 15.10 UK time
Initial price talk has been released for Finish STS auto ABS, LT Autorahoitus IV (Tommi 4), as follows:
LT Autorahoitus IV
19 April 2023
ABS Markets Deal Alert - 19 April 2023 14.50 UK time
Initial price talk has been released for UK STS Prime credit card ABS Delamare Cards MTN Issuer 2023-1, as follows:
Delamare Cards MTN Issuer 2023-1
19 April 2023
ABS Markets Deal Alert - 19 April 2023 10.30 UK time
Guidance and a book update have been released for German STS auto loan ABS – Silver Arrow Compartment 15, as follows:
Silver Arrow Compartment 15
19 April 2023
ABS Markets Deal Alert - 19 April 2023 09.45 UK time
Initial price talk has been released for Ginkgo Sales Finance 2022, as follows:
Ginkgo Sales Finance 2022
Class 19 April 2023
ABS Markets Deal Alert - 18 April 2023 13.45 UK time
Initial price talk has been released for UK Consumer ABS PCL 2023-1, as follows:
PCL 2023-1
Class 18 April 2023
ABS Markets Deal Alert - 18 April 2023 11.15 UK time
Initial price talk has been released for UK Prime BTL RMBS Atlas Funding 2023-1, as follows:
Atlas Funding 2023-1
18 April 2023
ABS Markets Deal Alert - 18 April 2023 09.00 UK time
Initial price talk has been released for German auto ABS Silver Arrow Compartment 15, as follows:
Silver Arrow Compartment 15
18 April 2023
ABS Markets Daily - 17 April 2023
*Irish prime RMBS retained *Finnish auto details released
Primary market
Europe/UK
Irish prime STS RMBS Burlington Mortgages No. 2 has been retained, as follows:Burlington Mortgages No. 2
17 April 2023
ABS Markets Deal Alert - 17 April 2023 11.45 UK time
Details for Finnish auto loan ABS LT Autorahoitus IV (Tommi 4) have been released, as follows:
LT Autorahoitus IV (Tommi 4)
17 April 2023
ABS Markets Daily - 14 April 2023
*Good times *European/UK primary herd on the move *Aussie pipe still strong
Good times
The European and UK primary ABS/MBS markets experienced a long-awaited surge in activity this week. As the macro-economic background normalises and volatility fades, current market conditions are looking rather ideal for issuers.
At the end of last week, CA-CIB’s Ginkgo Sales Finance 2022 was ...
14 April 2023