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.

  • 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

  • ABS Markets Deal Alert - 14 April 2023 12.35 UK time

    UK Mortgage Lending (formerly known as Optimum Credit) has mandated BNP Paribas and Citi as co-arrangers and BNP Paribas, Citi, HSBC, Lloyds, NatWest and Santander as JLMs on its upcoming public securitisation Castell 2023-1, backed by a portfolio of second lien UK non-conforming owner-occupied residential mortgage loans.

    A fully pre-placed deal is expected to price today.

    .........

    14 April 2023

  • ABS Markets Deal Alert - 14 April 2023 12.30 UK time

    Premium Credit has launched its sixth public securitisation of UK insurance premium finance and other instalment credit receivables – PCL 2023-1. BofA and Lloyds are arrangers, they are joined by RBC and SG as joint lead managers.

    Investor calls commence today and pricing is expected next week.

    PCL 2023-1

    14 April 2023

  • ABS Markets Deal Alert - 14 April 2023 11.30 UK time

    Tesco Bank has mandated Citi as arranger and Citi and Santander as joint lead managers for Delamare Cards MTN Issuer 2023-1, a RegS STS UK credit cards ABS transaction and the fifth public issuance from its Delamare Cards MTN Issuer programme.

    A transaction offering GBP denominated senior notes is expected to follow shortly, subject to market conditions. The ...

    14 April 2023

  • ABS Markets Deal Alert - 14 April 2023 11.15 UK time

    LocalTapiola Finance has mandated BNP Paribas as sole arranger and lead manager on its upcoming public securitisation of Finnish auto loans – LT Autorahoitus IV (Tommi 4). Following a series of investor meetings, an STS transaction offering senior and mezzanine notes may be announced, subject to market conditions.

    LocalTapiola Finance will be available for investor calls from Tuesday ...

    14 April 2023

  • ABS Markets Daily - 13 April 2023

    Primary market

    Europe/UK

    The ABS/MBS primary market has picked up in earnest this week, with four new deals announced so far.

    First up, was auto lease ABS Hill FL 2023-1, which started marketing on Tuesday. The STS transaction, originated by Dutch firm Hiltermann Lease and arranged by BofA, does not securitise the leased vehicles residual values, but does ...

    13 April 2023

  • ABS Markets Deal Alert - 13 April 2023 10.30 UK time

    Also joining the pipeline today is RevoCar 2023-1. Bank11 is publicly marketing the €364m class A tranche, with the deal backed by a portfolio of German auto loan receivables originated and serviced by Bank11 for new and used vehicles provided to predominantly private, but also commercial customers.

    Unicredit is arranger and is joined by DZ Bank and ING ...

    13 April 2023

  • ABS Markets Deal Alert - 13 April 2023 10.15 UK time

    Lendco is in the market this morning with a fresh UK Prime BTL RMBS from its Atlas programme – Atlas Funding 2023-1. The specialist lender is publicly marketing a full cap stack deal.

    BNP Paribas and HSBC act as joint arrangers, joined by Lloyds and Natwest as joint lead managers.  Lendco is available for investor calls from today, ...

    13 April 2023

  • ABS Markets Deal Alert - 13 April 2023 10.00 UK time

    Mercedes Benz has announced its latest German STS auto loan ABS – Silver Arrow Compartment 15. Unicredit is acting as arranger and is joint lead with BNP Paribas.

    Pricing is expected during the week commencing 17 April.

    Silver Arrow Compartment 15

    13 April 2023

  • ABS Markets Daily - 6 April 2023

    *Busier days ahead *Three new issues print *Another announced

    Busier days ahead

    The European and UK ABS/MBS primary markets are building on the pick-up in issuance experienced last week. Although supply still remains relatively low, with the macroeconomic backdrop improving more issuers are expected to come to market soon.

    If auto ABS deals accounted for all of the ...

    6 April 2023

  • ABS Markets Deal Alert - 6 April 2023 17.15 UK time

    Irish Prime RMBS Dilosk No. 6 has just priced. The 1.3x covered class A tranche priced at plus 87bp, tightening from initial price talk of plus 90-95bp. Strong investor demand was particularly evident in the 4.2x and 3.7x oversubscribed mezzanine B and C tranches, also pricing well inside initial price talk.

    Dilosk RMBS No.6 (STS)

    6 April 2023

  • ABS Markets Deal Alert - 6 April 2023 11.35 UK time

    Guidance and a second book update have been released for Irish prime deal Dilosk RMBS No.6 (STS), as follows:

    Dilosk RMBS No.6 (STS)

    6 April 2023

  • ABS Markets Deal Alert - 6 April 2023 11.30 UK time

    CA-CIB is once again in the market with a mandate from its Ginkgo programme, after the public placement of Ginkgo Auto Loans 2022 Re-offer on 22 February. This time, CA Consumer Finance has mandated CA-CIB as sole lead manager and arranger for the offering of €431.8m out of the €747.6m of the Class A Notes issued by Ginkgo Sales ...

    6 April 2023

  • ABS Markets Daily - 5 April 2023

    *Auto ABS prices *BTL RMBS retained *Dilosk update

    Primary market

    UK STS auto ABS Azure Finance No.3 has just priced, with the 2.3x covered class A tranche landing at SONIA plus 80bp, tightening significantly from initial price talk of plus 90-95bp. The final result highlights solid execution and investor demand – albeit an 18bp pick-up to last week’s Bavarian Sky ...

    5 April 2023

  • ABS Markets Monthly - Australia Q123

    Gaining steam

    *Australian ABS/MBS market first quarter review

    Despite the recent global volatility triggered by the banking markets, the Australian securitisation market is gaining steam. If so far issuance has been relatively subdued, with just over A$8bn issued during the first quarter – as opposed to A$12.2bn last year, the market is showings signs of resilience, with a strong ...

    5 April 2023

  • ABS Markets Deal Alert - 5 April 2023 09.30 UK time

    Guidance and a book update have been released for UK STS auto ABS Azure Finance No.3., as follows:

    Azure Finance No.3

    5 April 2023

  • ABS Markets Deal Alert - 4 April 2023 14.45 UK time

    Initial price talk has been released for Irish prime deal Dilosk RMBS No.6 (STS), as follows:

    Dilosk RMBS No.6 (STS)

    4 April 2023

  • ABS Markets Monthly - March 2023

    March in numbers

    Another month impacted by macro volatility served to keep a lid on March European and UK ABS/MBS new issuance volumes and continue the run of disappointing numbers for 2023. However, overall primary demand and secondary spreads have held up surprisingly well.

    Primary market

    In the face of the ramifications of the ...

    3 April 2023

  • ABS Markets Deal Alert - 3 April 2023 11.30 UK time

    Initial price talk has been released for UK STS auto ABS Azure Finance No.3., as follows:

    Azure Finance No.3

    3 April 2023

  • ABS Markets Daily - 31 March 2023

    *Some nervousness *Four autos print *NPL RMBS retained

    Some nervousness

    Following a couple of weeks of volatility, the European and UK ABS/MBS markets have picked up surprisingly fast this week, predominantly through solid auto ABS supply. However, the broader environment and general stability still appear unsteady for now.

    Returning to the trend experienced during February, a flurry of ...

    31 March 2023

  • ABS Markets Deal Alert - 30 March 2023 18.05 UK time

    The second publicly marketed auto ABS deal of the week – Bavarian Sky UK 5 – has just priced. The 1.4x covered class A tranche landed at SONIA plus 62bp, tightening from initial price talk of mid-high 60s. It is however some 5bp wider of the latest German auto ABS print, A-BEST 21, which priced earlier this week.

    Bavarian Sky ...

    30 March 2023
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