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 - 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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ABS Markets Deal Alert - 30 March 2023 14.00 UK time
Guidance and a book update have been released for BMW’s auto loan ABS Bavarian Sky UK 5, as follows:
Bavarian Sky UK 5
30 March 2023
ABS Markets Deal Alert - 29 March 2023 12.00 UK time
Details have been released for UK STS auto ABS Azure Finance No. 3. Originator Blue Motor Finance is available for investor calls from today, with pricing targeted for next week.
Azure Finance No. 3
29 March 2023
ABS Markets Deal Alert - 29 March 2023 9.45 UK time
Initial price talk has been released for BMW’s auto loan ABS Bavarian Sky UK 5, as follows:
Bavarian Sky UK 5
29 March 2023
ABS Markets Deal Alert - 28 March 2023 13.00 UK time
FCA Bank’s public re-offering of German auto ABS A-BEST 21 has just priced. The 1.75x covered class A tranche landed at plus 57bp, inside initial price talk of 60-area.
If the overall execution and coverage showed encouraging signs, levels are still wider than the previous German auto ABS print – Cars Alliance Auto Loans Germany V 2023-1 ...
28 March 2023
ABS Markets Deal Alert - 28 March 2023 12.30 UK time
Blue Motor Finance has mandated Morgan Stanley as sole arranger and joint lead manager and Standard Chartered Bank as joint lead manager for Azure Finance No. 3, a public securitisation secured against a granular static portfolio of fully amortising auto hire purchase agreements. The last deal from the platform priced in July 2020.
The Blue Motor Finance management ...
28 March 2023
ABS Markets Deal Alert - 28 March 2023 10.00 UK time
Guidance has been released for the re-offer of German auto ABS A-BEST 21, as follows:
A-BEST 21 Re-offer
28 March 2023
ABS Markets Daily - 27 March 2023
*Three autos announced *Update on another
Primary market
Today saw three auto ABS announced, one of which will be partially publicly offered this week, while the other two have already been privately placed.
BMW UK came to market this morning offering the class A tranche from its Bavarian Sky UK 5 transaction. Pricing is expected this week.
Bavarian Sky UK ...
27 March 2023
ABS Markets Deal Alert - 27 March 2023 9.45 UK time
BMW UK is in the market this morning and publicly offering the class A tranche from its Bavarian Sky UK 5 transaction. HSBC and Santander act as joint lead managers, joined by RBC and Lloyds as co-managers.
Bavarian Sky UK 5
27 March 2023
ABS Markets Deal Alert - 27 March 2023 9.30 UK time
Initial price talk has been released for the re-offer of German auto ABS A-BEST 21, as follows:
A-BEST 21 Re-offer
27 March 2023
ABS Markets Daily - 24 March 2023
*Signs of resilience *Primary flurry
Signs of resilience
If the banking turmoil and ensuing broader market volatility still dominate the headlines, the UK and European ABS/MBS markets are displaying signs of continued resilience.
Given the current volatile environment, the primary market once again saw little activity this week, with the exception of a few retained deals (see Primary ...
Market Moves24 March 2023
ABS Markets Daily - 23 March 2023
Primary market
Three retained deals priced today, one of which was a partially pre-placed green Spanish RMBS.
UCI’s latest prime RMBS was brought by BNP Paribas and Santander with €100m of its €352m class As pre-placed and the balance retained. FT RMBS Green Prado XI’s class A and B notes are designated as ‘Secured Green Standard Bonds’ ...
23 March 2023
ABS Markets Deal Alert - 21 March 2023 14.00 UK time
Defying the current climate and global volatility, FCA Bank has come to market with the re-offering of its A-BEST 21, a securitisation of auto loan and lease receivables granted to German private and commercial obligors. The deal was originally retained in August 2021 and now FCA Bank is publicly offering the €400m class A tranche.
CA-CIB and UniCredit ...
21 March 2023
ABS Markets Daily - 17 March 2023
*Some widening *Solitary new issue
Some widening
In a week largely dominated by a fall in bank stocks and broader macroeconomic volatility, the UK and European ABS/MBS markets have seen little activity.
“The ABS/MBS markets acted as predicted in what is a volatile environment, whereby many clients linger on the sidelines until stability eventually returns,” notes one European ...
Market Moves17 March 2023
ABS Markets Deal Alert - 16 March 2023 12.45 UK time
UK non-conforming RMBS Elstree Funding No.3, has priced as follows:
Elstree Funding No.3
16 March 2023
ABS Markets Daily - 15 March 2023
*February factsheets in *Elstree edges ahead
February factsheets in
Positive market sentiment and elevated primary issuance were key drivers throughout February. Such sentiment is highlighted in the latest ABS/MBS fund factsheets.
Following a quiet start to the year from continental Europe, issuers took advantage of positive financing conditions and continued spread rallying. If auto deals accounted for a ...
15 March 2023
ABS Markets Deal Alert - 15 March 2023 10.45 UK time
A book update has been released for UK non-conforming RMBS Elstree Funding No.3, as follows:
Elstree Funding No.3
15 March 2023
ABS Markets Daily - 10 March 2023
*Encouraging outlook *UK focus in primary
Encouraging outlook
The UK and European ABS/MBS markets are currently navigating through a couple of macro-economic factors, with QT now underway and the central banks’ monetary meetings soon approaching (16 March and 23 March for the ECB and BoE, respectively). If the wider macro environment remains rather volatile, the short-term outlook for ABS/MBS ...
Market Moves10 March 2023
ABS Markets Deal Alert - 9 March 2023 13.00 UK time
West One Secured Loans is back in the market with non-conforming RMBS Elstree Funding No.3, which is backed by UK first lien BTL and prime second lien mortgages. Sole arranger is NatWest Markets, which is joint lead manager alongside Barclays and Lloyds.
RMBS Elstree Funding No.3
9 March 2023
ABS Markets Daily - 7 March 2023
Primary market
A £1.3bn UK non-conforming RMBS was announced and pre-placed today – Grosvenor Square RMBS 2023-1. Originated by Kensington Mortgage Company (98.5%), Southern Pacific and Money Partners, the deal was arranged by Goldman Sachs, alongside Bank of America as joint lead managers.
Grosvenor Square RMBS 2023-1
7 March 2023
ABS Markets Daily - 3 March 2023
*Temporary halt *Three new issues this week
Temporary halt
Coincidently or not, with QT beginning, the primary pipeline for UK and European ABS/MBS markets came to a standstill this week and the secondary market slowed significantly. However, expectations are that new issuance will pick up soon.
“It’s been a relatively quiet week in secondary, with a ...
Market Moves3 March 2023