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 - 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
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ABS Markets Daily - 2 March 2023
*RPL RMBS pre-placed *Green talk
Primary market
Reperforming FT RMBS Miravet 2023-1 priced today. HSBC pre-placed the Spanish deal’s top six tranches, while the remainder of the stack was retained, as follows:
FT RMBS Miravet 2023-1
2 March 2023
ABS Markets Monthly - February 2023
*UK OK? *February in numbers
UK OK?
Supply in the UK and European ABS/MBS markets was dominated by UK issuers and the RMBS sector specifically since the start of the year and while February has seen this influence reduce the sector remains a key area of focus. However, given the blow to the sector following the UK’s disastrous mini-budget ...
1 March 2023
ABS Markets Deal Alert - 1 March 2023 16.00 UK time
The latest of the German auto ABS deals – Cars Alliance Auto Loans Germany V 2023-1 – has just priced. The 1.1x covered senior class A tranche landed at plus 51 bp, 10bp wide of last week’s 2023 auto tight from Bavarian Sky 12.
RCI Banque Germany is also retaining €100m of the €700m senior tranche. The mezzanine B notes saw strong ...
1 March 2023
ABS Markets Deal Alert - 28 February 2023 16.15 UK time
Guidance has been released for Cars Alliance Auto Loans Germany V 2023-1, as follows:
Cars Alliance Auto Loans Germany V 2023-1
28 February 2023
ABS Markets Daily - 27 February
Primary market
Today saw one new deal announced, price talk released on another and an auto ABS close.
Dutch mortgage lender and ESG RMBS issuer Obvion is back in the market with the latest deal from its STORM programme – Green STORM 2023. The prime RMBS is backed by a securitised portfolio of €526.3m energy efficient loans. ...
27 February 2023
ABS Markets Deal Alert - 27 February 2023 12.30 UK time
Initial price talk has been released for Cars Alliance Auto Loans Germany V 2023-1, as follows, with pricing expected Wednesday morning.
Cars Alliance Auto Loans Germany V 2023-1
27 February 2023
ABS Markets Daily - 24 February
*The last week before QT *Shamrock just priced *Three of four autos print
The last week before QT
In a week dominated by auto ABS deals – with three pricing and another announced – the European and UK ABS/MBS primary markets have maintained a strong momentum. However, with QT looming ever so close, the pipeline is slowly starting to ...
Market Moves24 February 2023
ABS Markets Deal Alert - 23 February 2023 15.10 UK time
Bavarian Sky 12 is the third auto ABS to price this week. The publicly offered senior tranche covered at 1.6x after it was upsized from €646m to €900m.
The class As printed 2bp inside fellow German auto ABS VCL 38, which priced last week at the previous 2023 auto tight.
Bavarian Sky Compartment German Auto Loans 12
23 February 2023
ABS Markets Deal Alert - 22 February 2023 17.00 UK time
Autonoria DE 2023 is the second deal to make it across the line today. The full cap-stack German auto ABS showed impressive investor demand across the mezzanine (B-D) tranches, with 3.8x, 4.4x, 4.4x coverage respectively, and all pricing inside initial price talk. Further down, the E and F tranches were even more well bid, with 8.4x and 8.0x coverage ...
22 February 2023
ABS Markets Deal Alert - 22 February 2023 14.00 UK time
The third attempt to publicly place Ginkgo Auto Loans 2022 has met with success as the deal priced just now. CA-CIB’s re-offer of part of the original €575.2m senior tranche ended 2.1x oversubscribed from a starting point of 1.0x when initial price talk was released.
Ginkgo Auto Loans 2022 Re-offer
22 February 2023
ABS Markets Deal Alert - 22 February 2023 10.50 UK time
Guidance has been released for the class As of Irish non-Conforming RMBS Shamrock Residential 2023-1, as follows:
Shamrock Residential 2023-1
22 February 2023
ABS Markets Daily - 21 February
Primary market
No new deal announcements today, but a flurry of updates.
Initial price talk has been released on Bavarian Sky Compartment German Auto Loans 12, as follows:
Bavarian Sky Compartment German Auto Loans 12
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.30 UK time
Guidance has been released for German auto loan ABS Autonoria DE 2023, as follows:
Autonoria DE 2023
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.20 UK time
Guidance has been released for the partial class A re-offer of Ginkgo Auto Loans 2022. Pricing is expected tomorrow morning.
Ginkgo Auto Loans 2022 Re-offer
21 February 2023
ABS Markets Deal Alert - 21 February 2023 16.15 UK time
Initial price talk has been released on Bavarian Sky Compartment German Auto Loans 12, as follows:
Bavarian Sky Compartment German Auto Loans 12
21 February 2023
ABS Markets Daily - 20 February
Primary market
A quieter Monday than recent weeks saw one new deal announced and initial talk on another.
Earlier today, RCI Banque Germany announced Cars Alliance Auto Loans Germany V 2023-1. The deal looks similar to the firm’s last ABS outing – Cars Alliance Auto Loans Germany V 2021-1, which priced in October 2021, though the new ...
20 February 2023
ABS Markets Deal Alert - 20 February 2023 10.30 UK time
The week is kicking off with a new deal announcement this morning with Cars Alliance Auto Loans Germany V 2023-1. RCI Banque Germany (RCI) is publicly offering the class A and B tranches.
BNP Paribas and Société Générale act as joint arrangers, joined by Citi as joint bookrunner. RCI is available for investor calls from today with pricing expected as early as ...
20 February 2023
ABS Markets Deal Alert - 20 February 2023 08.30 UK time
Initial price talk has been released for German auto loan ABS Autonoria DE 2023, as follows:
Autonoria DE 2023
20 February 2023
ABS Markets Daily - 17 February
*Secondary stays strong
*Three new issues print
*Unusual RMBS issuedSecondary stays strong
This week has seen the shift in focus from the secondary to the primary market further materialise, with four publicly marketed deals pricing combined with a healthy pipeline. However, the increase in supply is not yet ploughing into secondary spreads.
With QT looming less than two weeks ...
17 February 2023