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 - 8 February 2023 13.15 UK time
Initial price talk has been released for German auto lease ABS Bumper DE 2023 as follows:
Bumper DE 2023
8 February 2023
ABS Markets Deal Alert - 8 February 2023 13.00 UK time
UK prime RMBS Holmes Master Issuer 2023-1 priced this afternoon. The deal saw its upsized £750m class A1 note land at SONIA plus 58bp – inside initial price talk of low 60s.
This result prolongs the ongoing positive trend for UK prime RMBS deals, with pricing comparable to successful transactions Economic Master Issuer 2023-1 and Brass No. 11, ...
8 February 2023
ABS Markets Deal Alert - 7 February 2023 17.00 UK time
Guidance has been released on auxmoney’s Fortuna Consumer Loan ABS 2023-1. Pricing could be as early as tomorrow.
Fortuna Consumer Loan ABS 2023-1
7 February 2023
ABS Markets Deal Alert - 7 February 2023 15.10 UK time
Toyota Financial Services Italia (TFSI) has mandated Citi as sole arranger and lead manager for Koromo Italy, a debut European public securitisation, backed by a granular static pool of auto loan receivables fully comprising hybrid, plug-in or electric vehicles.
An STS transaction offering euro-denominated senior notes is expected to follow, subject to market conditions. TFSI is available for ...
7 February 2023
ABS Markets Deal Alert - 7 February 2023 14.15 UK time
Guidance has been released on Holmes Master Issuer 2023-1, with the spread set as follows:
Holmes Master Issuer 2023-1
7 February 2023
ABS Markets Deal Alert - 6 February 2023 14.15 UK time
Another euro-denominated deal has just hit the screens – BPCE’s French consumer ABS transaction FCT Purple Master Credit Cards 2023-1. Only the class A tranche is on offer via arrangers BPCE and Natixis and joint lead managers Natixis and Unicredit.
The transaction is a refinancing of the FCT Purple Master Credit Cards 2020-1. BPCE is open to investor ...
6 February 2023
ABS Markets Deal Alert - 6 February 2023 13.45 UK time
Auxmoney is back in the market with its third deal – Fortuna Consumer Loan ABS 2023-1. BNP Paribas is sole arranger and is joined by Citi and Natixis as joint lead managers.
The German consumer loan deal’s class A tranche benefits from an ESG (Social) label as around 70% of the portfolio qualifies (opinion provided by ISS). It is expected to price ...
6 February 2023
ABS Markets Deal Alert - 6 February 2023 13.00 UK time
Books are now open and initial price talk has been released for Holmes Master Issuer 2023-1 as follows:
Holmes Master Issuer 2023-1
6 February 2023
ABS Markets Daily - 6 February 2023
*Forward focus
*Primary wakes up
*ECB action analysedForward focus
The positive tone seen across the European and UK ABS/MBS primary and secondary markets in January will now be tested as February has got the year underway in earnest (see primary market section below). Consequently, there are doubts that previous strong volumes and tightening spreads will fully transfer into the month ...
6 February 2023
ABS Markets Deal Alert - 6 February 2023 09.30 UK time
Two new mandates have been announced this morning in the European and UK ABS/MBS markets.
In the UK, another prime RMBS is firing up the market with Holmes Master Issuer 2023-1 – the 29th issue out of the Holmes Master Trust structure. The class A1 note is on offer with Santander acting as arranger, joined by Barclays, Bofa, Deutsche ...
6 February 2023
ABS Markets Daily - 3 February 2023
*Secondary grinding tighter
*Primary quietSecondary grinding tighter
With no new deal announcements in the primary European and UK ABS/MBS market this week, the secondary market remains dominant.
“Primary issuance is not materialising for now,” says one trader. “Investors are standing by, but issuers are slow to come to market. We are expecting higher volumes and activity in the ...
3 February 2023
ABS Markets Monthly - January 2023
January in numbers
The tone across the European and UK primary and secondary ABS/MBS markets was overwhelmingly positive in January, at least compared to the previous three or four months of moribund activity.
Primary market
The sense that new issuance had got off to a flyer for the year, even when compared to last January’s pre-Ukraine ...
1 February 2023
ABS Markets Daily - 27 January 2023
*Strong appetite
*Swiss auto prices
*Resi tap retainedStrong appetite
The primary European and UK ABS/MBS markets are quietly but firmly, through a string of solid deals, harvesting investor appetite. Notwithstanding a good result on Wednesday for Dutch Property Finance 2023-1 the first euro-denominated deal of the year, market focus this week hasn’t materially strayed from the current sweet spot ...
27 January 2023
ABS Markets Deal Alert - 27 January 2023 10.45 UK time
Initial price talk has been released for First Swiss Mobility 2023-1, with indicated coupons as follows:
First Swiss Mobility 2023-1
27 January 2023
ABS Markets Deal Alert - 25 January 2023 19.00 UK time
RNHB’s Dutch Property Finance 2023-1 – the first euro-denominated transaction of the year – has just priced. With the full capital structure on offer, the deal was upsized from €300m to €500m. The A tranche landed at a DM of 135bp, while the B, C and D tranches printed at DMs of 235bp, 300bp and 430bp, respectively. All offered tranches ...
25 January 2023
ABS Markets Deal Alert - 25 January 2023 10.00 UK time
Guidance has been released for Dutch Property Finance 2023-1 and books have grown from yesterday’s levels.
Dutch Property Finance 2023-1
25 January 2023
ABS Markets Daily - 24 January 2023
*European lag
*Primary updateEuropean lag
If UK deals have demonstrated through strong investor demand clear evidence of encouraging conditions in the primary ABS/MBS market, continental Europe is still lagging behind.
“There is some continuity with what we have been experiencing in the last few weeks, with a tightening in structured products across the board,” states one European ABS/MBS ...
24 January 2023
ABS Markets Daily - 23 January 2023
*New Swiss auto
*Secondary picking upPrimary market
A new auto ABS joined the pipeline today, with the announcement of Multilease’s First Swiss Mobility 2023-1. The deal represents a securitisation of auto lease receivables – from a pool of approximately CHF307m – granted to Swiss private and commercial customers. Credit Suisse and Zürcher Kantonalbank are acting as joint arrangers.
23 January 2023
ABS Markets Deal Alert - 23 January 2023 10.45 UK time
Initial price talk has been released for Dutch Property Finance 2023-1, as follows:
Dutch Property Finance 2023-1
23 January 2023
ABS Markets Daily - 20 January 2023
*Variations on a theme
*Primary activityVariations on a theme
This week in the European and UK ABS/MBS primary market saw a continuation of UK RMBS holding focus, as it has since the start of the month. The week also saw the arrival of the first euro-denominated deal of the year, though almost inevitably it is an RMBS from a ...
20 January 2023
ABS Markets Deal Alert - 20 January 2023 16.15 UK time
Once again this year, a UK RMBS deal has performed well and shown strong investor demand, with Tower Bridge Funding 2023-1 pricing just now.
The offered B, C and D tranches all priced well within their IPTs. Similarly, those tranches displayed successful coverage at 5.7x, 6.1x, 4.8x oversubscription, respectively.
Tower Bridge Funding 2023-1
20 January 2023