SCI Start the Week - 11 June

Category: ABS CDO CLOs

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A look at the major activity in structured finance over the past seven days

Non-auto related ABS deals have dominated the pipeline recently. Indeed, transactions representing a broad mix of asset types and jurisdictions were announced last week.

The non-auto deals remaining in the pipeline by the end of the week were: US$130.14m Accelerated Assets 2018-1, US$100m AM Capital Funding Series 2018-1, US$294.4m CLUB 2018-P1, US$169.8m College Ave Student Loans 2018-A, US$991.78m DEFT 2018-1, US$147.34m Renew 2018-1, US$497.5m SMB Private Education Loan Trust 2018-B, US$586.9m START 2018-1, US$482.5m Trinity Rail Leasing 2018 and US$300m Triton Container Finance VI Series 2018-2. The auto ABS were: US$248m American Credit Acceptance Receivables Trust 2018-2, BBVA Consumer Auto 2018-1, US$299.39m GLS Auto Receivables Issuer Trust 2018-2 and A$300m Metro Finance 2018-1 Trust.

Additionally, a trio of RMBS (NZ$150m Avanti RMBS 2018-1 Trust, £10.25bn-equivalent Permanent Master Issuer Series 2018-1 and US$1.05bn STACR 2018-DNA2) and a trio of CMBS (US$635m Atrium Hotel Portfolio Trust 2018-ATRM, US$463m 5 Bryant Park 2018-5BP and US$521.55m GSMS 2018-SRP5) were announced.

New issue activity was somewhat subdued last week. Pricings were spread across ABS, CLOs and RMBS.

The auto ABS pricings included US$900m BMW Floorplan Master Owner Trust Series 2018-1, US$486m DTAOT 2018-2 and US$671.46m HALST 2018-B, while the non-auto related pricings were US$845.6m Castlelake Aircraft Structured Trust 2018-1, US$466m Vivint Solar Financing V and €764.32m Voba Finance No. 7. The CLO prints included US$756m CBAM 2018-7 and US$514.2m XAN 2018-RSO6, while the US$1.59bn Seasoned Credit Risk Transfer Trust Series 2018-2 was the sole RMBS issuance.

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