Last week saw pipeline additions return to favouring ABS. There were seven ABS added, along with three RMBS, four CMBS and three CLOs.
The ABS were: US$442m AASET 2018-1; US$1.115bn Ally Auto Receivables Trust 2018-1; US$580.78m Exeter Automobile Receivables Trust 2018-1; US$1.09bn Ford Credit Auto Owner Trust 2018-REV1; US$580.8m Navient Student Loan Trust 2018-1; US$170m Sonic Capital Series 2018-1; and US$1.25bn Toyota Auto Receivables 2018-A Owner Trust.
US$316.9m Galton Funding Mortgage Trust 2018-1, US$900m STACR Series 2018-DNA1 and US$242m Verus Securitization Trust 2018-1 were the RMBS, while the CMBS were US$1.2bn Benchmark 2018-B1, US$189.1m CGCMT 2018-TBR, US$235m Natixis Commercial Securities 2018-285M and US$912m Tharaldson Hotel Portfolio Trust 2018-THPT.
The CLOs were a US$417.25m Canyon Capital CLO 2014-1 reset, as well as €2.835bn FT PYMES Santander 13 and US$509m Vibrant CLO VIII.
There were nine ABS prints and 10 CLOs. There were also two UK RMBS: £383m Kenrick No.3 and £255m Precise Mortgage Funding 2018-1B.
The ABS were: US$1.25bn BMW Vehicle Owner Trust 2018-A; US$1.35bn CarMax Auto Owner Trust 2018-1; US$1bn Hertz Vehicle Financing II Series 2018-1; US$293.47m Marlette Funding Trust 2018-1; US$634.92m Master Credit Card Trust II Series 2018-1; US$1.286bn Mercedes-Benz Auto Lease Trust 2018-A; US$1.13bn Santander Drive Auto Receivables Trust 2018-1; US$912.19m SoFi Professional Loan Program 2018-A; and US$1bn Westlake Automobile Receivables Trust 2018-1.
The CLOs were: US$653m Greywolf CLO 2015-1R; US$525m HPS Loan Management 4-2014; US$376m Jamestown CLO 2015-8R; US$470m Magnetite 2015-16R; US$512m MidOcean Credit CLO VIII; US$350m Mountain View CLO 2015-10; US$511.2m Octagon Investment Partners 35 CLO 2018-1; US$329.2m Telos 2013-4R; €357.5m Tymon Park CLO (refi); and US$463m Venture CLO 2014-16R.
Carillion liquidation met with cautious optimism: The Irish Stock Exchange announced this week that a company, believed to be liquidated construction giant Carillion, triggered a credit event for HSBC's US$300m CLN dubbed 'Metrix portfolio distribution'. Despite the event, the market's initial reaction remains cautiously optimistic given the sturdy performance of synthetics over the last four years...
Non-QM tipped as 'next opportunity': Last year marked the beginning of a transition from a post-crisis distressed recovery trade to a more efficient market for the US securitisation sector, underpinned by robust performance and favourable economic conditions. Against this backdrop, mortgage credit and private credit financings are expected to remain a strong source of risk-adjusted returns...
AnaCap extends Romanian foothold: A consortium led by AnaCap, Czech debt recovery firm APS and Deutsche Bank has won the bid for a non-performing loan portfolio put up for sale by Alpha Bank Romania. The €360m corporate transaction coincided with another €50m Romanian retail NPL transaction between Alpha Bank and B2Holding...