A fairly broad range of transactions are in the pipeline although new issuance is leaning towards the light side – not unexpected with the onset of summer.
The only new auto ABS in the pipeline is US$186m United Auto Credit Securitisation 2018-2. Of the non-auto variety there is US$546m SoFi Consumer Loan Program 2018-3.
CLOs saw a light offering too with only one from Europe: €412.05m Ares European CLO X, US$456.4m Cadogan Square CLO XII, $406.3m Steele Creek 2018-2.
Only one new CRE CLO appeared in the pipeline: US$420m BDS 2018-FL2.
In RMBS, only US based deals hit the pipeline: US$248.847m CMLTI 2018-RP3, US$475.342 Homeward Opportunities Fund Trust 2018-1, US$383.45m OBX 2018-EXP1.
Two CMBS also featured: US$333.2m JPMCC 2018-PHH, US$1.2bn BHMS 2018-ATLS.
While the pipeline might be light, a number of deals have priced in the past week.
In the auto ABS space, several deals priced with an unusual Greek auto ABS in the form of €101.123m AutoWheel Securitisation. The rest were more familiar: US$1bn Enterprise Fleet Financing 2018-2, US$300m Volvo Financial Equipment 2018-B, US$1bn World Omni Auto Receivables 2018-C.
In non-auto ABS, several deals also priced, including a PACE deal in the form of US$103.57m Cleanfund Commercial PACE 2018-1. The rest are a mix of credit card, consumer and student loan ABS: US$266.65m CommonBond Student Loan Trust 2018-B-GS, US$900m Discover Card Master Trust 2018-A4, US$750mn Evergreen Credit Card Trust Series 2018-2, US$402.31m Marlette Funding Trust 2018-3. The last is an SME-backed European ABS: €217.4m Valconca SPV.
The CLO universe saw a number of deals also price: US$459.42m Assurant CLO III, US$412.2m Bayfront Infrastructure Capital, US$428m CFIP CLO 2018-1, £335.86m Dryden 63 GBP CLO. One CRE CLO also priced: US$329.74m M360 2018-CRE1.
A fairly large number of CMBS priced too, all from the US: US$944mn BANK 2018-BNK13, US$400m BBCMS 2018-CHRS, US$1.04bn Benchmark 2018-B5, US$310m GSMS 2018-RIVR, US$212.5m GSMS 2018-TWR, US$110m NCMS 2018-SOX, US$177mn NCMS 2018-850T.
Finally, several RMBS priced, with one from the UK: US$982.7m CAS 2018-C05, A$505.25m Pepper Residential Securities Trust No. 21, US$379.14m Progress 2018-SFR2, £393.1m Towd Point Mortgage Funding 2018 - Auburn 12.
Cypriot NPL portfolio markets: Bank of Cyprus is currently marketing a €5bn, by gross book value, mixed NPL portfolio of secured and unsecured loans, dubbed Project Helix…
Ireland still ‘favoured’ securitisation destination: The Central Bank of Ireland recently published figures stating that the total value of assets in Irish special purpose entities (SPEs) has fallen €58.9bn this year…
- Banca Nazionale del Lavoro has closed Juno 1, a €136m securitisation of unsecured and secured NPLs referencing a gross book value of €959.5m. DBRS has assigned definitive ratings of triple-B. The receivables are currently serviced and will continue to be serviced by Prelios Credit Servicing. A back-up servicer, Securitisation Services, has also been appointed and will act as a servicer in case of termination of the appointment of Prelios.