SCI Start the Week - 6 August

Category: ABS Capital Relief Trades CLOs

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

The pipeline was once again dominated by ABS deals last week. A handful of CMBS and RMBS were also announced.

The US$333.33m Ally Master Owner Trust Series 2018-3, US$333.33m Ally Master Owner Trust Series 2018-4, US$1.28bn AmeriCredit Automobile Receivables Trust 2018-2 and US$600m Chesapeake Funding II Series 2018-2 transactions accounted for the auto ABS entering the pipeline. The non-auto ABS were CNY1bn Beijing Jingdong Century Trade Co 2018 Series 1, A$350m CNH Industrial Capital Australia Receivables Trust Series 2018-1, US$300m Insurance Administration Fee Series 2018-1, US$647.7m SoFi Professional Loan Program 2018-C and US$287.33m VSE 2018-A VOI Mortgage.

The newly announced RMBS comprised US$329.69m Sequoia Mortgage Trust 2018-7, US$378.1m Starwood Mortgage Residential Trust 2018-IMC1 and US$786m Towd Point Mortgage Trust 2018-4, while the CMBS consisted of US$672.66m CSAIL 2018-CX12, US$350m GSMS 2018-HULA and US$804.9m UBS 2018-C12. Finally, the US$225.3m HUNT 2018-FL2 CRE CLO also began marketing.

Pricing activity appeared relatively subdued last week, as the summer holidays got underway. A mixed bag of ABS, CLOs and RMBS printed.

The ABS new issues comprised: US$375m Citibank Credit Card Issuance Trust 2018-5, US$70.93m New York City Tax Lien 2018-A, €1.47bn Quadrivio SME 2018, US$518.7m SoFi Consumer Loan Program 2018-3, US$259.1m Textainer Marine Containers VII Series 2018-1, US$186m United Auto Credit Securitisation 2018-2 and US$187.62m Upstart Securitization Trust 2018-2. The CLO prints included: US$445m ALM XVIII (refinancing), US$507.2m Benefit Street Partners CLO XV, €509m Cadogan Square XII CLO, US$611.55m Carlyle US CLO 2018-2, €166.3m FT PYMES Magdalena 2 and US$455m Greywolf CLO VII.

The €5bn BPCE Master Home Loans 2018-02, US$466m Homeward Opportunities Fund Trust 2018-1 and A$1.25bn SMHL Series Securitisation Fund 2018-2 RMBS and US$717mn CD 2018-CD7 CMBS rounded last week’s issuance out.

Editor’s picks
Tender saga moves to High Court: The Clifden IOM No.1 tender for the Fairhold Securitisation CMBS (SCI passim) recently entered a new phase when an announcement was posted to the London Stock Exchange stating that Fairhold had gone into administration, with two joint administrators appointed to the task, on 12 July. This was quickly retracted and Fairhold is now seeking a declaration of invalidity in court regarding the appointment of the administrators, with the hearing to start on 8 August…

Deal news

  • Beijing Jingdong Century Trade Co is marketing a consumer ABS under the asset-backed notes with a special purpose trust scheme in the Chinese interbank bond market. Dubbed Beijing Jingdong Century Trade Co 2018 Asset-Backed Notes Series 1 (JD ABN 2018-1), the CNY1bn deal marks Fitch’s first ratings assignment for a securitisation of unsecured consumer receivables generated via an online platform in China.