Monday 13 May 2019 12:12 London/ 07.12 New York/ 20.12 Tokyo

A review of securitisation activity over the past seven days

Transaction of the week

Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans located across Ireland and originated by Finance Ireland Credit Solutions.

Finance Ireland is jointly owned by the Ireland Strategic Investment Fund, Pimco and by its management and other third parties. The transaction has received provisional ratings from S&P and Fitch of AAA/A on the €105.8m class A notes, AA+/A- on the €14.5m class B notes, AA/BBB on the €25.6m class Cs, A/BB+ on the €18.9m class Ds, BBB/BB on the €22.3n class Es and BB/B on the €17.8m class F notes.

S&P notes that the loans were originated between April 2016 and February 2019 with loan terms of 1 to 5.6 years, with the largest concentration of properties in the Dublin region where 60% of the portfolio is located. The rating agency adds that the properties have different usage types, with the largest being in the multifamily sector, which accounts for 31% of the portfolio.

Other deal-related news

  • The first Italian STS compliant securitisation is being marketed from Agos Ducato. Dubbed, Sunrise 2019-1, the €1.1bn Italian consumer ABS transaction is backed by a 12 month revolving pool of around 137,000 fixed-rate loans, with an average size of €8,000.
  • Caixa Montepio Geral is marketing its second ever NPL securitisation, Gaia Finance. The €70m transaction has a gross book value of €234.3m and is backed by a pool of residential and/or commercial properties located across Portugal.
  • TPG Sixth Street Partners is marketing a European CMBS, dubbed ERNA. Arranged by Bank of America Merrill Lynch, the €300m transaction is backed by 4 loans on 648 mixed use properties located across Italy.

Data

 

Pricings

Things have picked up again in Europe with numerous ABS deals having priced across asset classes. There were auto ABS deals in the form of €1.027bn Cars Alliance Auto Loans Germany V 2019-1, €451.83m RevoCar 2019 and a consumer ABS deal in the form of €500m Wizink Master Credit Cards 2019-01, €156m Youni 2019-1. A handful of RMBS also priced: €408m Dutch Property Finance 2019-1, €150m Fucino RMBS, £1.1bn Silverstone Master Issuer 2019-1, £329m Twin Bridges 2019-1.

The US saw another busy week, particularly in auto ABS, with the following pricing: $456.60m DT Auto Owner Trust 2019-2, $1.37bn Fifth Third Auto Trust 2019-1, $350m GLS Auto Receivables Trust 1019-2, $1.216bn GM Financial Automobile Leasing 2019-2 $1.264bn Toyota Auto Receivables Owner 1 2019-B, $828.05m World Omni Auto Lease 2019-B.

There was also a SLABS in the form of $609.67m Navient Student Loan Trust 2019-C, and a consumer deal in the form of $549m Sofi Consumer Loan Programme 2019-2 while, going against the grain, a container deal priced: $375m Seacube Container 2019-1.

RMBS was relatively muted, with only two deals pricing: Freddie Mac STACR Trust 2019-HQA2 and $172.8m Visio 2019-1.

BWIC volume

 

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