SCI Start the week - 17 September

Category: ABS CLOs CMBS


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

Pipeline

ABS is still dominating the pipeline, with several deals coming from the auto space.

These include: US$534.032m ARI Fleet Lease Trust 2018-B, US$1.362bn GM Financial Automobile Leasing 2018-3, US$327.87m Navistar Financial Dealer Note Master Owner Trust II 2018-1, US$407.83m Prestige Auto Receivables Trust 2018-1

In non-auto ABS there are also a number of transactions waiting to price: US$809.93m CNH Equipment Trust 2018-B, Golden Credit Card Trust Series 2018-4, €638.9m Purple Master Credit Cards Notes Series 2018-1, $300m Trafigura Securitisation Finance, US$577.544m SoFi Professional Loan Program 2018-D

RMBS was also fairly busy last week, with several deals marketing: $258.781m Freddie Mac STACR Securitised Participation Interests Trust Series 2018-SPI3, Liberty Series 2018-2 Trust, MCAP RMBS, Pepper I-Prime 2018-2 Trust, A$375m RedZed Trust Series 2018-1, $362.733m Sequoia Mortgage Trust 2018-CH4, A$500m Series 2018-1 Harvey Trust

A slightly lighter week for CLOs, as investors wait for ABS East, resulted in the following hitting the pipeline: US$938.904m ALM VII (R)-2, US$408.25m Carlyle US CLO 2018-3, $407.20m Crestline Denali CLO XVII, $501.71m Diamond CLO 2018-1

Just the one CRE CLO also came through: $300m Greystone CRE 2018-HC1

The light trend for CMBS continues with only two deals coming through: $341m The Bancorp Commercial Mortgage 2018-CRE4 Trust, US$1.169bn BANK 2018-BNK14.

Pricings

The prospect of ABS East around the corner is possibly also contributing to a fairly light week for pricings, with many deals coming from Europe.

In auto ABS the following priced: €620m Auto ABS Spanish Loans 2018-1, CNY3.92bn VINZ 2018-3 Retail Auto Loan Securitisation Trust, £407.5m Silver Arrow SA Compartment Silver Arrow UK 2018-1. One container ABS priced in the form of US$343.5m CAL Funding III Series 2018-2 and a student loan deal also priced: $544mn Sallie Mae Bank 2018-C.

Just the two RMBS priced this week in the form of £1.93bn Gosforth Funding 2018-1 and, across the pond, a Freddie Mac deal: US$820mn STACR 2018-DNA3

Finally, in CLOs a mix of Euro and US deals priced: €409.50m Avoca CLO XIX Designated Activity Company, €416.5m Jubilee CLO 2016-XVII, US$460.85m Magnetite 2015 XIV-R, US$ $400m BCC Middle Market CLO 2018-1, $457.8m Palmer Square CLO 2018-3, US$505.1m RR 5.

Editor’s picks

Brexit uncertainty highlighted: Brexit has so far had a neutral impact on capital relief trades, but uncertainty is a major concern with a lack of clarity over how EU law and CRR will be incorporated into UK law…

Madden resolution urged: The US Treasury supports the freeing up of marketplace lenders from constraints resulting from the Madden vs Midland case and also suggests improvements to the federal student loan sector…

Deal news

  • Banco Santander Totta has mandated an ABS, according to Rabobank, or a wholeloan sale of a portfolio of Portuguese non-performing loans, valued at €482m (gross book value). 51.5% of the exposures is thought to be secured. The ABS transaction or portfolio disposal could follow depending on investor feedback, market conditions and the issuer’s discretion to go ahead or not.
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