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.
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.
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…
- 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.