SCIWire

US ABS accelerates

Tuesday 27 June 2017 14:24 London/ 09.24 New York/ 22.24 Tokyo

Activity in the US ABS secondary market has begun to accelerate this week.

After several weeks of focus on the primary market attention has returned to secondary this week. Yesterday saw a pick-up in BWIC volume as rotation activity began to take hold and sellers looked to get lists out as early as possible before the de facto long weekend.

Demand for paper continues to be strong and consequently lists continue to trade well. Secondary spreads have broadly remained firm in recent weeks though some hotspots away from core prime paper have seen a little tightening in recent sessions.

Today's BWIC schedule is building strongly again across sectors. The chunkiest list in the visible pipeline so far is a three line $31m FFELP auction.

Due at 12:00 New York time it comprises: NAVSL 2014-1 A3, PHEAA 2014-2A A and PHEAA 2014-3A A. None of the bonds has covered on PriceABS in the past three months.

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27/06/2017 14:24:40