*Six European deals move ahead *Two Aussies join the pipe *Puma seeks interest

Primary

Europe/UK
Four deals have begun marketing, while two more have released price talk.

Previously announced UK non-conforming RMBS Braccan Mortgage Funding 2024-1 has begun marketing via joint arrangers Lloyds and Natixis. Investor calls are available from today and pricing is expected next week.

Braccan Mortgage Funding 2024-1

Collateral highlights
As at 31 July 2024, a pool of £437,787,082 performing, 100% first-ranking buy-to-let (70.3%) and owner-occupied (29.7%) mortgage loans originated by Foundation Home Loans. WA seasoning: 28.2 months, WA remaining term: 21 years, WA current LTV: 68.8%, WA interest rate: 6.7%. On the closing date, the transaction will be backed by recently originated mortgages (and loans previously securitised in Twin Bridges or Brants Bridge transactions. A maximum of 21% of prefunding (based on total size) will be permitted.

Pricing comparison
The most recent UK non-conforming RMBS referencing a mix of BTL and O-O mortgages was London Wall Mortgage Capital Fleet 2021-02, which preplaced its class As at plus 99bp on 6 August. The last public deal from Braccan’s seller Paratus AMC was Twin Bridges 2023-2, which printed its class A at plus 118bp in November 2023.

STS auto loan ABS Cars Alliance Auto Loans France V 2024-1 has begun marketing via joint arrangers CA-CIB and Société Générale alongside fellow JLM Unicredit. Investor calls are available from today and pricing is expected next week.

Cars Alliance Auto Loans France V 2024-1

Collateral highlights
€949,106,555 preliminary portfolio of 148,911 fixed rate auto loans originated by DIAC (the French Subsidiary of RCI BANQUE, operating under the commercial brand Mobilize Financial Services). WA seasoning: 15.5 months, WA remaining term: 41.6 months, WA discount rate: 7.7%. New cars/used cars: 27.8%/72.2%, amortising loans/balloon loans: 74.1%/25.9%, individual borrowers/commercial borrowers: 98.3%/1.7%, EV & hybrids: 20.4%.

Pricing comparison
The most recent French auto loan ABS was Red & Black Auto Loans France 2024, which priced its class A at plus 56bp at the end of May. The last loan deal from the Cars Alliance platform was Cars Alliance Auto Loans France V 2022-1, which printed with a 39bp DM in April 2022.

Austrian STS auto ABS FACT Compartment 2024-1 has begun marketing via sole arranger Société Générale alongside JLM Unicredit. Investor calls are available from today and pricing is expected next week.

FACT Compartment 2024-1

Collateral highlights
432,596,729 portfolio of 22,141 auto loan and lease contracts to 19,640 obligors originated by Porsche Bank. WA seasoning: 14.35 months, WA remaining term: 40.38 months, WA interest rate: 6.22%, open residual value exposure: 12.52%. Loans/finance lease/operating lease: 13.69%/71.84%/14.47%, new/used: 57.83%/42.17%, individual/corporate: 42.57%/57.43%, fixed/floating: 60.54%/39.46%, EV & hybrids: 33.5%.

Pricing comparison
The most recent public Austrian auto ABS was also the last deal from Porsche Bank. FACT Compartment 2021-1 priced its class A with a 35bp DM in June 2021.

UK non-conforming RMBS Tower Bridge Funding 2024-3 has begun marketing via BNP Paribas and NatWest Markets who are also JLMs along with Barclays and Macquarie. Investor calls are available from tomorrow and pricing is expected next week.

Tower Bridge Funding 2024-3

Collateral highlights
£250.8m pool of 1,351 UK buy-to-let (71%) and owner-occupied (29%) mortgages originated by Belmont Green Finance. WA indexed current LTV: 69.59%; WA seasoning: 24.74 months; WA remaining term: 22.5 years. Total transaction size up to £300m; including up to £50m of additional loans that will be subsequently purchased by the issuer ahead of the first IPD.

Pricing comparison
The most recent UK non-conforming RMBS referencing a mix of BTL and O-O mortgages was London Wall Mortgage Capital Fleet 2021-02, which preplaced its class As at plus 99bp on 6 August. The last deal from the Tower Bridge platform was Tower Bridge Funding 2024-2, which printed its class A at plus 88bp in April.

Dutch STS auto lease ABS Bumper NL 2024-1 has opened its books and released initial price talk. Pricing is expected as early as Thursday.

Bumper NL 2024-1

German STS auto loan ABS RevoCar 2024-2 has opened its books, released initial price talk and a book update. Pricing is expected this week.

RevoCar 2024-2

The visible European new issue pipeline looks like this:

Australia
Two new mandates have been announced and Puma’s refi has begun seeking indications of interest.

Think Tank Group mandated CBA, Deutsche Bank, NAB, Natixis, Standard Chartered and Westpac (arranger) to manage its forthcoming Australian RMBS transaction – Think Tank Residential Trust 2024-2 – which is will be sized at A$500m at launch with the ability to increase to A$750m. Debt investor calls will be available on request and the transaction expected to price as early as the week commencing 9 September 2024.

Metro Finance mandated Deutsche Bank, NAB (arranger), RBC and Westpac to engage with investors in relation to a potential auto and equipment ABS transaction Metro 2024-1. The A$500m has the potential to upsize and is expected to launch and price as early as the week commencing 16 September 2024.

Prime RMBS Puma Series 2019-1 A (refinancing) started taking indications of interest with launch and pricing expected next week.

Puma Series 2019-1 A (refinancing)

Collateral highlights
References a portfolio of prime, full-documentation first-ranking mortgages secured over residential property in Australia originated by Macquarie Bank through a network of aggregators and brokers. As of July 31, 2024, the pool's current WA LTV ratio is 63.3% and WA seasoning is 110.1 months. Lenders' mortgage insurance is applicable to 89.4% of the pool.

The original class A tranche priced at plus 98bp in September 2019.

The visible Australian new issue pipeline currently looks like this:

See SCI’s International ABS Deal Tracker for more.

Regulatory notices

Securitised Residential Mortgage Portfolio I – redemption notice

Securitised Residential Mortgage Portfolio II – redemption notice

Mark Pelham