*Two Europeans print as three more join the pipe *Harvey refi gets underway *Panorama mandated

Primary

Europe/UK
Two deals moved quickly through the remainder of their pricing processes today to reach execution and three more began marketing.

Dutch STS auto lease ABS Bumper NL 2024-1 upsized from €625m and priced as follows:

Bumper NL 2024-1

TOE: 18:10 CET, 29 August 2024
FTT: 09:00 CET, 30 August 2024
Settlement date: 23 September 2024
Legal final maturity: March 2036

German STS auto loan ABS RevoCar 2024-2 upsized from €500m and priced as follows:

RevoCar 2024-2

TOE: 18:17 CET, 29 August 2024
FTT: 09:00 CET, 30 August 2024
Settlement date: 24 September 2024
Legal final maturity: July 2037

STS auto loan ABS Driver UK Master Compartment 9 has begun marketing via sole arranger BofA alongside fellow JLMs BNP Paribas and RBC. Investor calls are available on request from Monday with pricing expected later next week.

Driver UK Master Compartment 9

Collateral highlights
£500,009,011 portfolio of 23,268 PCP (92.86%), HP (6.73%) and LP (0.41%) contracts originated by Volkswagen Financial Services (UK) for new (50.65%) and used (49.35%) vehicles. WA seasoning: 8.59 months, WA remaining term: 38.80 months. Retail (99.2%) and corporate (0.8%) customers, BEV & hybrid vehicles represent 10.98%.

Pricing comparison
The most recent public UK auto loan ABS was BMW’s Bavarian Sky UK 6, which priced its class A at plus 55bp in May. VW’s last UK deal was Driver UK Master Compartment 8, which printed its class A at plus 60bp in February.

Italian STS consumer ABS Sunrise Series 2024-2 has begun marketing via joint arrangers Banca Akros and CA-CIB, who are joined as JLMs by IMI–Intesa Sanpaolo, Mediobanca. Pricing of the solely offered class A1 is expected next week or the week after and investor calls are available upon request from Monday.

Sunrise Series 2024-2

Collateral highlights
€1,100,473,713 pool of 175,309 fixed rate personal loan contracts originated by Agos Ducato and made up of personal loans (72%), used (8.8%) and new (6.3%) vehicle loans and ‘other’ loans (12.9%). WA seasoning: 7.53 months, WA remaining term: 70.67 months and WA interest rate 9.84%.

Pricing comparison
The most recent Italian personal loan rather than salary/pension assignment loan deal was Brignole CO 2024, which priced its class a at plus 78bp in June. The last ABS from Sunrise’s programme was Sunrise Series 2024-1, which priced its class A1 at plus 80bp in March.

UK non-conforming RMBS Together Asset Backed Securitisation 2024-1ST2 has begun marketing via sole arranger Lloyds and fellow JLMs Natixis and Santander. Investor calls are available from tomorrow and pricing could be as early as next Friday.

Together Asset Backed Securitisation 2024-1ST2

Collateral highlights
£445,246,899 portfolio of 3,497 first lien mortgages comprised of owner-occupied (37.4%) and BTL loans (62.6%) originated by Together Personal and Commercial Finance. WA seasoning: 29.1 months, WA current LTV: 56.1%, WA interest rate: 9.1%. 4.3% of the loans have arrears greater than one month.

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 non-conforming deal from Together was Together Asset Backed Securitisation 2024-1ST1, which printed its class A at plus 95bp in April.

The visible European new issue pipeline looks like this:

Australia
Today saw a new refi taking indications of interest and the latest auto mandated.

The refinancing of the previously retained tranches of prime deal Harvey RMBS 2023-1 was announced and began seeking indications of interest today via sole arranger NAB. Investor meetings are available on request from tomorrow until Tuesday with launch and pricing expected next week.

Harvey RMBS 2023-1 (refinancing)

Collateral/retention
The A$750m Harvey RMBS 2023-1 is backed by a pool of Australian prime, full documentation, first ranking residential mortgage loans originated and serviced by Great Southern Bank. It priced its A$690m class A at plus 130bp in June last year with the remainder of the stack retained with a refinancing clause that became operational in June 2024.

Angle Auto Finance mandated BofA as arranger and BofA, Citi, Deutsche Bank, NAB and Société Générale as JLMs to engage with investors regarding a potential Australian dollar-denominated transaction. Panorama Auto Trust 2024-3 may follow as early as the week commencing 9 September, subject to market conditions.

The visible Australian new issue pipeline currently looks like this:

See SCI’s International ABS Deal Tracker for more.

Regulatory notices

Bruegel 2021 – updated valuation report

Taurus 2021-5 UK – redemption notice

Mark Pelham