*Europe ends the week quietly *Allied seeks interest *Firstmac mandates

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Europe/UK
Quiet end to the week with no activity today. However, there is already a busy schedule for next week – nine deals are slated to potentially price, comprising five autos, three UK non-conforming RMBS and an Italian consumer ABS.

The visible European new issue pipeline looks like this:

Australia
Today saw another deal seeking indications of interest without prior announcement and the latest mandate from Firstmac.

Auto and equipment ABS Allied Credit ABS Trust 2024-2 has begun taking indications of interest via sole arranger NAB alongside fellow JLMs BofA, Macquarie and Westpac. The transaction is expected to price next week with the potential upsize.

Allied Credit ABS Trust 2024-2

Collateral highlights
A$499,999,770 portfolio of 12,902 fixed rate Australian loans and chattel mortgages for motor vehicles (95.4%), motorcycles (3.4%), marine (0.7%) and caravans (0.5%) to consumer (61.3%) and commercial (38.7%) borrowers originated by entities either 100% owned by Allied Credit or 50% owned by Allied Credit together with a joint venture partner. WA seasoning: 5.8 months, WA remaining term: 57.9 months, WA interest rate: 10.5%. 75% are new vehicles and 25% are used. Loans with a balloon payment are equal to 7.8% of current balance (including 2.7% of balloons with guaranteed future value).

Pricing comparison
The most recent auto and equipment ABS was Angle Asset Finance - Radian Trust 2024-1, which priced its class A at plus 130bp in June. The last deal from Allied – Allied Credit ABS Trust 2024-1 – also printed at plus 130bp in April.

Firstmac has mandated ANZ, CBA, DBS, NAB (arranger), Natixis and UOB to engage with investors in relation to its Australian RMBS programme. Investor calls/meetings are available upon request in Australia/New Zealand 12-13 September, London 19-20 September and Tokyo 24-26 September. Firstmac Mortgage Funding Trust No.4 2024-4, potentially sized at A$750m, may launch in early October.

The visible Australian new issue pipeline currently looks like this:

See SCI’s International ABS Deal Tracker for more.

Regulatory notice

Cavendish Square Funding – collateral sale update

Mark Pelham