Sterling ABS investors push back on spreads

Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.

  • By Sam Kerr
  • 27 Oct 2017

A marketplace lending consumer ABS deal, Moca 2017-1, backed by loans originated by Zopa, as well as an RMBS transaction, Tower Bridge Funding No 1 from debut issuer Belmont Green, both saw the spread on the senior notes widen past initial levels this month.

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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3 Wells Fargo Securities 80,847.28 245 9.63%
4 JPMorgan 58,524.24 184 6.97%
5 Credit Suisse 43,977.05 134 5.24%