NewDay includes Sonia clause in card ABS

NewDay, the UK storecard lender, has announced a securitization in either or both of dollars and sterling, in which the interest rate might be linked to Sonia, the Sterling Overnight Index Average. The announcement came as the secondary ABS market tightened markedly.

  • By Tom Brown
  • 07 May 2019

BNP Paribas, Citigroup, HSBC and Société Generale are arranging the deal, NewDay Funding 2019–1, which is to be backed by UK credit card receivables. It has class ‘A1’ and ‘A2’ floating rate notes benchmarked to one month Libor.

In its announcement, NewDay said the triple-A notes would be marketed to ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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1 Citi 69,085.90 230 10.50%
2 JPMorgan 63,371.79 193 9.63%
3 Wells Fargo Securities 50,770.30 154 7.72%
4 Bank of America Merrill Lynch 50,413.91 166 7.66%
5 Credit Suisse 45,852.68 144 6.97%