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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 40,734.72 129 11.29%
2 JPMorgan 32,938.92 93 9.13%
3 Wells Fargo Securities 30,907.51 87 8.57%
4 Bank of America Merrill Lynch 27,917.30 88 7.74%
5 Credit Suisse 22,890.32 71 6.35%