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Renewed mortgage rate spike leaves US RMBS issuance prospects bleak

Debt ceiling worries push rates higher again, dashing hopes for better year
Big swings are a sign of a market with too few investors, not rising risk or liquidity fears

UK RMBS new issues forced wider amid supply glut pressures

Charter Court deal lands at the wide end of IPTs
ABS

Treasury curve inversion drives optimism on top ABS spreads

Short duration, high quality ABS bonds are seeing tighter spreads
Big swings are a sign of a market with too few investors, not rising risk or liquidity fears
Channels
Two SIX executives pedalled from Zurich to Paris for the ICMA conference to publicise sustainable finance
Exodus continues days after eight leave for Santander
Increased direct lending in US SME sector paves way for more middle market CLO deals
German asset manager brings US deal backed by infrastructure assets
Regions and data

Regions and data

ABS
Pace of issuance ahead of expectations but macro fears could cause slowdown
ABS
Expectations that rates have stopped rising encourage investors and issuers
The deal is backed by 616 loans, most of which are underwritten without income or employment docs
ABS
Volkswagen’s VCL 39 joins Italian auto offering from BNP Paribas’s Findomestic
Only mezzanine tranches offered as specialist lender brings its second deal of the year
Prime UK RMBS issuers take advantage of strong technicals
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