A strong European presence is expected at the Structured Finance Association's annual conference in Las Vegas next week, sources told GlobalCapital, which is likely put European primary supply on hold. But bankers say there is plenty in the pipeline for March.
Around 10,000 securitization professionals are set to descend on Vegas on Sunday. Although the agenda is largely US-focussed, the steady increase in attendance has come from all over the globe, SFA CEO Michael Bright told GlobalCapital's Another Fine Mezz podcast this week.
“What I'd like SFA to be able to offer to Europeans is analysis and expertise of [the US market],“ said SFA CEO Michael Bright on the Another Fine Mezz Podcast. “Just being able to explain what works [about the US market], what doesn't work, where there are challenges and things to think through.“
The substantial number of Europeans at the conference will mean a pause in deal announcements.
“I don’t get the sense there is any supply from us or our competitors for the start of next week,” said one London-based syndicate banker.
A second banker echoed the prediction of a quiet week but said there would be “some UK supply at the start of March“.
Among the potential names to emerge is Isle of Wight Home Loans, which filed a 15-G with the SEC on February 7 for an RMBS trade from its Ripon Mortgages shelf — suggesting they're expecting US interest in the deal.
“There is still lots in the pipeline,” said a third London-based ABS banker. “It’s moderate to manageable."
Barclays, Wells Fargo and Lloyds are expected to be co-arrangers and joint lead managers on Ripon, with Goldman Sachs also expected to serve as joint lead manager.
The last RMBS from the Ripon Mortgages shelf was in February 2022, based on buy-to-let loans, with a size of £6.4bn, according to Concept ABS.
GlobalCapital understands there are at least two UK prime RMBS deals, a French credit card ABS as well as some non-prime RMBS and consumer ABS likely across March and April.