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U.S. Structured Finance New Issuance Volume at $39bn in August; $357bn YTD (Erb/Manzi)
During August, U.S. Structured Finance (SF) new issuance volume reached $39bn, with $17bn in ABS, $6bn in CMBS, $7bn in CLOs, and $8bn in PL-RMBS related deals. August issuance was down by about $6bn compared to last year's reading, with y/y declines in CLOs and RMBS. Year-to-date, U.S. SF new issuance volume reached $357bn, down 5% from the same period in 2018. ABS issuance volume came in at $163bn YTD in August, down slightly from last year's reading of $172bn, with credit card ABS issuance down by about $10bn and esoteric issuance down by about $5bn. Meanwhile auto ABS issuance was up by about $6.5bn compared to last year's reading (YTD). On the publication side, we recently released our June 2019 U.S. Auto Loan ABS Tracker and our Quarterly U.S. Credit Card Quality Index report, Market Volatility Does Little To Upset Steady Performance In Second-Quarter 2019. CLO new issue volume came in at $7bn in August and $82bn YTD. This month's new issue volume was down compared to last August, when $14bn printed. The YTD figure is now about $10bn lower than last year's reading. CLO reset/refi issuance continues to be down by about 70% this year, now at $34bn, which included $4bn in August. For more on CLOs, read our recent publications CLO Spotlight: Sector Averages Of Assets Held In Reinvesting U.S. BSL CLOs: Loan Price Rebound And Issuance Lost Steam In Second-Quarter 2019 and our article on CLO 1.0 credit performance, Twenty-Five Years Strong: Update On CLO 1.0 Defaults. CMBS issuance reached $49bn YTD in August, down 9% y/y YTD from $54bn in volume last year. The slight decline is attributable to lower SASB and SB (small balance) issuance which combined, are down by $5bn YTD. Conduit issuance reached $25bn YTD in August, unchanged from last year at this time (note that we do not include CRE CLOs in our CMBS totals).
Private Label RMBS-related issuance reached $64bn YTD in August, up 10% from $57bn last year. Non-QM volume remains strong, at about $15bn YTD, over double 2018's eight-month figure. For more RMBS coverage, read our recent publication Investor Property DSCR Loans: The Nonqualified Mortgage Exempt From Qualified Mortgage Rules where we discuss DSCR loans, which have become increasingly common in the non-QM space.
Turning to the Numbers…
The 10yr Treasury was 1.50% for the week ending August 30, down from 1.54% last week. NYMEX crude oil was up $0.89 w/w to $55.06. U.S. regular gas prices averaged $2.58 this week, down 2 cents w/w and down 26 cents y/y. The S&P 500 was up 2.79% w/w to 2926.44. The 30-year fixed-rate mortgage increased to 3.58%, up 3bps w/w (down 94bps y/y). The Euro was trading at $1.0991, down $0.0153 w/w.
Recent Presales (available here)
APAC RMBS: ConQuest 2019-2 Trust
U.S. CLO: PennantPark CLO I Ltd.
U.S. RMBS: Citigroup Mortgage Loan Trust 2019-IMC1
U.S. CLO: Cedar Funding X CLO Ltd.
U.S. ABS: NP SPE IX L.P. Series 2019-1
APAC RMBS: Japan Housing Finance Agency Series 148
APAC RMBS: RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-2
APAC RMBS: Vermilion Trust No.1 Bond Series 2019-1
U.S. CLO: OZLM XXIV Ltd./OZLM XXIV LLC
U.S. CMBS: GSCG Trust 2019-600C
U.S. RMBS: Homeward Opportunities Fund I Trust 2019-2
U.S. ABS: Honda Auto Receivables 2019-3 Owner Trust
Recent EMEA Presales
Genesis Mortgage Funding 2019-1 PLC
GREEN STORM 2019 B.V.
ASR Media And Sponsorship S.p.A.
York Potash Intermediate Holdings PLC
Hawksmoor Mortgage Funding 2019-1 PLC
MV24 Capital B.V.
Westfield Stratford City Finance No.2 PLC
Take Notes (available here) Take Notes: The Evolution Of Marketplace Lending
RMBS Down Under
Conference Recap: Global ABS In Barcelona
What’s Heating Up in the Solar ABS Space
Conference Recap: IMN CLO Conference 2019
Co-Working On The Rise A New Office Space For CMBS And REITs
Covering New Ground: Covered Bonds Expand Into New Markets
Blockchain On The Brain
Across The Pond With European CMBS
Conference Recap: SFIG Vegas 2019
On PACE For A Greener Future In Structured Finance
Conference Recap: CREFC 2019 And A Look Across The CMBS Market
The Lowdown On LatAm
New Issuance at $39Bn in July; $315Bn YTD, Down 5% Y/Y
H1 2019 U.S. New Issuance Volume at $275bn; Off 4% Y/Y
2019 U.S. New Issuance in a Virtual Dead Heat With 2018 After a $48bn May
Some $53bn in April Structured Finance New Issuance Pushes 2019 Ahead of 2018 Pace
$129bn in Q1 Issuance with $48bn in March
February Posts $48bn as Volatility Subsided
U.S. Structured Finance Issuance: January Was Slow to Start, But Picked Up Steam Heading Into February
Buyer Beware: The Curious Case of Income Supplemented BTL
Fewer Structural Protections in Today’s Speculative-Grade Subprime Auto Loan ABS
Recent In-Depth Articles (available here)
European CLO Performance Index Report Q2 2019
U.S. Credit Card Quality Index: Monthly Performance - July 2019
Quarterly U.S. Credit Card Quality Index: Market Volatility Does Little To Upset Steady Performance In Second-Quarter 2019
Investor Property DSCR Loans: The Nonqualified Mortgage Exempt From Qualified Mortgage Rules
Brazil's Inflation-Linked Mortgages Are More Securitization Friendly, But What Are The Risks?
U.S. Auto Loan ABS Tracker: June 2019
China SF: Securitization Enters Its Awkward Adolescence
CLO Spotlight: Sector Averages Of Assets Held In Reinvesting U.S. BSL CLOs: Loan Price Rebound And Issuance Lost Steam In Second-Quarter 2019
Twenty-Five Years Strong: Update On CLO 1.0 Defaults
Transaction-Specific 'B' Economic Stress Loss Projections For U.S. And Canadian CMBS Transactions As Of June 2019
Second-Quarter 2019 Non-Model CDO Monitor Benchmarks Reveal Relative Credit Quality And Diversity Of CLO Portfolios
U.S. Credit Card Quality Index: Monthly Performance - June 2019
U.S. Leveraged Finance Q2 2019 Update: 'B-' Issuer Credit Ratings On The Rise In Leveraged Loans And CLOs
Japanese Securitizations' 2019 First Half Rated New Issuance Worth About ¥1 Trillion; One Upgrade And One Downgrade
Can Australian RMBS Ratings Withstand A Slowing Economy And Lower Property Prices?
U.S. Prime Auto Loan ABS Are Seeing More Back-Loaded Losses As Loan Terms Lengthen
Servicer Evaluation Spotlight Report™: The Digital Age Of Residential Mortgage Customer Service
U.S. Auto Loan ABS Tracker: May 2019
When The Credit Cycle Turns: Recovery Prospects In The U.S. Technology Sector
The U.S. Auto Industry's Historic Sales Run Will Taper Off Over The Next 12-24 Months; Negative Rating Bias Could Intensify Somewhat
Global Securitization Issuance Remains On Track For $1 Trillion-Plus After A Robust First Half
Danish Covered Bond Market Insights 2019
CLO Spotlight: Something Old, Something New: Meet The CLO MASCOT
U.S. CMBS Conduit Update Q2 2019: 'BBB-' Levels Remain Too Low
The Most Widely Referenced Corporate Obligors In Rated U.S. BSL CLOs: Second-Quarter 2019
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