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U.S. Structured Finance New Issuance Volume at $50bn in Sep., $129Bn in Q3 2019 and $409Bn YTD (Erb/Manzi)
U.S. Structured Finance (SF) new issuance volume reached $50bn in Sep, comprising $25bn ABS, $9bn CMBS, and $8bn apiece for CLOs and RMBS. On a y/y basis, the $129bn in issuance during Q3 was up 4%, and the $409bn YTD was equal to 2018's pace, although the composition was somewhat different. Following last year's record new issue CLO volume, that sector has seen a modest decrease y/y, while RMBS (notably, Non-QM) has made up the difference.

Following a busy September ($25bn, second only to April), ABS issuance reached $58bn in Q3 2019, up by about $4bn from Q3 2018, with Auto ABS up by $2bn, CCABS down by $1bn, esoteric ABS up by $2.5bn, and student loan ABS down by $2bn. YTD ABS issuance was up 1% at the end of September, at $189bn. On the publication side we recently released our July 2019 U.S. Auto Loan ABS Tracker, an article exploring data center securitizations: Field Of Data Streams: If You Build It, They Will Come, and an article and podcast on the topic of student loan forgiveness.

CLO new issuance came in at $25bn in Q3 2019, down by about $8bn from Q3 2018. YTD CLO new issuance stands at $90bn, down from $101bn last year (which set an annual record) at the end of September. CLO reset/refi volume remains down, with Q3 volume reaching $12bn, down by about 70% from $40bn in Q3 2018 (YTD issuance, at $36bn, is also down by about 70% y/y). For more on CLOs, read our recent publications Twenty-Five Years Strong: Update On CLO 1.0 Defaults and Q2 Credit Estimates Within Middle Market CLOs. We've also recently released a podcast on CLO documentation, available here.

CMBS issuance reached $18bn in Q3, flat year-over-year from Q3 2018, with about half of the volume coming in a busy September. We expect an active market in Q4, and reiterate the $80bn forecast that we published in January 2019. CMBS new issuance YTD is now at $57bn, down just $1bn from last year's reading. The slight decline is attributable to lower SASB and SB (small balance) issuance, which combined, were down by about $4bn YTD at the end of September. This was offset, however, by a $3bn increase in conduit issuance. (Note that we do not include CRE CLOs in our CMBS new issue totals.) On the CMBS publication front, we recently published a credit FAQ examining the recent increase in AAA (sf) rated A-S and A-M classes.

Private label RMBS-related issuance reached $27bn in Q3, up 38% from $20bn in Q3 2018, with some $4bn of the uptick attributable to an increase in non-QM issuance. YTD RMBS issuance was up by 15%, reaching $73bn at the end of September. For more RMBS coverage, read our recent publication Non-QM's Meteoric Rise Is Leading The Private-Label RMBS Comeback, and listen to our recent podcast on Investor Property DSCR Loans.

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