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U.S. Structured Finance New Issuance Volume at $69Bn in October, $477Bn YTD (Erb/Manzi)
U.S. Structured Finance (SF) new issuance volume reached $69bn in October, with $32bn in ABS, $12bn in CMBS, $10bn in CLOs, and $14bn in private label RMBS. Monthly issuance was up by about $12bn from last October's reading, with gains in each SF sector. U.S. SF new issuance volume reached $477bn YTD, up about 2% from the October 2018 YTD figure. ABS issuance volume reached $219bn YTD at the end of October, up $3bn from last year's reading, with issuance up in autos (+$7bn), equipment (+$5bn), and personal loan ABS (+$3bn), but down in cards (–$11bn) and student loan ABS (–$2bn). On the publication side, we recently released our August 2019 U.S. Auto Loan ABS Tracker and an article covering APAC Auto ABS titled Auto Finance Securitization In Asia-Pacific Could Drive In New Directions. CLO new issue volume was $100bn YTD and is about $10bn lower than last year's reading. CLO reset/refi issuance continues to be down by over 70% this year, now at $39bn, which included $3bn in October. For more on CLOs, read our recent publication CDO Spotlight: Sector Averages Of Reinvesting US BSL CLO Assets: Credit Quality And Loan Prices Fall In Third-Quarter 2019 in which we discuss the effect of recent economic trends on the U.S. leveraged finance and CLO markets. CMBS issuance reached $70bn YTD in October, up 6% y/y YTD from $66bn in volume last year, with the increase wholly attributable to higher conduit issuance. (Note that we do not include CRE CLOs in our CMBS totals.) For more CMBS coverage, read our Q3 conduit update, Debt Service Coverages On The Rise. Private label RMBS issuance reached $87bn YTD in October, up $13bn from 2018's levels. Non-QM volume remains strong at about $19bn YTD, well over double 2018's ten-month figure. For more non-QM RMBS coverage, read our recent publication, Non-QM's Meteoric Rise Is Leading The Private-Label RMBS Comeback.
To view our global SF coverage and 2019 global issuance projections, see our publication, Global Securitization Issuance After Three Quarters Still On Course For Another Trillion Dollar Year.
Turning To The Numbers…
The 10yr Treasury was 1.72% for the week ending November 1, down from 1.80% last week. NYMEX crude oil was down $0.43 w/w to $56.23. U.S. regular gas prices averaged $2.61 this week, unchanged w/w and down 16 cents y/y. The S&P 500 was up 1.47% w/w to 3066.91. The 30-year fixed-rate mortgage increased to 3.78%, up 3bps w/w (down 105bps y/y). The Euro was trading at $1.1168, up $0.0089 w/w.
As you may have noticed we have made some exciting updates to our website, www.spglobal.com/ratings. The content within our email is free to view but requires registration to be accessed. Registration takes less than a minute.
Recent Presales (available here)
U.S. CLO: Ares LIV CLO Ltd.
APAC RMBS: Barton Series 2019-1 Trust
U.S. ABS: GTE Auto Receivables Trust 2019-1
U.S. ABS: CCG Receivables Trust 2019-2
U.S. ABS: Domino's Pizza Master Issuer LLC Series 2019-1
U.S. ABS: Toyota Auto Receivables 2019-D Owner Trust
U.S. CMBS: Benchmark 2019-B14 Mortgage Trust
U.S. CLO: Fort Washington CLO 2019-1 Ltd
Recent EMEA Presales
Canada Square Funding 2019-1 PLC
VCL Multi-Compartment S.A. , Compartment VCL 29
Towd Point Mortgage Funding 2019 – Auburn 13 PLC
Globaldrive Auto Receivables 2019-A B.V.
Northwoods Capital 19 Euro DAC
Take Notes (available here) Incorporating ESG Into Our Structured Finance Framework
Conference Recap: ABS East 2019
U.S. Student Loans: Should We Forgive And Forget?
What's Up (CLO) Docs?
What Are Investor Property DSCR Loans
Conference Recap: European Structured Finance Conference 2019
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
September's $50bn Pushes U.S. SF Issuance to $129bn in Q3 and $409bn YTD, Equaling 2018 Pace
August Brings $39bn in Issuance; YTD Total Down 5% Y/Y
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)
For U.S. Rental Housing Issuers, Scarcity Is A Good Thing
CDO Spotlight: Sector Averages Of Reinvesting US BSL CLO Assets: Credit Quality And Loan Prices Fall In Third-Quarter 2019
Prospects Decline, Risks Climb
Recovery Prospects Soften On Uptick In 'B-' Issuance: European Leveraged Finance And Recovery Update, 3Q2019
Expanding Portfolios Underpin Steady U.S. ABCP Issuance, Though Market Uncertainties Persist
Auto Finance Securitization In Asia-Pacific Could Drive In New Directions
U.S. Auto Loan ABS Tracker: August 2019
SME Loan Securitization: An Evolving Landscape In Asia-Pacific
U.S. Auto Sector Faces Bumpy Roads Ahead With Rising Recession Odds And Falling Demand
Global Securitization Issuance After Three Quarters Still On Course For Another Trillion Dollar Year
Japan Credit Spotlight: Securitization Stability Likely Despite External Wobbles
October 2019 European CMBS Monthly Bulletin
With The Ongoing Lawsuits Against Two Securitization Entities, How Will Credit Card Receivables Asset-Backed Securities Be Affected?
CLO Spotlight: Third-Quarter CDO Monitor Benchmarks Reveal Relative Credit Quality And Diversity Of CLO Portfolios
The Most Widely Referenced Corporate Obligors In Rated U.S. BSL CLOs: Third-Quarter 2019
U.S. CMBS Conduit Update Q3 2019: Debt Service Coverages On The Rise
Trending Assets: Brazil Continues To Lead Structured Finance Issuance In Latin America
Next Debt Crisis: Earnings Recession Threat
U.S. Credit Card Quality Index: Monthly Performance - August 2019
Canadian Credit Card Quality Index: Monthly Performance - August 2019
Coming Out Of A Pit Stop, Could Mexican Auto Loan Securitization Retake Its Lost Position?
U.S. Auto Loan ABS Tracker: July 2019
Field Of Data Streams – If You Build It, They Will Come
Non-QM's Meteoric Rise Is Leading The Private-Label RMBS Comeback
The Continued Attack Of The EBITDA Add-Back
After Volatility In 2016, Timeshare Performance Seems To Find A 'New Normal' In First-Half 2019
ESG Credit Factors in Structured Finance
Global Auto Sales Will Stay in the Slow Lane for at Least the Next Two Years
Use of GICs Industry Categories in SPGR-Rated CLOs Updated
Speed Bump Ahead: As Auto Loans Accelerate Toward 84 Months, Caution Is Warranted
Q2 Credit Estimates Within Middle Market CLOs
The Role Of Environmental, Social, And Governance Credit Factors In Our Ratings Analysis
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