European ABS
Activity in the European ABS market has picked up since the start of 2015. Primary issuance is notably higher this period and the ECB’s take up of ABS still remains weak, with the total of the ABSPP standing at €5.4bn since inception. Spreads have remained stable for the first quarter of the year, with the exception of the Greek ABS sector.
Housing growth in the UK continues to rise, with a Construction PMI reading of 57.8 in March and housing activity still improving at 59.4.
Housing growth in the UK continues to rise, with a Construction PMI reading of 57.8 in March and housing activity still improving at 59.4.
The Halifax index showed an 8.1% year-on-year increase in house prices with a small increase of 0.4% month-on-month. Meanwhile, the Nationwide index showed a 5.1% increase, a 0.1% compared to the previous month.
US ABS
Equity markets have experienced pressure of late as a result of weaker than expected economic data and anticipation around a potential hike in rates by the Fed. Volume across the securitized product world remains stable and new deals continue to come to market, particularly relating to CLOs and Consumer ABS.
BWIC volume totalled approximately $5.5bn in March with the majority of activity focused on auto related bonds (37%) and credit cardbonds (35%).
BWIC volume totalled approximately $5.5bn in March with the majority of activity focused on auto related bonds (37%) and credit cardbonds (35%).
