International SF Weekly: Data Addendum: Alternating BWICs

Research evidence excerpt

International SF Weekly: Data Addendum: Alternating BWICs

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International SF Weekly

Data Addendum: Alternating BWICs

Primary: Slowing pipeline? 25 May 2026

In the primary market, two UK RMBS and a DEU consumer ABS priced, an UK NC deal Structured Finance

and an ES Auto ABS deal (with an unusual structure) were preplaced. The CLO market EMEA, APAC, LatAm

saw 4 new issue deals, 1 reset, and 1 partial refi priced. In other words, the European ABS CMBS RMBS CLO

market maintains its pace of 10-12 primary deals a week. However, the European Alexander Batchvarov, CFA

pipeline seems to be slowing down with an UK equity release RMBS, a POR consumer Int'l Str. Fin. Strategist

ABS, and one UK auto ABS. BofA+41 44Europe297 7469(Zurich)

alexander.batchvarov@bofa.com

In contrast to Europe, the Australian SF market recorded low primary activity with one Altynay Davletova, CFA

NC RMBS pricing (with strong covers and inside IPT), but strong pipeline build-up: two Int'l MBS/ ABS Strategist

MLI (UK)

prime RMBS, a NC RMBS and a consumer ABS backed by loans to medical professionals +44 20 7995 3968

are getting ready. altynay.davletova@bofa.com

Mark Nichol

Primary pricing held up well on strong demand. As usual, due to the lack of comparability Int'l CMBS/ABS Strategist

between deals pricing from one week to the next, it is difficult to compare primary +44 20 7996 0965

pricing in ABS/ MBS. If CLOs can be an indicator, CLO spreads are tighter on the mark.nichol@bofa.com

primary: AAA priced in the range of mid-to-high 120s, while 3 out of the 4 new BBBs Dustin Walpert, CFA

European CLO Strategist

last week priced inside 300bps. MLI (UK)

+44 20 7996 0982

Secondary: ABS/MBS BWIC - up, CLO BWIC – down, WoW dustin.walpert@bofa.com