International SF Weekly: Data Addendum: Secondary highs

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International SF Weekly

Data Addendum: Secondary highs

Markets reacted differently to holds by the Fed and BoE last week with bond yields

rising in the US and falling in the UK in response. Resumption of hostilities in Iran gave

investors another source of uncertainty. Market conditions are noticeably more

challenging with investors becoming more selective. August could offer a timely break.

03 August 2026

Primary supply: Primary market heading for a break

In Europe, the new issue pipeline looks almost depleted as August begins and may

remain so for a few weeks. One CMBS and 2 new CLOs, along with 4 resets and 1 refi,

priced last week. Australia priced the last in the pipeline NC RMBS on Friday. Investors

are becoming more selective. An Irish RMBS was postponed and a German multifamily

CMBS failed to price for a second week. On the other hand, the CMBS, a GBP bond

secured by UK data centres, was quickly oversubscribed, highlighting diverging attitudes

towards some sectors.

Alexander Batchvarov, CFA

Int'l Str. Fin. Strategist

BofA Europe (Zurich)

Secondary supply: July ends on a high note

Bid list volumes remained elevated with €458mn of ABS/MBS and €269mn in CLOs last

week, ending July on a high note. ABS/MBS bid lists have now reached €2bn two

months in a row, for the first time since 2015 – the end of the GFC-linked liquidations.

EUR secondary spreads were unchanged in the IG portion of the cap stack in most low

beta ABS/MBS sectors. Credit curves steepened selectively in sub-IG in some cases.

Elsewhere, spreads were 1-2 bp wider in low-beta GBP and AUD names.

For more information see International SF Weekly: Secondary activity is back to

post-GFC-unwind peak levels, and European CLO Weekly: Caution with the high

fixed-rate bond buckets, both dated 3 August 2026.

This document is intended for BofA Securities institutional investors only. It may not be

distributed to financial advisors, retail clients or retail prospects.

BofA Securities does and seeks to do business with issuers covered in its research

reports. As a result, investors should be aware that the firm may have a conflict of

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