European Asset Backed Barometer: Weekly Market Monitor

研报英文原文证据摘录

European Asset Backed Barometer: Weekly Market Monitor

3 July 2026

European Asset Backed Barometer

European Asset-Backed Barometer – Weekly Market

Monitor

Primary Issuance

European securitisation primary markets continue to see accelerated activity, with

issuance spanning UK RMBS and Euro ABS. At the time of writing, five European

transactions had formally priced, while a further two ABS transactions reached

final guidance and are expected to complete pricing imminently. The week was

characterised by strong demand for benchmark Euro ABS collateral, continued

supply across UK RMBS, and another active period for the European CLO reset

market. Overall, execution conditions remain constructive, although investor

selectivity continues to increase in areas where supply has been particularly heavy.

CLO activity was driven by three reset transactions from Permira, Ares and Partners

Group. Senior tranche pricing was remarkably consistent across the deals, with

Class A spreads clustering in a narrow 127-128bp range over Euribor. Further down

the capital structure, however, pricing dispersion became more pronounced as

investors differentiated between managers and structures. This was particularly

evident in the single-B tranches, where Permira's Providus 9 reset priced at a 945bp

DM, compared with 870bp for Partners Group's Penta 18 reset, highlighting the

wider variation in demand for higher-risk paper relative to the tightly grouped senior

notes.

In Euro ABS, Ford Bank's Globaldrive Auto Receivables 2026-A BV provided one of

the strongest executions of the week. The German auto ABS launched with

conservative IPTs in the LM50s on the senior notes and in the 100bp area on the

Class B tranche. Strong investor engagement allowed guidance to tighten on two