Morgan Stanley Fixed-Morgan Stanley ABS Strategy European ABS Chartbook-107740812

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2024-05-22
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April22,202411:34AMGMTRESEARCHDATAEuropeanABSChartbookMORGANSTANLEYRESEARCHEuropeHighlightsoftheweekMorganStanley&Co.Internationalplc+•Abusyanddiverseweeksaw€1.4blnpriceinprimary.Pricingat+95bpwasTOGET’ssecondRMBSoftheyearandmoresterlingsupplycamefromSilverArrow’slatestautoABS.PrincipalityBSisinthemarketwithaUKprimedealandafewconsumer/autoABSVasundharaGoeldealsarealsointheimminentpipeline.MeanwhileintheCLOspace,Neuberger(NB)priceditsfirstCLOsincelast2022,addingtothelistStrategistofmanagersthatdidnotpriceaCLOlastyearbuthavedonesoin2024.IncludingNB,thatliststandsatsevenmanagerssofarbyourcalculations.OverallCLOnewissuesupplyYTDstandsat€12blnfrom29CLOswhile12CLOshaveresetsofar.Vasundhara.Goel@morganstanley.com+442076770693•SecondaryABSmarketsweregenerallyimmunetobroadermarketvolatilitywithhelpfultechnicalsbolsteringlevelsattheseniorpartsofthestacks.Thenon-IGCLOstacksawdecompressionwithweakerprofileswideningby~10bpovertheweek.Meanwhile,theAprilMorganStanleyIndiaCompanyPrivateLimited+paymentcycleforCLOsisunderwayandpayoutssofararepointingtoaratherhealthyoutcomewithaveragepaymentsatover5%-oneofthestrongestreadingsinthepastseveralyears.SamyukthaGopalStrategist•EuropeanCLOshavestoodthetestoftimewelldespitemajormacroeconomicshocks,asoutlinedinarecentS&Preport.CLO1.0hasseenonly1.5%oftranchessufferinglossessince20...

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