Securitized Products Notes From the Desk (August)

August ended with $23.0 bn in total new ABS issuance, bringing year to date (YTD) volume to $171.5 bn according to JP Morgan Research. Auto related ABS accounted for the lion’s share (70%) of new supply as Santander, Westlake, Exeter, and Flagship all priced new subprime auto loan ABS during the month. Short (<2 year) subprime auto AAA tranches firmly cleared inside 100 basis points (bps) spread over Treasuries yielding anywhere from mid-5% to 6+%.

Securitized Products Notes From the Desk (June)

Securitized Products Notes From the Desk (December)

Securitized Products Notes From the Desk (June)

Securitized Products Notes From the Desk (February)

Not the Same Mortgage Market

Securitized Products: Notes From the Desk (August)

Securitized Products Notes From the Desk (May)

Securitized Products Notes From the Desk (March)

Securitized Products Notes From the Desk (February)

Housing Market After COVID: No Need to Run to High Ground

Securitized Products Monthly – Notes From the Desk – November