Asset-Backed Alert - IMN
Asset-Backed Alert - IMN
Asset-Backed Alert - IMN
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
xxx<br />
April 12, 2013 <strong>Asset</strong>-<strong>Backed</strong><br />
11<br />
1<br />
<strong>Asset</strong>-<strong>Backed</strong><br />
MARKET MONITOR<br />
ALERT<br />
ALERT<br />
($Bil.)<br />
350<br />
WORLDWIDE ABS ISSUANCE<br />
012 2013<br />
300<br />
0.0 0.0 Year-to-date volume ($Bil.)<br />
5.7 3.8 2013 2012<br />
7.5 14.5 250<br />
US Public 33.9 40.3<br />
1.6 21.7 US 144A 24.5 27.2<br />
1.3 22.9 200 Non-US 21.6 27.5<br />
6.6 30.1 TOTAL 80.0 95.1<br />
4.1 36.6 150<br />
9.6 50.0<br />
6.8 52.8<br />
100<br />
4.9 56.8<br />
8.2 61.6<br />
1.7 69.4<br />
50<br />
2.9 70.9<br />
2013<br />
4.8 78.6 0<br />
5.1 80.0<br />
1.7<br />
7.3<br />
2.8<br />
7.1<br />
7.5<br />
5<br />
US NON-AGENCY MBS ISSUANCE<br />
3.2<br />
Volume in past 15 months ($Bil.)<br />
7.2<br />
4<br />
5.9<br />
1.6<br />
3<br />
6.8<br />
2.4<br />
2<br />
2.8<br />
9.0<br />
1<br />
0.0<br />
8.2<br />
0<br />
4.2<br />
F M A M J J A S O N D J F M A<br />
8.4<br />
1.6<br />
6.9<br />
9.0<br />
2.8<br />
6.2<br />
3.2<br />
9.1<br />
8.3<br />
4.3<br />
4.3<br />
0.6<br />
5.6<br />
9.5<br />
5.6<br />
5.6<br />
0.2<br />
6.7<br />
4.6<br />
35<br />
30<br />
25<br />
20<br />
J F M A M J J A S O N D<br />
5-YEAR FIXED CARD SPREADS<br />
Last 12 months (basis points)<br />
15<br />
A M J J A S O N D J F M A<br />
15<br />
12<br />
9<br />
6<br />
3<br />
0<br />
SPREADS ON TRIPLE-A ABS<br />
Credit card - Fixed rate<br />
(vs. Swap)<br />
Credit card - Floating rate<br />
(vs. 1 mo Libor)<br />
Auto loan - Tranched<br />
(vs. Swap)<br />
Home equity - Fixed-rate/<br />
wrapped (vs. Swap)<br />
Swap spreads<br />
(bid/offer midpoint)<br />
2012<br />
US CLO ISSUANCE<br />
Volume in past 15 months ($Bil.)<br />
F M A M J J A S O N D J F M A<br />
Spread (bps)<br />
Avg. Week 52-wk<br />
Life 4/5 Earlier avg.<br />
2.0 +14 +13 +6.8<br />
5.0 +25 +24 +23.6<br />
2.0 +16 +14 +7.4<br />
5.0 +27 +26 +23.3<br />
2.0 +16 +14 +8.3<br />
3.0 +20 +21 +17.4<br />
2.0 +125 +125 +262.3<br />
5.0 +350 +350 +628.3<br />
2.0 +15 +18 +19.1<br />
5.0 +19 +19 +19.3<br />
10.0 +17 +16 +9.5<br />
Source: Deutsche Bank<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
1,400<br />
1,300<br />
1,200<br />
1,100<br />
1,000<br />
900<br />
800<br />
700<br />
600<br />
500<br />
US ABS ISSUANCE<br />
Volume in past 15 months ($Bil.)<br />
F M A M J J A S O N D J F M A<br />
NON-US ABS ISSUANCE<br />
Volume in past 15 months ($Bil.)<br />
F M A M J J A S O N D J F M A<br />
ASSET-BACKED COMMERCIAL<br />
PAPER OUTSTANDING<br />
Since 1/1/06 ($Bil.)<br />
26<br />
24<br />
22<br />
20<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
ABS SECONDARY TRADING<br />
Weekly volume reported to FINRA ($Bil.)<br />
Inv. Gr.<br />
Non-Inv. Gr.<br />
A M J J A S O N D J F M A<br />
26<br />
24<br />
22<br />
20<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
MBS SECONDARY TRADING<br />
Weekly volume reported to FINRA ($Bil.)<br />
Inv. Gr.<br />
Non-Inv. Gr.<br />
A M J J A S O N D J F M A<br />
400<br />
300<br />
Source: Federal Reserve Board<br />
200<br />
1/06 1/07 1/08 1/09 1/10 1/11 1/12 1/13<br />
Data points for all charts on this page can<br />
be found in The Marketplace section of<br />
AB<strong>Alert</strong>.com
Change language