9/29/2025
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It has taken a fair while, but finally we are talking about mortgages in the main this week. Similarly, it has taken me a fair while, but finally I have a mortgage of my own this week too! I apologise in advance for the introduction of Chewie into the dog-walking community of Godalming.
But it has been a rough week. Exchanging on the house, completing on the house. Paying lawyers, paying taxes, getting removals guys, buying furniture, buying a vacuum and other seemingly endless supplies that I’m certain I don’t need, all alongside keeping up with
European ABS in September – is no easy task.
But we’re here now. The dog is happy, fiancé is happy, and we endeavour to keep you, dear reader, happy too.
So, where were we? Mortgages.
In total this week, 5 deals were priced, but for the first time in what feels like a long time, RMBS dominated the week’s action with 3 deals (2 mixed BTL/OO pools and 1 Irish Prime).
UK-based premium finance provider, Premium Credit Ltd, brought its sixth Consumer ABS in as many years, while there was yet another Spanish trade from Santander Consumer’s auto ABS shelf.
Irish digital mortgage lender, Nua Money made its debut last week with its €300m Prime RMBS, Beckett Mortgages 2025-1.
IPTs were pretty standard for a debut deal with a perfect market backdrop to launch into, 75–80bps for the AAAs, low-mid 100s for AA, mid-100s for single-A, and mid-high 100s for BBB. These were broadly in line with the last Irish prime RMBS (from Dilosk), and as secondary spreads have tightened since, that felt about right for a debut issuer.
Coverage on the AAAs was a bit light at 1.2x, but then creeped up to 2x. However, the rest of the offered tranches became preplaced at the last minute.
Very hard to say exactly what has happened without being on the deal. It could be that the levels investor’s were pushing for didn’t meet Nua’s expectations and Barclays as the arranging bank (and longstanding partner of Nua) decided to take the bonds.
Those sorts of things happen all the time, the only unusual thing is that this happened at the last moment. But, it’s unclear why or who
bought the tranches in this case.
Elsewhere, it was a welcome return for the eight edition of Jubilee Place, originated by a trio of Dutch buy-to-let lenders, Nestr, Tulp Group and Casarion, warehoused in a forward flow by Citi.
The €282m Jubilee Place 8 could hardly have picked a better time to come to market, but like the vast majority of trades in recent months, it began with a softly, softly approach to the bidding before rapidly grinding tighter.
Demand built steadily into 2.3x for Class A, 4.4x for B, 3.0x for C and 2.0x for D – with the mezzanine levels helped by protected orders. Guidance tightened in line, and pricing ultimately delivered the tightest levels for the program since its 2020 debut, with the AAA–AA curve flattening to just 25bps, a record for Jubilee Place.
The strikingly flat senior curve underscores how far demand has run: investors are prepared to compress risk premia aggressively to secure exposure outside the auto pipeline. With arrears negligible and no defaults across earlier Jubilee deals, this brand now carries a premium of its own.
While sterling issuance is having a much harder time of late versus euros, it has in some cases served issuers as investors pile into any issuance they can get their hands on. However, with Enra’s (via its West One platform) Elstree 2025-2, a £329.9m mixed pool RMBS, it hasn’t led to runaway tighter spreads.
Part of the reason for fewer sterling deals this year has been around macroeconomic fears for the UK economy more broadly, and that is seemingly putting a floor on how low investors will go.
The AAAs came in a few basis points from IPTs, but Elstree landed in very similar territory to recent comparable trades like Frontier and
Together’s TABS at 74bps over Sonia.
This is Enra’s second fully first-lien trade and helps cement a shift away from their legacy second-lien reputation. Strong books on the mezzanine suggest that investors are prepared to lean into the credit story, even with half the pool self-employed and over 10% with historic adverse credit.
This wasn’t a blockbuster tightening story like in euro auto ABS, but in the sterling context it was a solid reaffirmation of investor trust, proof that scarcity plus execution discipline can offset macro noise.
In other news, Entegra, the trading-as-a-service company, whose CEO & Founder Daniel Ezra was a recent Freshly Squeezed Podcast guest, has entered into an agreement to work with MUFG on its securitized products desk. Here’s the release from MUFG. It’s certainly an interesting development, as MUFG becomes the first bank to go down the route of trading as a service. In public European ABS markets, MUFG are not super prominent but they have a strong presence in private markets like SRT.
It will be interesting to see if this heralds greater involvement in securitization from the Japanese bank, who lest we forget are an enormous financial institution, and whether the Entegra model gains traction with other banks in the coming months and years.
(If you missed it, you can listen to the episode with Dan, here)
That’s all from me this week. With all the stress of moving house, it’s easy to forget that my Club Knockout final in golf is this coming weekend. I’ve found myself in a rather hilarious mental situation whereby I spend all day dreaming about the final, how elated it would make me to win, and how devastating defeat would be that I haven’t really spent a great deal of time thinking about moving.
Instead, at night I dream about some sort of house-related disaster and wake up only half-sure that it didn’t happen.
So, it’s lovely that at least one monkey is now off my back. Tune in next week, which also happens to be my birthday, to find out whether it’s the greatest or worst birthday weekend of my life!
Lastly, here’s Chewie enjoying his new home.
Have a great week
Tom
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