The hard work starts now

Anyone else still tired from Barcelona? I’m sure plenty were suffering from sleep deprivation and a sore head by Thursday…I was not too damaged by either, but I did manage to give myself terribly sore feet!

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It was great to see so many readers of the newsletter, subscribers to Concept ABS and of course, new faces at our stand last week.

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Knowing that I would spend most of my time at said stand, I concocted a cunning plan to help me the week before. My neighbour next door works for Birkenstock, and was able to get me a 45% discount(!!!) on all their shoes. So, a good week before I would fly to Barcelona, I ordered a brand new pair to protect myself ahead of a grueling week.

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Sadly, the delivery service ruined my plans, arriving about halfway through Global ABS instead – and leaving my feet to need ice-bath treatment at the end of each day.

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Anyway, I’m just about fully recovered now, as I hope you are. That replenished energy is going to be necessary from what we gathered at Barcelona.

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As expected, no deals priced last week but already the famed rush before the kids are off school and summer holidays begin in earnest is emerging.

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Keystone Property Finance jumped the starting gun on Friday, launching its sixth BTL RMBS from the Hops Hill shelf. And there will no doubt be many more on the way this week already. Indeed, there’s already been a Bavarian Sky and Delphinus announced this morning.

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By way of comparison, the graph below shows how issuance fared in the five weeks following Global ABS 2025. There is an enormous retained trade from Deutsche Bank’s former units Deutsche Postbank and Deutsche Bank Privat, the €30.7bn Wendelstein 2025-1, which muddies the waters somewhat, but you can see there was plenty of fully marketed activity before the school summer holidays began.

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With a US-Iran peace deal seemingly very close, many issuers are likely to feel now presents a clear opportunity to issue into a strong market backdrop.

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Final Word

That’s all from me this week. We had some great fun with our Concept ABS Market Challenge, where anyone with 2/3 correct answers to our quiz entered into a prize draw to win a Nintendo Switch. Congrats to our lucky winners! And commiserations to those who didn’t win.

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As a consolation, I’ll be reaching out to give you free access to Concept ABS for a couple of weeks! (You can also receive this prize by signing up here).

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And lastly, while living it large in Barcelona is great fun, we should also remember the emotional toll it takes on those we leave behind at home.

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Poor Chewie the Golden Retriever was beside himself with grief, so much so that when I returned he had developed an ear infection. On Friday, with his Dad back home to taken him on a trip to the vet (and £200 in his pocket), I’m pleased to say he’s back fighting fit.

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Have a great week,

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Tom