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SecuritisationEuropean AssetBacked Barometer 9 Conor O-TooleResearch Analyst+44-20-754-59652Charles DennisResearch Analyst+44-207-547-1160Brian ChiangResearch Analyst+44-20-7545-0192 European Asset-Backed Barometer - Weekly MarketMonitorPrimary MarketFollowing a flurry ofissuance last week before the anticipated summerlull, just onenon-CLOhaspricedsofarthisweek,whileonenewdeal wasannounced.CLOs,conversely, have seen consistent issuance throughout the week, with seven dealspricing (five resets and two new issues) as we go to print. Both new-issue dealsfeatured 1.5y/4.5y NC/EoRP structures, although Sona's FIOS 5X achieved tighterpricing, while Fortress, still being relatively new to the European market, seeminglyrequired a premium. Among the resets, Tikehau achieved the tightest senior pricingsaw the widest pricing across the stack.Figure 1: Primary CLO printsBBG TickerDeal NameCollateral Manager NReset Pricing DateDeal SizeFCE 2025-2XForress Credit Europe BSL 2025-2FortressNI09-Jul-25408,000,000FIOS5XSona Fios CLOVSonaAMNI08-Jul-25405,600,000BECLO13XBlackrock European CLO XIIBlackRockReset09-Jul-25466,700,000ARBR12XArbour CLo XIIOaktreeReset07-Jul-25425,400,000TIKEH 5XTikehau CLO VTikehauReset10-Jul-25474,400,000DRYD 2018-66XDryden 66 Euro CLO 2018 DACPGIMReset10-Jul-25546,140,000GROSV 2025-3XGrosvenor Place CLO 2025-3csReset10-Jul-25405,000,000Source : Deutsche Bank, IGM, Bloomberg Finance LPBNP Personal Finance has priced its Noria 2025 STS French Consumer ABS, which,following strong demand, tightened from initial price thoughts (IPTs) and wasupsized from 1 billion to 1.15 billion. The deal feaures a 12-month revolvingperiod, with offered Class A-G tranches, althoughlthe originator has the option toretain up to 50% of the Class A tranche, andthefe is a protected orderfor 50% of theClass D tranche, subject to final pricinglevels. IPTs came at DM60s/LM100s/DM100s/MH100s/LM300s/DM40@s on the Class A-F tranches,while the 0%CEClass G tranche was marketpscall desk". At these levels, the book built quickly,with coverage reaching 2.6/6.4/6.7x/5.6x/6.3x (based on the free float, assumingthe protected order and senior retention was honoured).This allowed forinitialtightening to 61a/100-105/125-130/150-160/DM300a, where coverage grew to3.0x/5.5x/6.9x/6.9x/6.3x.Thisfacilitatedafurtherroundoftightening,wherespreadrangeswereset beforelandingat final pricinglevelssyndicated Noria France transaction since 2021; the 2023 transaction featuredretained Class A-E tranches and pre-placed F and G tranches. Interestingly, whilethe senior tranche on the retained 2023 transaction came at a DM of 58 bps, 1 bpwider than the 57 bps seen on Noria 2025-1, the pre-placed Class F/G tranchesended up considerably wider than the 2025 transaction at DM750/1250 bpsrespectively, compared with 338/463 bps. This highlights the continued flatteningof the curve that has occurred throughout much of 2024 and YTDMultiLease, a captive Auto ABs issuer, is venturing into the euro-denominatedmarketforthefirsttimewithitsFirstMobilitySwissLease2025-1autoleaseABSPreviously focused on Swiss franc issuance,this transaction features a static poolof fixed-rate Swiss auto leases worth 822m, including residual value, granted toboth private and commercial customers in Switzerland. In order to mitigate theinterest rate and currency risk, the issuer will enter into two balance-guaranteedPage 2 RIP date20-Apr-3025-Feb-3021-Jan-3015-Jan-3015-Jul-2730-Jan-3015-Feb-30of swaps to hedge the fixed-rate Swiss franc asset cashflows into floating-rate euronotes. The deal features offered A and B tranches, though IPTs have not yet beendisclosed.Italian ABSThus far in 2025, four Italian Auto ABS transactions have priced, totalling 3.4billion. Although volumes remain slightly below the E4.6 billion seen in 2024, thediversity of issuers has increased, with four YTD in 2025, compared with 3 in FY2024. This year has seen Hyundai's debut Italian issuance through its 750 millionFulvia2o25-1transaction,alongsideToyota'ssecondKoromoItalytransaction,bringing some welcome diversity to the sector. In addition to these, we've also seenbenchmarkissuancesfromtheGoldenBarandStellantis'Istelshelves.Thispositions Italian Auto ABS well to surpass its issuance record, particularly as we areyet to see transactions from ABEST and Red and Black, both of which priced dealslast year. Furthermore, Autoflorence, an issuer who typically issues bi-annually, isduetopriceatransactionin2025whichwouldhelpboostissuancefurther.Figure 2: Historical Italian Auto ABS issuance5000Issuance volume (EUR mn)#ofsponsors(rhs)450040003500Countofsponsors300025003200021500100015000222ItalianAutoABShasseenstrongissuancemetwitheguallystrongdemand,andfollowingthespreadwideningobservedmoregenerallythroughout2022andearly2023, spread movement has been largely unidirectional. The widest primary pricingwas seen with Golden Bar 2023-2, which achieved a senior pricing of 105 bps. Incontrast, the tightest print this year came fro