资产支持证券：ABS清理

This report from J.P. Morgan Global Securitized Products Research provides an update on the execution of optional clean-up calls across auto loan, equipment and unsecured consumer marketplace lending (MPL) ABS. ABS spreads have widened from their tights of the year, though they remain rich relative to recent ranges and continue to offer notable spread pickup versus comparable unsecured corporate credits. In autos and equipment, active ABS sponsors have consistently exercised their clean-up option in a timely fashion; in MPL, historically roughly half of pools remain outstanding beyond the optional clean-up call threshold, though programmatic issuers have stepped up to clean up more recent transactions. Spreads to call executions: in prime auto ABS 67% of transactions with a 10% clean-up call were exercised at the first available opportunity, followed by 29% in the 9-10% cohort; subprime autos saw 75% called immediately; equipment ABS saw 50% immediate and 41% in the 9-10% range;