IFR Magazine – June 08, 2019

STRUCTURED FINANCE

-ARKETINGûSTARTEDûONû4HURSDAYûANDû
CONTINUESûTHROUGHûTHISûWEEKSû'LOBALû!"3û
CONFERENCEûINû"ARCELONAû0RICINGûISûEXPECTEDû
next week.
The originator’s previous deal, which also
POOLEDûû.('ûMORTGAGES ûWASûSOLDûINû
-AYûLASTûYEARû)TûSOLDûõBNûlVE
YEARû4RIPLEû!Sû
at a discount margin of 18bp over Euribor.
!RGENTAû3PAARBANKSû2-"3ûPROGRAMMEûTAKESû
its name from the bank’s logo, a green apple.

AEGON RETAINS SAECURE 17 DUTCH
RMBS

$UTCHûORIGINATORûAEGON LEVENSVERZEKERING
ISSUEDûANDûRETAINEDûAûõBNû$UTCHû2-"3û
FROMûITSû3AECUREûPROGRAMMEûINû-AY
SAECURE 17 was arranged by Rabobank. It was
structured with a €2.95bn Triple A tranche
paying 0.5%, and an unrated €153.3m junior
piece at 0%.
!EGONSûPREVIOUSû3AECUREû2-"3ûINû
October last year was publicly marketed to
INVESTORS ûANDûSOLDûõMû
YEARû4RIPLEû!Sû
at a 35bp discount margin over Euribor.

4HATûDEALûWASûTHEûLENDERSûlRSTû3AECUREû

2-"3ûSINCEû/CTOBERû

EMEA ABS

NEWDAY SENIORS WIDE IN STERLING

AFTER DOLLARS DROPPED

NEWDAY sold its latest UK near-prime credit

cards ABS on Tuesday after earlier dropping

the dollar Triple A tranche from the

structure.

,ASTûYEARû.EW$AYûBROUGHTûTWOû

securitisations where it pre-placed large

dollar senior portions before marketing

SENIORûANDûMEZZANINEûPAPERûINûSTERLINGû)Tû

tried to do the same again with NEWDAY

2019-1 but when the capital structure was

released it showed only sterling on offer.

-ARKETûPARTICIPANTSûSAYû.EW$AYûLASTû

year relied on a small number of dollar

investors but that concern about Brexit is

now starting to cut into US appetite for UK

risk.

“There’s a number of big US guys who

are just not playing in the UK right now,”

said a banker away from the deal.

“They have made a decision that the UK

isn’t worth their time because of volatility.”

"UTûAûSYNDICATEûOFlCIALûAWAYûPOINTEDûOUTû

THATû#LYDESDALEû"ANKSûRECENTûlXEDûRATEû

dollar tranche found solid demand from

US accounts. He suggested that other

factors – such as uncertainty about dollar

Libor replacement – might be another

reason for not getting dollar buyers on

board this time.

The two 2018 deals sold a total dollar

AMOUNTûOFû53MûCOMPAREDûWITHû

aMûINûSTERLINGû4RIPLEû!

,OSINGûDOLLARSûMEANTû.EW$AYûNEEDEDû

sterling buyers to pick up the slack, with

the three-year sterling Triple A of the new

ISSUEûSIZEDûATûaM

It was priced on Tuesday at 128bp over

3ONIAûAFTERûBPûAREAû)04SûANDûGUIDANCEû

The tranche had gone 1.7 times covered at

the tight end of 130bp area guidance,

before a one-time test tighter at 128bp.

NEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 7/6/2019 (CONTINUED)
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type
Fair Oaks Loan Funding I DAC €16.300 6.60 3mE+650bp DB Ba3/NR/BB– CLO
Fair Oaks Loan Funding I DAC €7.10 6.90 3mE+900bp DB B3/NR/B– CLO
FREMF SPC K–LU1 US$209 3.85 2.376 Wells Fargo/Cantor Fitzgerald NR/NR/NR CMBS
FREMF SPC K–LU1 US$136 5.85 2.510 Wells Fargo/Cantor Fitzgerald NR/NR/NR CMBS
FREMF SPC K–LU1 US$95 7.09 2.634 Wells Fargo/Cantor Fitzgerald NR/NR/NR CMBS
FREMF SPC K–LU1 US$205.24 10.00 2.854 Wells Fargo/Cantor Fitzgerald NR/NR/NR CMBS
GCAT 2019–NQM1 US$277.287 2.02 2.901 Credit Suisse NR/AAA/NR RMBS
GCAT 2019–NQM1 US$25.744 2.02 3.151 Credit Suisse NR/AA/NR RMBS
GCAT 2019–NQM1 US$42.841 2.02 3.301 Credit Suisse NR/A/NR RMBS
GCAT 2019–NQM1 US$19.259 2.97 3.787 Credit Suisse NR/BBB/NR RMBS
MSC 2019–H6 US$18 2.76 2.259 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$21.1 4.82 3.228 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$27.3 7.28 3.224 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$190 9.73 3.158 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$224.382 9.86 3.417 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$63.532 9.91 3.700 Morgan Stanley/Cantor Fitzgerald NR/AAA/AAA CMBS
MSC 2019–H6 US$26.615 9.91 3.902 Morgan Stanley/Cantor Fitzgerald NR/NR/AA– CMBS
MSC 2019–H6 US$30.908 9.91 4.154 Morgan Stanley/Cantor Fitzgerald NR/NR/A– CMBS
Newday Funding 2019–1 £149.7 3.00 3mSONIA+128bp BNPP/Citigroup/HSBC/Societe Generale NR/NR/AAA ABS
Newday Funding 2019–1 £23.1 3.00 3mSONIA+190bp BNPP/Citigroup/HSBC/Societe Generale NR/NR/AA ABS
Newday Funding 2019–1 £33.9 3.00 3mSONIA+250bp BNPP/Citigroup/HSBC/Societe Generale NR/NR/A ABS
Newday Funding 2019–1 £42.3 3.00 3mSONIA+310bp BNPP/Citigroup/HSBC/Societe Generale NR/NR/BBB ABS
SMB 2019–B US$201 1.00 1mUSL+35bp Credit Suisse/Barc/JP Morgan Aaa/AAA/NR ABS
SMB 2019–B US$304 5.43 2.840 Credit Suisse/Barc/JP Morgan Aaa/AAA/NR ABS
SMB 2019–B US$102 5.43 1mUSL+100bp Credit Suisse/Barc/JP Morgan Aaa/AAA/NR ABS
SMB 2019–B US$50 9.88 3.560 Credit Suisse/Barc/JP Morgan Aa2/A+/NR ABS
VZOT 2019–B US$855 2.52 2.330 MUFJ/BNPP/BAML/TD Securities Aaa/AAA/NR ABS
VZOT 2019–B US$145 2.52 1mUSL+45bp MUFJ/BNPP/BAML/TD Securities Aaa/AAA/NR ABS
VZOT 2019–B US$69 3.19 2.400 MUFJ/BNPP/BAML/TD Securities Aa1/AA+/NR ABS
VZOT 2019–B US$53.3 3.19 N/A MUFJ/BNPP/BAML/TD Securities Aa3/A+/NR ABS
WLKRG 2019–A US$71.152 3.40 2.800 BAML/KeyBanc Capital Markets NR/AAA/NR ABS
WLKRG 2019–A US$36.724 3.40 2.990 BAML/KeyBanc Capital Markets NR/A/NR ABS
WLKRG 2019–A US$35.194 3.40 3.340 BAML/KeyBanc Capital Markets NR/BBB+/NR ABS
WLKRG 2019–A US$7.65 3.40 4.030 BAML/KeyBanc Capital Markets NR/BBB/NR ABS