BONDS SUMMARY DETAILSMS+19 area(I/G) - >US$2.35bn Aaa/AAA/AAA/AAA BMO/Citi/GS/HSBC -
3mL+5 area(I/G) - - Aa1/AA+ BNPP/Citi/MS -
3mL+3 area - - Aaa/AAA BMO/BAML/MS -MS-8 area - >€1.1bn, 40acs -/-/AAA Deka/DZ/Natx/NordLB/Uni Ger 67.7%, Benelux 8.7%, Asia 8%, Fr
7.3%, UK 4.3%, Aus/Switz 2.7%, RoEur
1.3%. Banks 50.4%, CB/OI 45.3%, AM
4.3%.
MS-7 area 0 - -/-/AAA BLB/CMZ/Deka/HSBC/Uni -
MS-16 area,
MS-17 area2 >€8.5bn, 111acs Aaa/AAA/Scope
AAAJPM/LBBW/NatWest Ger 24%, UK/Ire 19%, Fr 15%, RoEur
28%, Asia 11%, Other 3%. Bks 41%, AM
29%, CB/OI 26%, Ins/PF 1%, Other 3%.
- -/-/AAA Uni -
- Aaa/AAA/AAA CMZ -
Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution
30ûHASûBEENûONûûOFûDEALSûTHISûYEARû
WHILEû-OODYSûHASûANûûSHAREû&ITCHûHASûNOTû
BEENûMANDATEDûONûANYû-0,ûDEALSûTHISûYEAR
*0û-ORGANûANALYSTSûSAIDûTHATûTHEûDIVERGENTû
views on marketplace loan ABS among
rating agencies were healthy for the growth
of the asset class, but would probably not
change the overall mindset of investors.
Active investors in the space have done
their own due diligence and are comfortable
with the credit and spread pick-up, while
investors who are not investing in the sector
are not looking to add risk in a new asset
class at this point in the cycle, they said in a
report last week.
4HEû*0û-ORGANûANALYSTSûRECOMMENDEDûAû
defensive approach to the asset class by
investing in short-dated bonds in
benchmark programmes.
“The spread pick-up versus sub-prime
auto ABS is starting to get more attractive
for comparably rated bonds with the recent
WIDENING ûBUTûTHEû-0,ûSECTORûWILLûLIKELYû
continue to see greater volatility,” they said.ASIA-PACIFIC MBS
GUIDANCE OUT FOR RARE ANZ RMBSInitial price guidance has been released for
ONLYûTHEûSECONDû2-"3ûOFFERINGûORIGINATEDûBYû
!USTRALIAûANDû.EWû:EALANDû"ANKINGû'ROUPû
SINCEû ûTHEûINDICATIVEû!Mû
53M ûKINGFISHER TRUST 2019-1.
ANZ is arranger and sole lead manager for
the transaction, which is expected to be
launched on June 11.
'UIDANCEûFORûTHEû!MûOFû#LASSû!û
NOTESûWITHûAû
YEARûWEIGHTED
AVERAGE
LIFEû
ISûONE
MONTHû""37ûPLUSûBPûAREA
&ORûTHEû!MûOFû#LASSû! û!MûOFû
#LASSû" û!MûOFû#LASSû#ûANDû!MûOFû
#LASSû$ûNOTES ûALLûWITHû
YEARû7!,S ûPRICEû
TALKûISûBPûAREA ûBPûAREA ûBPûAREAûANDûBPûAREAûOVERûONE
MONTHû""37 û
respectively.
The A$3.75m of Class E and A$2.25m of
#LASSû&ûNOTES ûALSOûWITHû
YEARû7!,S ûHAVEû
been pre-placed.
!.:ûPREVIOUSLYûACCESSEDûTHEû2-"3û
market in November 2016, following a 12-
year self-imposed exile, with the enlarged
!BNû+INGlSHERû4RUSTû
ûISSUEMACQUARIE TO REFI 2014 NOTESMACQUARIE SECURITISATION has mandated
Macquarie BankûTOûRElNANCEûTHEû#LASSû!ûNOTESû
OFûTHEû0UMAû3ERIESû
û2-"3ûISSUEû4HEû
value of the deal is expected to be less than
A$192m.BANK DUO TAP RMBS MARKETBENDIGO AND ADELAIDE ûANDû!-0ûBECAMEûTHEû
second and third non-major banks to access the
2-"3ûMARKETûTHISûYEARûWITHûLASTû&RIDAYSûPAIRûOFû
UPSIZEDû!BNûPRIMEûCAPITALûRELIEFûISSUES
Ben Bank’s sale of TORRENS SERIES 2019-1
TRUST RMBS included A$920m of Class A notes
with a 2.8-year weighted-average-life which
priced below 105bp–110bp guidance at
BPûOVERûONE
MONTHû""37
The senior note margin was 2bp tighter
than the 105bp spread paid the previous
WEEKûBYû-EMBERSû%QUITYû"ANKûFORûITSû
A$1.61bn Class A notes, with an identical
YEARû7!, ûTHATûHEADEDûTHEû!BNû
3-(,û
ûMORTGAGEûSECURITISATION
4HEûNEWû4ORRENSû!Mû#LASSû!" û
!Mû#LASSû" û!Mû#LASSû$ûANDû!Mû
#LASSû%ûNOTES ûALLûWITHû
YEARû7!,S ûPRICEDû
INûLINEûWITHûGUIDANCEûATûONE
MONTHû""37û
plus 185bp, 205bp, 330bp and 600bp,
respectively.
There was some push back on the Class C
NOTES ûALSOûWITHûAû
YEARû7!, ûWHICHû
priced 20bp wide of 255bp area guidance at
ONE
MONTHû""37ûPLUSûBPNAB was arranger and joint lead manager
with ANZ, Deutsche Bank, Macquarie and
Westpac.
AMP BANK also raised A$1bn from its
PROGRESS 2019-1 TRUSTû2-"3ûOFFERING ûWHICHû
HADûAûMINIMUMûINDICATIVEûSIZEûOFû!M
4HEû0ROGRESSû!Mû#LASSû!ûNOTESûWITHûAû
YEARû7!,ûPRICEDûATûTHEûTIGHTûENDûOFûTHEû
105bp–110bp initial guidance range,
whereas the subordinated tranches came
wide of price talk.
4HEû!Mû#LASSû!" û!Mû#LASSû"û
ANDû!Mû#LASSû#ûNOTES ûALLûWITHû
YEARû
7!,S ûPRICEDûBP ûBPûANDûBPûWIDEû
OFûONE
MONTHû""37ûVERSUSûBPûAREA û
210bp area and 260bp area guidance.
4HEû!Mû#LASSû$ûNOTESûWITHûAû
YEARû
7!,ûPRICEDûBPûOVERûONEûMONTHû""37
NAB was arranger and joint lead manager
with ANZ, CBA, Deutsche Bank and MUFG.ASIA-PACIFIC ABS
METRO LAUNCHES ROADSHOW FOR
AUTO ABSConsumer lender METRO FINANCE has
mandated NAB to arrange investor meetings
BEGINNINGû*UNEûûINûû3YDNEY û-ELBOURNE û
Brisbane and New Zealand for a potential
auto and equipment ABS offering.
-ETROû&INANCEûSOLDûANûINAUGURALû!MûSIX
tranche prime commercial auto and equipment
!"3ûOFFERINGûINû*UNEûLASTûYEAR ûTHEû-ETROû&INANCEû
2018-1 Trust, which was a hybrid of private
placement and public term deals.
It followed this with a second auto and
equipment-backed ABS issue in November,
THEû!Mû-ETROû
-ETROû&INANCEûWASûESTABLISHEDûINûûASû
AûCOMMERCIALûAUTOEQUIPMENTûLENDERû)Tû
targets prime borrowers for small-ticket
auto and equipment assets in low volatility
industries.