IFR 03.08.2019

STRUCTURED FINANCE

THEûNECESSITYûOFûTHEûSERVICEûPROVIDEDûBYû
PERFORMANCEûRIGHTSûORGANISATIONSûLIKEû
3%3!# û+ROLLûSAID
/NLYûONEûOTHERû!"3ûWASûPRICEDûBYû&RIDAYû
LASTûWEEKû
ûAû53MûDEALûFROMûVANTAGE û
BACKEDûBYûTHREEûDATAûCENTRESû,EADûBANKSû
Barclays ûDeutsche BankûANDûGuggenheimûWEREû
ABLEûTOûTIGHTENûPRICINGûONûTHEûûYEARûNOTESû
FROMûGUIDANCEûOFûBP
BPûOVERû
INTERPOLATEDûSWAPSûTOûPRICEûATûBPûOVER
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THEûWEEKûWITHûATûLEASTûEIGHTûDEALSûTOTALLINGû
AROUNDû53BNûBEINGûMARKETEDûWITHû
INVESTORS

ASIA-PACIFIC MBS

ZIP MARKETS DEBUT MASTER TRUST

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RELEASEDûANûINDICATIVEûTERM
SHEETûFORûAûDEBUTû
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TRUST SERIES 2019-1 ûOFFûITSû-ASTERû4RUSTû
PROGRAMME
4HEûSECURITISATIONûWILLûRElNANCEûTHEû
FUNDINGûOFûEXISTINGûRECEIVABLESûWITHINû:IPSû
PORTFOLIO
:IPûOFFERSûPOINT
OF
SALEûCREDITûANDûDIGITALû
PAYMENTûSERVICESûTOûTHEûRETAIL ûEDUCATION û
HEALTHûANDûTRAVELûINDUSTRIES
NABûISûARRANGERûANDûWILLûORGANISEûINVESTORû
MEETINGSûTHATûAREûEXPECTEDûTOûBEûCOMPLETEDû
WITHINûEIGHTûWEEKS
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!MûOFû#LASSû&ûNOTESûALLûHAVEûTWO
YEARû
SOFTûBULLETûMATURITIES
4HEû!ûTOû%ûNOTESûHAVEûRESPECTIVEûCREDITû
SUPPORTûOFû û û û ûûANDû
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AVERAGEûLIVESûWHICHûATTRACTSûDOMESTICûANDû

FOREIGNûINVESTORSûONLYûWILLINGûORûABLEûTOû

PURCHASEûTHEûFORMER

:IPûWOULDûBEûTHEûSECONDûPUBLICûMASTER

TRUSTûISSUERûINû!USTRALIAûAFTERû,ATITUDEû

&INANCEûWHICHûPRINTEDûTHEûINAUGURALû

TRADEûINû-ARCHûûAû!BNûCREDITûCARDû

!"3û#REDITû#ARDû,OANû.OTEû4RUSTû3ERIESû





,ATITUDEûRETURNEDûINû!UGUSTûFORûAû!Mû

ISSUEûTHROUGHû#REDITû#ARDû,OANû.OTEû4RUSTû

3ERIESû

ûBEFOREûANOTHERû!MûSALEû

THISû-ARCHûVIAû,ATITUDEû!USTRALIAû#REDITû#ARDû

,OANû.OTEû4RUSTû3ERIESû



ASIA-PACIFIC ABS

MTF SETS AUTO ABS GUIDANCE

MOTOR TRADE FINANCEûHASûSETûINITIALûGUIDANCEû

FORûITSûlFTHûAUTO

LOANûSECURITISATIONûTHEû

.:Mû53M    ûMTF RAMBLER TRUST 2019

CBAûANDûWestpacûAREûJOINTûARRANGERSûANDû

LEADûMANAGERSûFORûTHEûTRANSACTIONûEXPECTEDû

TOûBEûLAUNCHEDûTHISûWEEK

&ORûTHEû.:MûOFû#LASSû!ûNOTESûWITHûAû



YEARûWEIGHTED

AVERAGEûLIFEûPRICEûTALKûISû

ONE

MONTHû"+"-ûPLUSûBPnBPûAREA

&ORûTHEû.:MûOFû#LASSû"û.:MûOFû

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HIGHû

BPûAREAûANDûMID

HIGHûBPûAREA

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TOû%ûNOTESûISûûûûûANDû



4HEûDEALûISûCOMPLETEDûBYû.:MûOFû

SELLERûNOTES

-4&SûFOURûPREVIOUSûAUTO

LOANû

SECURITISATIONSûTOTALLEDû.:Mû4HEûLASTûOFû

THESEûWASûTHEû.:Mû-4&û3IERRAû4RUSTû

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FLEXIGROUP MARKETS Q CARD ABS

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SETûGUIDANCEûFORûAû.:MûSECURITISATIONûOFû

CREDITûCARDûANDûlXEDûINSTALMENTûRECEIVABLESû

Q CARD TRUSTûWHICHûINCLUDESûTHEûRElNANCINGû

OFû.:MûOFûMATURINGûSOFTûBULLETû

NOTES

Westpac New ZealandûISûARRANGERûANDûJOINTû

LEADûMANAGERûWITHûBNZûFORûTHEûTRANSACTIONû

EXPECTEDûTOûBEûPRICEDûTHISûWEEK

'UIDANCEûFORûTHEûDUAL

TRANCHEû

.:MûOFû#LASSû!ûNOTESûWITHûûANDû



YEARûSOFTûBULLETûTENORSûISûONE

MONTHû

"+"-ûPLUSûBPnBPûANDûBPn

BP

&ORûTHEû.:MûOFû#LASSû"ûANDû.:Mû

OFû#LASSû#ûNOTESûBOTHûWITHû

YEARûTENORSû

PRICEûTALKûISûONE

MONTHû"+"-ûPLUSûLOWû

BPûAREAûANDûBPûAREA

&ORûTHEû.:MûOFû#LASSû$û.:MûOFû

#LASSû%ûANDû.:MûOFû#LASSû&ûNOTESûALLû

WITHû

YEARûTENORSûPRICEûTALKûISûBPû

AREAûBPûAREAûANDûBPûAREAûOVERûONE

MONTHû"+"-

4HEûTRANSACTIONûISûCOMPLETEDûBYû.:Mû

SELLERûNOTES

4HEû!ûTOû&ûNOTESûHAVEûRESPECTIVEûCREDITû

SUPPORTûOFûûûûûû

ANDû

%ARLIERûTHISûYEARû&LEXI'ROUPû

RElNANCEDû1û#ARDû4RUSTû!"3ûNOTESû

MATURINGûONû&EBRUARYûûWITHûNEWû

.:MûOFû#LASSû!ûNOTESû.:MûOFû

#LASSû"ûNOTESûANDû.:MûOFû#LASSû#û

NOTES

1û#ARDûISûAûCONTINUOUSûISSUERûBECAUSEû

UNLIKEûLOANSûTHATûHAVEûDElNEDûMATURITYû

DATESûCREDIT

CARDûBALANCESûAREûREVOLVINGûINû

NATURE

#REDIT

CARDû!"3ûISSUESûAREûTYPICALLYûSOLDû

OUTûOFûMASTERûTRUSTSûWHICHûPURCHASEû

ELIGIBLEûRECEIVABLESûFROMûTHEûSELLERSûONûAû

REVOLVINGûBASISûANDûTENDûTOûHAVEûSOFTû

BULLETûMATURITIESûRATHERûTHANûWEIGHTED

AVERAGEûLIVES

• 
  
  
  
  • 
    
    
    
    • Aaa/AAA Citi/TD US 59%, Eur 41%. Bks/Tsy 90%, AM 10%.
      3mL+4 - - Aaa/AAA BNPP/Citi/DB -
      MS+9 (#) - >US$525m Aaa/AAA/AAA BMO/HSBC/MS -
    
    
    
    
  
  
  
  

G+37 area(I/G) 0 >£1.4bn Aaa/AAA/AAA Barc/BAML/HSBC UK/Ire 63%, RoEur 16%, Japan 12%, Amers
9%. Bks/ALM 46%, Ins/PF/FM 39%, CB/OI
15%. Gren ~66%, Conventional ~33%.

ASW+35 - - Aaa/AAA Nom -

• 
  
  
  
  • 
    
    
    
    • Aa1/AA-/AAA Nordea -
      4.4%/5% - >Rmb1bn Baa3/BBB/BBB+/
      AAA (China ChengXin)
    
    
    
    
  
  
  
  

BoC(lead)/CDB/GS Gao Hua/HSBC/

ICBC/JPM

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution