IFR International - 28.07.2018

BONDS SUMMARY DETAILS

""37ûPLUSûBPnBPûAREAûAû!Mû!"û
TRANCHEûATûPLUSûBPûAREAûAû!Mû"û
TRANCHEûATûBPnBPûAREAûAû!Mû#û
TRANCHEûATûMIDûSûAû!Mû$ûTRANCHEûATû
MIDûTOûLOWûBPûAREAûANDûAû!Mû%û
tranche at high 500s.
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TRANCHEûISûûYEARSûANDûFORûTHEûOTHERSûITûISû
ûYEARS
NABûISûARRANGERû)TûISûALSOûJOINTû
lead manager with ANZûCBA and
Macquarie.
The transaction may launch as early as
this week.

ASIA-PACIFIC ABS

FAFC SET FOR AUTO LOAN ABS IN CHINA

FORD AUTOMOTIVE FINANCE (CHINA)ûAûWHOLLYû

OWNEDûSUBSIDIARYûOFû&ORDû-OTORû#REDITûISûSETû

for its second trade of securities backed by

auto loans in China.

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RATEû

TRANCHEûAû2MBBNû#LASSû!ûmOATING

RATEû

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RATEû#LASSû

B tranche will be offered to institutional

INVESTORSûINû#HINASûINTERBANKûBONDûMARKET

"OOKSûWILLûOPENûONû!UGUSTûû4HEûOFFERINGû

WILLûALSOûBEûAVAILABLEûTOûOFFSHOREûINVESTORSû

VIAûTHEû"ONDû#ONNECTûLINK

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!ûANDû"ûNOTESûCOMESûFROMûVARIOUSûSOURCESû

INCLUDINGûSUBORDINATIONûFROMû2MBMûOFû

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OFû2MBMûACCORDINGûTOû&ITCHû&ITCHûHASû

ASSIGNEDûEXPECTEDûRATINGSûOFû!!û!!ûANDû

!ûTOûTHEûTHREEûSENIORûTRANCHESûRESPECTIVELY

"OTHûTHEû#LASSû!ûANDû!ûNOTESûAREûRATEDû!!!û

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!TûTHEûCUT

OFFûDATEûOFû*UNEûûTHEûCOLLATERALû

POOLûCONSISTEDûOFûûAUTOûLOANSûWITHûAû

balance of Rmb4bn.

China Merchants Securities is lead

underwriter and bookrunner on the

OFFERINGûWITHûHSBC Bank (China) and MUFG

Bank (China) ASûJOINTûLEADûUNDERWRITERSûHSBC

ISûlNANCIALûADVISERûONûTHEûOFFERING

MS+4 area,
MS+3 area

0-1 >US$3.9bn Aaa/AAA Barc/JPM/Miz/TD Amers 38%, EMEA 23%, Asia 39%. CB/

OI 61%, Bks 32%, AM 7%.

MS-18 area 1 >€9bn Aa1/-/AAA MS/SG/Uni Euro Area 48%, UK/Switz 34%, RoEur
7%, MEA 6%, Asia 5%. FM 39%, Bks
37%, CB/SWF 21%, Ins/PF 2%, Other 1%.
MS-15 area 0-1 >€550m -/AA+ Deka/DB/GS/Helaba/Uni -

3mL+5 area(I/G) - >£450m Aaa/AAA/AAA Barc/Nomura/Scotia UK 53.1%, Asia 19.4%, EMEA 16.4%,
US 11.1%. Bks/PB 64.5%, OI 19.6%, AM
5.3%, Corp 5.3%, Local govt 3.3%, Other
2%.
G+30 area - - Aaa/AAA/AAA Nomura/RBC -

• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/AAA Nordea -
    
    
    
    
  
  
  
  


• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/AAA Citi/Nordea -
    
    
    
    
  
  
  
  

ASW+38 area - - Aaa/AAA/Scope
AAA

TD -

MS-4 area(I/G) -3 vs USD >C$1.2bn, 35 acs Aaa/AAA/AAA BMO/CIBC/RBC/Scotia EMEA 45%, Can 21%, Asia 20%, Amers
14%. Bks 52%, CB/OI 26%, AM 20%,
Ins/PF 2%.

• 
  
  
  
  • 
    
    
    
    • Aa2/AA-/AA-/AH NBF/RBC/TD -
    
    
    
    
  
  
  
  

MS+2 area(I/G) - >C$1.1bn Aaa/AAA BMO/Scotia/TD Can 59%, EMEA 28%, US 10%, Asia 3%.
Bks/Tsy/Corp 44%, AM/Ins/PF 39%,
CB/OI 17%.
ASW+41 (the #) - - Aaa/AAA Nomura/RBC -

• 
  
  
  
  • 
    
    
    
    • Aaa/AAA HSBC -
    
    
    
    
  
  
  
  

5.25/5.50%,
5.25-5.375%

N/A US$2.7bn Ba2/BBB-/BBB- BAML/Barc/Citi/DB/HSBC/JPM/

Lloyds/MUFG/NatWest/Santan/

STRH/WFS

T+150 area,
T+135 (the #)

2 US$1.25bn A3/A-/BBB+ Citi/JPM/Scotia/WFS -

T+155 area,
T+135 (+/-2)

3 US$2.4bn BBB+/A- CA-CIB/Citi/GS/JPM/RBC/SMBC -

T+115 area,
T+100 (+/-3)

-2 US$1.1bn A3/A- Barc/MS/MUFG -

L+95/100,
3mL+70 (+/-3)

FRN US$1.7bn NR/A-/BBB+ Barc/BNPP/GS/JPM/Miz -

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution