IFR International - 20.10.2018

BONDS SUMMARY DETAILS

MS+1 area(I/G) 2 >€4.3bn Aa1/-/AAA BAML/Barc/Citi Amers 27%, Asia 26%, UK/Switz 21%,
MEA 16%, Eur 10%. CB/OI 73%, Bks 21%,
FM 5%, Ins/PF 1%.
3mL-2 area(I/G) - - Aaa/AAA Citi/TD -
3mL+3 area,
3mL+2 area

• 
  

  
  

  US$1.6bn Aa1/AA-/AAA Barc/BMO/Nomura/Scotia -

  
  

  
  

3mL+1 area - - Aa1/AA+ JPM/Nomura/TD -

MS-3 area 0 - -/AA+ BLB/BNPP/HSBC/TD/Uni -
BONOs+mid 30s,
BONOs+33 area,
BONOs+30 (+/-1)

• 
  

  
  

  €1.3bn Baa2/BBB+/BBB- Barc/BBVA/CA-CIB/HSBC/Santan Iberia 56%, Ger/Aus 28%, Nordics 4%,
  Benelux 3%, It 4%, Switz 2%, Fr 2%.
  Other 0.5%. Bks/PB 45%, FM 26%, Ins/
  PF 23%, CB/OI 6%.
  MS+5 area 2 >€700m Aaa/AAA/AA+ BAML/CMZ/Natx Ger 39%, Fr 36%, UK 7%, Nordics 6%,
  Benelux 4%, It 4%, Switz/Aus 3%, Other
  1%. AM 72%, Bks 19%, Ins/PF 2%, OI 4%,
  Other 4%.

  
  

  
  

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution

)Nû3EPTEMBERû,APLANCHEûAGREEDûTOûPAYûAû
53ûlNEûANDûWASûBANNEDûFORûATûLEASTû
THREEûYEARSûFROMûCERTAINûSECURITIESûINDUSTRYû
ACTIVITIES
!NûINVESTORûLOOKINGûATûTHEû5PGRADEûBONDû
SALEûSAIDûTHATûBANKERSûBELIEVEûTHEûSETTLEMENTû
WASûMOREûNARROWûINûSCOPEûANDûWOULDûNOTû
FALLûUNDERûTHEû,APLANCHEûSECURITIESûBAN
4HEûBONDûDOCUMENTSûSTATEûTHATû5PGRADEû
DOESûNOTûBELIEVEûITSûACTIVITIESûFALLûUNDERûTHEû
3%#ûBANûBUTûTHATûTHEû3%#ûORûAûSTATEû
SECURITIESûREGULATORûCOULDûREACHûAûDIFFERENTû
CONCLUSION
!ûPERSONûFAMILIARûWITHûTHEûMATTERûSAIDûTHEû
3%#ûSETTLEMENTûCENTREDûAROUNDû2ENAUDSû
ACTIVITIESûATû,ENDING#LUBû!SSETû-ANAGEMENTû
ANDûANYûDIRECTûBROKERINGûOFûSECURITIES
5PGRADEûANDûTHEû3%#ûDECLINEDûREQUESTSûTOû
COMMENT
+"2!ûSAIDûITûHADûSATûDOWNûWITHû,APLANCHEû
ANDûOTHERû5PGRADEûDEPARTMENTûHEADSû
INVOLVEDûINûTHEû,ENDING#LUBûREVIEWûANDû
FOUNDûTHATûMOREûROBUSTûCONTROLSûHADûBEENû
PUTûINûPLACE
h$UEûINûPARTûTOûTHEûCONSEQUENCESûOFûTHEû
EVENTSûATû,ENDING#LUBûTHEûMANAGEMENTû
TEAMûHASûCONSIDERABLEûREPUTATIONALûANDû
lNANCIALûINCENTIVESûTOûIMPLEMENTûPROPERû
CONTROLSûTHATûWOULDûMITIGATEûTHESEûEVENTSû
FROMûOCCURRINGûATû5PGRADEvû+"2!ûWROTEûINû
ITSûPRESALEûREPORT
5PGRADEûISûSTILLûGROWINGûANDûOPERATESûATûAû
LOSSûBUTû+"2!ûSAIDûTHEûCOMPANYûHADûRAISEDû
53MûINûEQUITYûCAPITAL
4HEûNEWûBONDûPOOLSûLOANSûWITHûAûû
AVERAGEûINTERESTûRATEûTOûBORROWERSûWITHûAû
WEIGHTEDûAVERAGEûCREDITûSCOREûOFûû
ACCORDINGûTOûDEALûDOCUMENTS
%ARLYûPRICEûWHISPERSûONûTHEûBONDSûWEREû
WITHINûBP
BPûOFûAûDEALûSOLDûINû!UGUSTûBYûRIVALû
ONLINEûLENDERû0ROSPERûACCORDINGûTOû)&2ûDATA
)TSûTOPû
YEARû53MûSLICEûOFû3INGLEû!û
NOTESûWASûCIRCULATEDûINûTHEûAREAûOFûBP

BPûPLUSû%$3&ûTWOûINVESTORSûSAID

!BOUTû53MûOFû

YEARû3INGLEû"ûNOTESû

HAVEûBEENûPITCHEDûINûTHEûAREAûOFûBPûOVERû

INTERPOLATEDûSWAPS

h4HISûISûVERYûTIGHTûFORûAûlRST

TIMEûISSUERvû

ONEûOFûTHEûINVESTORSûSAID

ASIA-PACIFIC MBS

FIRSTMAC TAPS QUIET MARKET

&IRSTMACûHADûTHEû!USTRALIANûSECURITISATIONû

MARKETûALLûTOûITSELFûLASTûWEEKûANDûMADEûTHEû

MOSTûOFûITûWITHû&RIDAYSûUPSIZEDû!BNû

53M    ûFIRSTMAC MORTGAGE FUNDING TRUST

NO 4 SERIES 3-2018û2-"3ûISSUE

WestpacûWASûARRANGERûOFû&IRSTMACSûTHIRDû

PRIMEû2-"3ûOFûTHEûYEARûWHICHûHADûANû

INDICATIVEûMINIMUMûISSUEûSIZEûOFû!Mû

7ESTPACûWASûALSOûJOINTûLEADûMANAGERûWITHû

ANZûANDûNAB

4HEû!MûOFû#LASSû!ûNOTESûWITHûAû

YEARûWEIGHED

AVERAGEûLIFEûWEREûPRICEDû

WITHINûINITIALûBPnBPûGUIDANCEûATûONE

MONTHû""37ûPLUSûBP

4HEû!MûOFû#LASSû!ûNOTESûWITHûAû

YEARû7!,ûWEREûPRICEDûBPûWIDEûOFû

ONE

MONTHû""37ûBELOWûBPnBPû

INITIALûGUIDANCE

4HEû!MûOFû#LASSû!"Sû!MûOFû#LASSû

"SûANDû!MûOFû#LASSû#SûALLûWITHû

YEARû

7!,SûWEREûPRICEDûBPûBPûANDûBPû

OVERûONE

MONTHû""37ûVERSUSûBPnBPû

LOWûSûAREAûANDûHIGHûSûAREAûINITIALû

GUIDANCE

0RICINGûWASûNOTûDISCLOSEDûFORûTHEû!Mû

OFû#LASSû$ûNOTES

4HEû#LASSû!SûTOû#SûHAVEûRESPECTIVEûCREDITû

SUPPORTûOFûûûûûANDû

4HEûNON

BANKûLENDERûPREVIOUSLYûVISITEDû

THEûMARKETûINû*UNEûWITHû!BNûOFûPRIMEû

2-"3ûnû&IRSTMACû-ORTGAGEû&UNDINGû4RUSTû

.Oûû3ERIESû

ûWHICHûHADûSIMILARû7!,Sû

ANDûCREDITûSUPPORTûLEVELSûTOûTHEûLATESTûISSUE

4HEû3ERIESû

û#LASSû!û!û!"û"ûANDû

#ûNOTESûPAIDû""37ûMARGINSûOFûBPû

BPûBPûBPûANDûBPû

RESPECTIVELY

)Nû-ARCHû&IRSTMACûSOLDûAû!M

EQUIVALENTûDUAL

CURRENCYûPRIMEû2-"3ûISSUEû

VIAû&IRSTMACû-ORTGAGEû&UNDINGû4RUSTû.Oûû

3ERIESû

ûWHICHûINCLUDEDûAû53Mû

#LASSû!

5ûTRANCHE

RESIMAC MARKETS PRIME RMBS

RESIMACûHASûMANDATEDûCitigroupûNABûANDû

WestpacûTOûMARKETûAûPOTENTIALûDUAL

CURRENCYû

PRIMEû2-"3ûISSUEû2ESIMACû0REMIERû

û

COMPRISINGû!USTRALIANûANDû53ûDOLLARû

TRANCHESûINû!ûFORMAT

4HEûNON

BANKûLENDERûPREVIOUSLYûISSUEDûAû

!MûDUAL

CURRENCYûPRIMEû2-"3ûISSUEû

2ESIMACû0REMIERû3ERIESû

ûINû-AYûTHATû

INCLUDEDûAû53Mû#LASSû!ûTRANCHE

)Nû!UGUSTû2ESIMACûSOLDûTHEû!BNû

EQUIVALENTûDUAL

CURRENCYû2ESIMACû"ASTILLEû

4RUSTû3ERIESû

ûNON

CONFORMINGû2-"3û

WITHû53MûOFû#LASSû!ûNOTES

ASIA-PACIFIC ABS

KAL HIRES FOR ABS

KOREAN AIR LINESûHASûMANDATEDûDaiwa

SecuritiesûDBS BankûMizuhoûANDûStandard

CharteredûFORûAû53ûDOLLARûASSET

BACKEDû

SECURITIESûTRANSACTIONû.OûTIMINGûWASû

ANNOUNCEDûFORûAûPOTENTIALûLAUNCH

4HEûPUBLIC

LISTEDûCARRIERûCOUNTSû(ANJINû

+!,ûANDû.ATIONALû0ENSIONû3ERVICEûASûITSû

MAJORûSHAREHOLDERS

+OREANû!IRûISûRATEDû!AûANDû!û

-OODYS30