IFR International - 20.10.2018

(Nancy Kaufman) #1
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 
Free download pdf