IFR International - 03.11.2018

STRUCTURED FINANCE

WHICHûWASûINITIALLYûEXPECTEDûTOûPRICEûLASTû
week.
/Nû4UESDAYûAûDEALûUPDATEûSAIDû)04Sû
ANDûPRICINGûCOULDûBEûASûEARLYûASûTHISû
week. The previous week the issuer
had meetings and calls with around 25
investors.
The deal is offering six tranches of rated
NOTESû4HEYûAREûBACKEDûBYûõMû
lRST
RANKINGûOWNER
OCCUPIEDûMORTGAGESû
ORIGINATEDûBYû'%û#APITALûANDû,EEDSû"UILDINGû
3OCIETYûANDûBOUGHTûBYû)RISHûLENDERûDILOSK û
which is bringing the RMBS.
Barclays and NatWest AREûJOINTû
leads.

EMEA ABS

CREDIPAR SELLS FRENCH AUTO LEASES

CREDIPARûAûSUBSIDIARYûOFû03!û"ANQUEû&RANCEû

priced a French auto lease securitisation

WITHûTWOûTRANCHESûBOTHûMODESTLYûCOVEREDûATû

1.1 times subscription.

!TûTHEûSENIORûLEVELûTHEûõMû

YEARû4RIPLEû

!SûCAMEûATûONE

MONTHû%URIBORûPLUSûBPûAFTERû

)04SûOFûMIDûSû4HEûõMû

YEARû!!(ûPIECEû

WHICHûDIDûNOTûHAVEûOFlCIALû)04SûCAMEûATûBP

HSBCûSantander and Societe Generale WEREûJOINTû

LEADSûONûTHEûDEALûAUTO ABS FRENCH LEASES 2018.

4HEûõMûPORTFOLIOûHASûAûSIX

MONTHû

REVOLVINGûPERIODûANDûHOLDSûûLEASESû

with an average outstanding balance of

õû!LLûLEASESûAREûlXEDûRATEûANDûALLûAREû

FORûNEWûCARSû4HEûPRIVATECORPORATEûSPLITûISû



There is a large portion of residual value

RISKûMAKINGûUPûõMûORûûOFûTHEû

overall portfolio.

SWISS CAR SCORES SECOND

HIT OF THE YEAR

AMAG LEASINGûONû-ONDAYûPRICEDûITSûSECONDû

DEALûOFûTHEûYEARûSWISS CAR ABS 2018-2ûOFFERINGû

NEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 2/11/2018 (CONTINUED)
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type
Finsbury Square 2018-2 £13.5 3.33 3mL+300bp BNP Paribas/Citigroup/NAB Caa2/NR/NR RMBS
FREMF 2018 K-F53 US$1,013.78 6.72 +39bp Credit Suisse/Barclays NR/NR/NR CMBS
FREMF 2018 K-F53 US$28.161 6.79 +205bp Credit Suisse/Barclays NR/NR/NR CMBS
FREMF SPC 2018 K-733 US$27.181 4.16 3.75 Wells Fargo/Goldman Sachs Aaa/NR/NR CMBS
FREMF SPC 2018 K-733 US$781.771 6.70 3.75 Wells Fargo/Goldman Sachs Aaa/NR/NR CMBS
FREMF SPC 2018 K-733 US$53.930 6.84 3.75 Wells Fargo/Goldman Sachs Aaa/NR/NR CMBS
FREMF SPC 2018 K-733 US$40.134 6.88 4.07 Wells Fargo/Goldman Sachs Baa1/NR/NR CMBS
FREMF SPC 2018 K-733 US$25.083 6.88 4.07 Wells Fargo/Goldman Sachs Baa3/NR/NR CMBS
GRIFFITH PARK CLO DAC €3 1.1 E+48bp Deutsche Bank Aaa/NR/AAA CLO
GRIFFITH PARK CLO DAC €264 5.7 E+96bp Deutsche Bank Aaa/NR/AAA CLO
GRIFFITH PARK CLO DAC €8.75 7.0 E+120bp Deutsche Bank Aaa/NR/AAA CLO
GRIFFITH PARK CLO DAC €20.5 7.3 E+175bp Deutsche Bank Aa2/NR/AA CLO
GRIFFITH PARK CLO DAC €20 7.3 2.4 Deutsche Bank Aa2/NR/AA CLO
GRIFFITH PARK CLO DAC €16.4 7.9 E+255bp Deutsche Bank A2/NR/A CLO
GRIFFITH PARK CLO DAC €15 7.9 E+287bp Deutsche Bank A2/NR/A CLO
GRIFFITH PARK CLO DAC €26.9 8.5 E+360bp Deutsche Bank Baa3/NR/BBB– CLO
GRIFFITH PARK CLO DAC €24.45 9.1 E+552bp Deutsche Bank Ba3/NR/BB– CLO
GRIFFITH PARK CLO DAC €11.25 9.5 E+749bp Deutsche Bank B2/NR/B– CLO
GRIFFITH PARK CLO DAC €48.7 – n/a Deutsche Bank NR/NR/NR CLO
HERO 2018-2 US$100 – n/a Barclays NR/NR/NR ABS
Jubilee Clo XXI BV €2 1.0 3mE+49bp Morgan Stanley Aaa/NR/AAA CLO
Jubilee Clo XXI BV €244 5.9 3mE+96bp Morgan Stanley Aaa/NR/AAA CLO
Jubilee Clo XXI BV €5 7.4 3mE+180bp Morgan Stanley Aa2/NR/AA CLO
Jubilee Clo XXI BV €37 7.4 2.300 Morgan Stanley Aa2/NR/AA CLO
Jubilee Clo XXI BV €13 8.2 3mE+250bp Morgan Stanley A2/NR/A CLO
Jubilee Clo XXI BV €15 8.2 3mE+282bp Morgan Stanley A2/NR/A CLO
Jubilee Clo XXI BV €24 8.8 3mE+355bp Morgan Stanley Baa3/NR/BBB– CLO
Jubilee Clo XXI BV €21.9 9.5 3mE+555bp Morgan Stanley Ba2/NR/BB CLO
Jubilee Clo XXI BV €12 10.1 3mE+745bp Morgan Stanley B2/NR/B– CLO
Jubilee Clo XXI BV €37.2 – n/a Morgan Stanley NR/NR/NR CLO
Saecure 16 BV €875 4.1 3mE+40bp BAML/ING/Societe Generale/Wells Fargo NR/AAA/AAA RMBS
Swiss Car ABS 2018-2 AG SFr250 – 0.220 Stormharbour Partners/UBS NR/NR/AAA ABS
TAOT 2018-D US$427.5 1.1 2.980 JP Morgan/Barclays/TD Securities Aaa/AAA/NR ABS
TAOT 2018-D US$342 2.3 3.180 JP Morgan/Barclays/TD Securities Aaa/AAA/NR ABS
TAOT 2018-D US$100.51 3.5 3.300 JP Morgan/Barclays/TD Securities Aaa/AAA/NR ABS
TABS 2018-1 £225.2 2.34 3mL+118bp Lloyds/Citigroup/HSBC Aaa/NR/NR RMBS
TABS 2018-1 £12.2 3.93 3mL+165bp Lloyds/Citigroup/HSBC Aaa/NR/NR RMBS
TABS 2018-1 £12.2 3.93 3mL+210bp Lloyds/Citigroup/HSBC Aaa/NR/NR RMBS
TABS 2018-1 £23 3.93 3mL+275bp Lloyds/Citigroup/HSBC Aaa/NR/NR RMBS
VOLT 2018-NPL9 US$318 1.09 4.458 Goldman Sachs/Credit Suisse NR/NR/NR RMBS
VOLT 2018-NPL9 US$49.000 2.12 4.948 Goldman Sachs/Credit Suisse NR/NR/NR RMBS
VOLT 2018-NPL9 US$49.000 2.49 5.926 Goldman Sachs/Credit Suisse NR/NR/NR RMBS
World Financial WFNMT 2018-C US$300 2.94 3.55 WFS/BAML/Scotia/SMBC Nikko NR/AAA/AAA ABS
World Financial WFNMT 2018-C US$22.297 2.94 3.95 WFS/BAML/Scotia/SMBC Nikko NR/AA/AA ABS