IFR International - 03.11.2018

BONDS SUMMARY DETAILS

CONFORMINGû2-"3ûISSUEûINCLUDINGû!USTRALIANû
DOLLAR ûEUROûANDû53ûDOLLARûTRANCHESûINûBOTHû
!ûANDû2EGû3ûFORMATS
!ûEUROûTRANCHEûANDûPOSSIBLYûANû!USTRALIANû
DOLLARûCOMPANIONûWILLûBEûEXCLUSIVELYûBACKEDû
BYûGREENûMORTGAGES
/Nû/CTOBERû û0EPPERûISSUEDûTHEû!Mû
NO
GROWûDUAL
CURRENCYû0EPPERû)
0RIMEû

û4RUSTûTHATûINCLUDEDûAû53Mû
MONEYûMARKETûTRANCHE

ASIA-PACIFIC ABS

REDS RECORD

REDS EHP 2018-1 ABS took advantage of an
OTHERWISEûQUIETûWEEKûINûTHEûSECURITISATIONû
MARKETûWITHûLASTû4HURSDAYSûUPSIZEDû!BNû
53M ûISSUEûOFûAUTOûANDûEQUIPMENT
BACKEDû

SECURITIESûORIGINATEDûBYû"ANKûOFû1UEENSLANDû

SUBSIDIARYû"/1û%QUIPMENTû&INANCE

4HEû!Mû!AA!!!û-OODYS&ITCH  û

RATEDûOFû#LASSû!ûNOTESûWITHûAû

YEARû

WEIGHTEDûAVERAGEûLIFEûANDûûCREDITû

SUPPORTûPAYûAûCOUPONûOFûONE

MONTHû""37û

PLUSûBPûATûTHEûTIGHTûENDûOFûINITIALûBPn

110bp guidance.

4HEû!MûOFûUNRATEDû#LASSû"ûNOTESûWITHû

Aû

YEARû7!,ûWEREûRETAINED

MacquarieûWASûARRANGERûOFûTHEûLARGESTûNON

2-"3ûSECURITISATIONûOFûTHEûYEARûWHICHûHADû

ANûINDICATIVEûISSUEûSIZEûOFû!MûANDû

ATTRACTEDûûCOVERûFORûTHEû#LASSû!ûNOTESû

-ACQUARIEûWASûALSOûAûJOINTûLEADûMANAGERû

with ANZûNAB and Westpac.

$EMANDûWASûUNDERPINNEDûBYûAû

COMBINATIONûOFûSCARCITYûVALUEûTHEû

originator’s bank status and the expected

REPO

ELIGIBILITYûOFûTHEû2%$3ûSENIORûNOTES

)NûCONTRASTûTHEû,ATITUDEû-ASTERû4RUSTû!"3û

ISSUEûHASûNOTûBEENûACCEPTEDûASûREPO

ELIGIBLEû

BYûTHEû2ESERVEû"ANKûOFû!USTRALIA

2EPO

ELIGIBILITYûCERTAINLYûCONTRIBUTEDûTOû

THEûBANKûBALANCEûSHEETSûMAJORITYûû

ALLOCATIONûVERSUSûREALûMONEYSûûSHAREûOFû

the trade.

3EVENTEENûINVESTORSûPARTICIPATEDûWITHû

DOMESTICûACCOUNTSûTAKINGûûANDûOFFSHOREû



“The fact that the originator is a bank

RATHERûTHANûAûCONSUMERûLENDERûNATURALLYû

opens the trade up to a broader investor

BASEûWHILEûTHEûISSUERSûTHREE

YEARûABSENCEû

FROMûTHEûMARKETûWASûALSOûSUPPORTIVEvûSAIDûAû

banker close to the deal.

4HEûPREVIOUSû"/1

ORIGINATEDûAUTOû

!"3ûTRADEûWASûTHEû!Mû3ERIESû



û2EDSû%(0û4RUSTûISSUEûINû3EPTEMBERû

2015.

MS+9 area - >US$1.4bn Aa1/-/AAA Barc/CMZ/CA-CIB/DB/HSBC -
MS+9 area(I/G),
MS+8 area

3 >US$1.55bn Aa1/AA+ BAML/Citi/GS/HSBC Amers 43%, Asia 34%, EMEA 23%. CB/
OI 61%, AM 20%, Bks 16%, Ins/PF 3%.
MS+6 area,
MS+5 area

1 >US$650m, >35acs Aaa/AAA/AA+ BNPP/Citi/TD N.Amer 38%, Latam 26%, Eur 25%,
APAC 11%. CB/OI 47%, AM 25%, Bks
17%, Corp/Ins/Other 11%. Non ESG 57%,
ESG 43%.
MS+6 area 1 >US$1bn Aa1/AA+ BAML/Barc/CA-CIB/DB -

MS+3 area - >€1.25bn, >50 acs -/-/AAA BLB/DZ/HSBC/NatWest/NordLB Asia 3.2%, Switz 1.44%, Ger/Aus
73.48%, Fr 6.38%, UK 4.53%, It 6.08%,
Benelux 2.4%, Nordics 2%, Other 0.49%.
AM 36.91%, Bks 24.82%, CB/OI 4.41%,
Ins 32.74%, Other 1.12%.
MS-19 area 4 €12.2bn, 156acs Aaa/AAA/Scope
AAA

Citi/HSBC/NatWest Ger 24%, UK 24%, Scandi 11%, Benelux
9%, Fr 6%, Switz 5%, It 3%, RoEur 3%,
Asia 11%, USA 2%, Other 2%. CB/OI
34%, AM 28%, Bks 25%, Ins/PF 4%,
Other 9%.
MS-11 area 1 - Aa1/AA+ Citi/DB/HSBC Ger/Switz 45%, Fr 41%, Asia 13%, Other
1%. AM 46%, Bks 21%, Ins/PF 20%, CB/
OI 13%.
MS+20/25,
MS+22 area

5 >€650m Aaa/AAA/AAA CA-CIB/LBBW/Natx/StCh MENA 43%, Asia 20%, Eur 29%, Other

8%. CB/OI/SSA 64%, Bks 17%, AM/FM/

PF 20%.

G+30 - - Aaa/AAA Citi/NatWest/StCh -

G+45 area(I/G) - >£235m Aa1/AA-/AAA Barc/BAML/HSBC -

• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/Scope
      AAA
    
    
    
    
  
  
  
  

BAML -

MS+6/8,
MS+8

2 ~SFr100m -/AA/ZKB AA+ BKB/ZKB -

MS-9 - - ZKB A+/CS High A/
fedafin Aa-

KBBL/Raiff/UBS Switz 100%. PF 83.5%, PB 15.1%, AM
1.4%.
MS+5 area - - -/AA/ZKB AA+ AargKB -

MS+7 area - - -/AA/ZKB AA+ AargKB -

MS+9 area - - ZKB AA+ ThurKB -

ASW+52 area - - Aaa/AAA Nomura -

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution