BONDS SUMMARY DETAILSFor the pre-placed A$10m Class Bs,
A$6.25m Class Cs, and A$2.0m Class Ds,
all with 4.2-year WALs, guidance is high
100s area, high 200s area and high 300s
area wide of one-month BBSW.
Guidance for the pre-placed A$1.25m
Class Es with a 3.3-year WAL is one-
month BBSW plus high 500s area.
The structure is completed by A$1.5m
of pre-placed Class F notes with a 4.9-
year WAL.
Columbus Capital previously accessed
the market last November with an
enlarged A$500m prime RMBS through
4RITONû#APITALû
ûlVEûMONTHSû
after the A$500m Triton Capital 2017-1
print.
MEDALLION REPLACEMENTIndicative price guidance for the new
Medallion 2013-2 A3-R notes, to
RElNANCEûTHEû!Mû#LASSû!ûNOTESûOFû
the MEDALLION 2013-2 RMBS, is one-month
BBSW plus mid to high 90bp.
CBA has been mandated to market the
notes, which have a 3.78-year weighted-
average life and 16.64% credit support.ASIA-PACIFIC ABS
CMB ABS DRAWS FOREIGN INTERESTCHINA MERCHANTS BANK has printed
2MBBNû53M ûSECURITIESû
backed by consumer loans in China’s
interbank bond market. The transaction
was also available via the Bond Connect
link.
The trade comprises Rmb4.8bn Class
A notes, rated AAA/AAA (China Bond/
#HINAû,IANHE û2MBMû#LASSû"ûNOTES û
rated AA/AA+ (China Bond/China
,IANHE ûANDû2MBMûUNRATEDû
subordinated notes.The Class A notes with a weighted-
average life of 0.42 years and the Class B
notes with a weighted-average life of
1.36 years were priced at par to yield
4.78% and 4.90% respectively. China
Merchants Bank retains 5% of the
principal across tranches.
About 20% of the subordinated
tranche, with a weighted-average life of
2.04 years, was allocated to offshore
investors via the Bond Connect link,
according to a press release.
A source familiar with the deal said
those offshore investors, which had
participated in previous onshore ABS
deals, were attracted by the relatively
good quality of the underlying asset and
potential high return of the
subordinated tranche.
China Merchants Securities was lead
underwriter and bookrunner on the
offering. HSBC Bank (China) was syndicate
member.MS-16 area,
MS-17 area
2 >€750m Aaa/AAA/AAA BAML/Citi/CA-CIB EMEA 90%, Asia 10%. CB/OI 39%, Bks
12%, FM/Ins/PF 48%.
MS-16 area 5 57 acs Aaa/AAA/AA+ CA-CIB/GS/HSBC/TD Ger/Aus/Switz 19, Asia 19%, Fr 17%,
RoEur 16%, Neth 11%, UK 7%, ME 7%,
S.Eur 5%. FM 40%, CB/OI 38%, Bks/Tsy
29%, Ins 4%, Corp 3%.
BGB+mid/high 20s,
BGB+25 area
BGB+24 (+/-1)
4 >€1.2bn, 72 acs Aa2 Belfius/CA-CIB/KBC/LBBW/SG Ger/Aus 52.2%, Benelux 20.8%, Fr
20.4%, UK 2.1%, Switz 2%, It 1.4%, Other
1.1%. Ins/PF 54.1%, FM 36.9%, Bks 7.9%,
Other 1.1%.
MS+37 area 4 >€1.35bn Aa1/AA-/AAA GS/HSBC/JPM/Uni Ger 50%, S.Eur 25%, UK 9%, Fr 4%,
Switz/Aus 4%, Asia 3%, Nordics 3%,
Benelux 2%. Ins/PF 58%, Bks 24%, FM
14%, CB 4%.
- Aaa/AAA/AAA HSBC -
- Aa1/AA+/AA+ SG -
G+31 area(I),
G+31 area(G)
- £550m Aaa/AAA Barc/Citi/HSBC UK 52%, RoEur 29%, Asia 14%, US 5%.
Bks 53%, CB/OI 21%, PF/Ins. 19%, FM
7%.
G+61 area - >£130m Aa3/AA/AA- Barc/DB -
- Aaa/AAA/Scope
AAA
- Aaa/AAA/Scope
RBC/HSBC -G+30 area - - Aaa/AAA/AAA Citi/RBC -
G+32 area - - Aaa/AAA Barc/Citi -
G+52 area(I),
G+52 area(G)
0 >£500m Aa2/AA-/AA- BAML.HSBC/NatWest/TD -G+34 area(I),
G+34 area(G)
- Aaa/AAA Barc/Citi/RBC -
- Aaa/AAA/AAA Nordea -
ASW+41 - - Aaa/AAA Miz/TD -
EFP+51/53 - - Aa1/AA BAML/DB/NAB/Nomura -
Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution