IFR Magazine - October 27, 2018

!LTHOUGHûTHEû%UROPEANû2-"3ûMARKETûISû
DOMINATEDûBYû5+ûISSUERSû&RANCESû"0#%û
CAMEûWITHûAûEUROûDEALûTWOûWEEKSûAGOû)TSû
inaugural trade paid a generous 34bp to sell
õBNûOFû
YEARûSENIORûNOTES
Saecure 16 will securitise a portfolio
WORTHûõMûORûõMûNETûOFûSAVINGSû
DEPOSITS
4HEREûAREûûLOANSûOFûWHICHûû
CARRYû.('ûGUARANTEESû4HEûAVERAGEûCURRENTû
loan balance is €242k; the weighted average
LOAN
TO
MARKETûVALUEûISûûORûANûINDEXEDû
û3EASONINGûISûûYEARS
4HEû4RIPLEû!ûNOTESûONûOFFERûCARRYûAûPRE
SETû
COUPONûOFûBPûOVERûTHREE
MONTHû%URIBORû
ANDûAREûEXPECTEDûTOûBEûPRICEDûABOVEûPARû
!FTERûTHEû/CTOBERûûlRSTûOPTIONALû
REDEMPTIONûDATEûTHEûCOUPONûWILLûPAYûANû
extra 40bp plus any amount by which three-
MONTHû%URIBORûEXCEEDSû

ARROW CMBS 2018 IN MARKET VIA DB
AND SG

ARROW CMBS 2018ûTHEûlRSTûRATEDû#-"3ûSINCEû
THEûCRISISûTOûSECURITISEûMAINLYû&RENCHû#2%û

ASSETSûISûBEINGûMARKETEDû)TûWILLûBEûTHEûTHIRDû

%UROPEANû#-"3ûTHISûYEARûTOûINVOLVEûBOTHû

"LACKSTONEûANDûLOGISTICSûPROPERTIES

!RROWû#-"3ûûSECURITISESûûOFûAû

loan made by Deutsche and Societe

'ENERALEûTOû"LACKSTONEûBACKEDûBYûAûSINGLEû

LOANûSECUREDûONûûPROPERTIESûINû&RANCEû

  û'ERMANYû    ûANDûTHEû

.ETHERLANDSû   

The loan is structured with an initial two-

YEARûTERMûANDûTHREEûONE

YEARûEXTENSIONSû

4HEû7!ûGOING

INû,46ûISû

The property breakdown has logistics at

ûMIXED

USEûûURBANûLOGISTICSûûANDû

LIGHTûINDUSTRIALû

Deutsche and Societe Generale will retain the

REMAININGûûPORTIONûOFûTHEûLOANû4HEYûAREû

JOINTûLEADSûONûTHEû#-"3ûWHICHûISûOFFERINGû

SEVENûTRANCHESûOFûlVE

YEARûNOTES

BARCLAYS SPONSORING DILOSK IRISH RMBS

"ARCLAYSûISûSPONSORINGûANû)RISHû2-"3ûFROMû

mortgage lender DILOSKûACTINGûASûRISKû

RETENTIONûHOLDERû4HEûBANKûWILLûTAKEûûOFû

THEûRATEDûNOTESûANDûTHEûFULLû#LASSû8

The deal is DILOSK RMBS NO.2 and has been

ARRANGEDûBYû.AT7ESTû"ARCLAYSûANDû.AT7ESTû

AREûJOINTûLEADSû4HEûROADSHOWûFORûTHEûDEALûWASû

LASTûWEEKûANDûITûISûDUEûTOûBEûPRICEDûTHISûWEEK

/NûOFFERûAREûlVEûTRANCHESûOFûRATEDûNOTESû

FROMû!AA!!!ûTOû#AA""û-OODYS$"23   

4HEûPAPERûISûBACKEDûBYûõMûOFû)RISHû

RESIDENTIALûMORTGAGESûORIGINATEDûBYû'%û

Capital and Leeds Building Society and

BOUGHTûBYû$ILOSK

4HEû'%ûMORTGAGESû

ûAROUNDûõMûOFûTHEû

POOLû

ûWEREûBOUGHTûINûû4HEûPURCHASEûOFû

THEû,EEDSû"UILDINGû3OCIETYûMORTGAGESûSIZEDû

ATûõMûWONTûCLOSEûUNTILû.OVEMBER

4HEûTOTALûPORTFOLIOûHOLDSûû

lRST

RANKINGûOWNER

OCCUPIEDûLOANSûWITHûAû

long 11-year seasoning and average current

BALANCEûOFûõKû4HEû7!ûORIGINALû,46ûISû

ûINDEXEDûISûûANDûTHEû7!û

REMAININGûTERMûISûûYEARSû)NTEREST

ONLYû

MORTGAGESûMAKEûUPûûANDûTHEû7!û

INTERESTûRATEûISû

$ILOSKûPREVIOUSLYûCAMEûTOûMARKETûINû-AYû

ûWITHû$ILOSKû2-"3û.OûBACKEDûBYûAû

portfolio bought from Bank of Ireland’s

FORMERû)#3ûBRAND

NEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 26/10/2018
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type
AFIN 2018-2 US$252 0.26 2.700 Citigorup/JP Morgan/RBC CM P1/A1+/NR ABS
AFIN 2018-2 US$256 0.87 3.020 Citigorup/JP Morgan/RBC CM Aaa/AAA/NR ABS
AFIN 2018-2 US$131.37 1.60 3.270 Citigorup/JP Morgan/RBC CM Aaa/AAA/NR ABS
AFIN 2018-2 US$25.12 2.05 3.480 Citigorup/JP Morgan/RBC CM Aa1/AA+/NR ABS
AFIN 2018-2 US$39.37 2.26 3.690 Citigorup/JP Morgan/RBC CM A2/A/NR ABS
CIVIC 2018-2 US$160.523 0.77 4.349 Credit Suisse/Nomura NR/NR/NR RMBS
CIVIC 2018-2 US$30.098 0.77 5.320 Credit Suisse/Nomura NR/NR/NR RMBS
Contego VI €1.5 - E+50bp BAML Aaa/NR/AAA CLO
Contego VI €15 - 1.51 BAML Aaa/NR/AAA CLO
Contego VI €233 - E+98bp BAML Aaa/NR/AAA CLO
Contego VI €10.5 - 2.35 BAML Aa2/NR/AA CLO
Contego VI €29.5 - E+175bp BAML Aa2/NR/AA CLO
Contego VI €28 - E+240bp BAML A2/NR/A CLO
Contego VI €22 - E+330bp BAML Baa3/NR/BBB- CLO
Contego VI €22 - E+528bp BAML Ba2/NR/BB- CLO
Contego VI €12 - E+720bp BAML NR/NR/NR CLO
Contego VI €38.5 - - BAML NR/NR/NR CLO
CRDBL 2018-1 US$49.887 2.96 4.80 SunTrust Robinson Humphrey NR/NR/NR ABS
CRDBL 2018-1 US$6.662 2.96 5.49 SunTrust Robinson Humphrey NR/NR/NR ABS
CRDBL 2018-1 US$5.201 2.96 6.76 SunTrust Robinson Humphrey NR/NR/NR ABS
EART 2018-4 US$254.09 0.56 3.071 Citigorup/Deutsche Bank Aaa/AAA/NR ABS
EART 2018-4 US$76.95 1.72 3.677 Citigorup/Deutsche Bank Aa1/AA/NR ABS
EART 2018-4 US$82.76 2.48 4.004 Citigorup/Deutsche Bank Aa3/A/NR ABS
EART 2018-4 US$92.93 3.49 4.391 Citigorup/Deutsche Bank Baa2/BBB/NR ABS
EART 2018-4 US$43.27 4.04 5.449 Citigorup/Deutsche Bank NR/BB/NR ABS
EFF 2018-3 US$218 1.91 2.815 Mizuho/BAML/JP Morgan/Societe Generale NR/A1+/F-1+ ABS
EFF 2018-3 US$514 3.40 3.380 Mizuho/BAML/JP Morgan/Societe Generale NR/AAA/AAA ABS
EFF 2018-3 US$118.200 0.42 3.550 Mizuho/BAML/JP Morgan/Societe Generale NR/AAA/AAA ABS
ENVA 2018-A US$95 0.61 4.20 Jefferies NR/NR/NR ABS
ENVA 2018-A US$30.400 2.22 7.37 Jefferies NR/NR/NR ABS
FREMF SPC 2018-KI03 US$436.129 2.1 1m+25bp JP Morgan/Wells Fargo NR/NR/NR CMBS
FSMT 2018-6RR US$89.473 - 4.00 BAML Aaa/NR/AAA RMBS
FSMT 2018-6RR US$60.460 - L+70bp BAML Aaa/NR/AAA RMBS
FSMT 2018-6RR US$49.501 - 4.00 BAML Aaa/NR/AAA RMBS