STRUCTURED FINANCETOGETHER BACK TO MARKET WITH
IG-ONLY STRUCTURE
TOGETHER FINANCE SERVICES is back and facing a
more challenging sterling market with its
SECONDûNON
STANDARDû2-"3ûAFTERûITSûDEBUTûINû
4HEûCOMPANYûnûWHICHûBOASTSûAû
YEARû
track record of loan origination and
SERVICINGûnûANNOUNCEDûTOGETHER ASSET BACKED
SECURITISATION (TABS) 2018-1ûLASTûWEEKû)TûWILLû
SECURITISEûAûSTATICûPOOLûOFûaMûlRSTûANDû
second charge owner-occupied and buy-to-
LETûMORTGAGES
Lloyds is sole arranger and is joint lead
with Citigroup and HSBC
4HEûORIGINATORSû2-"3ûDEBUTûINû
3EPTEMBERûLASTûYEARûSOLDûlVEûTRANCHESûOFû
RATEDûNOTESûFROMû4RIPLEû!ûTOû"""( ûTOPPEDû
BYûAûaMû
YEARû4RIPLEû!ûPRICEDûATû
BPûOVERûONE
MONTHû,IBORû4HEûNEWûDEALû
ISûONLYûOFFERINGûDOWNûTOû"AA"""(
Second-lien mortgages make up 56% of the
PORTFOLIO ûSUGGESTINGûSOMEûSIMILARITYûTOû
#ASTELLû
ûPRICEDûTWOûWEEKSûAGOû4HATû
DEAL ûFROMû5+ûLENDERû/PTIMUMû#REDIT û
securitised 100% second-lien mortgages and
LIKEû4OGETHER ûWASûTHEûORIGINATORSûSECONDû
PUBLICû2-"3 ûFOLLOWINGûAûDEBUTûINû*UNEû
7EAKNESSûINûTHEûSTERLINGûMARKETûTHROUGHû
the second half of this year meant Optimum
#REDITûHADûTOûPAYûMOREûWHENûITûRETURNEDû)Tû
SOLDûaMû
YEARû4RIPLEû!SûATûBPû
OVERûTHREE
MONTHû,IBOR ûCOMINGûBPûWIDEû
OFûTHEûBPûPRINTûITSûDEBUTûACHIEVED
!SûWELLûASûTHEûSECOND
LIENûBUCKETûINû4!"3û
ûINTEREST
ONLYûMORTGAGESûMAKEûUPû
û"UY
TO
LETûMAKESûUPûûANDûûOFû
LOANSûAREûINûlXEDûFORMATû4HEûWEIGHTEDû
AVERAGEûCURRENTû,46ûISûûANDûTHEû7!û
INTERESTûRATEûISû
.OûBORROWERSûHAVEûBANKRUPTCIESûORû)6!Sû
and no loans have arrears of more than one
MONTH
&ORûTHEûlRSTû4!"3ûDEAL ûARREARSûOFûMOREû
THANûTHREEûMONTHSûSTOODûATûûINû
3EPTEMBER ûANDûTHEREûWASûOVERûaMûOFû
EXCESSûSPREADûBEINGûGENERATEDûEACHûMONTH
Two weeks ago the originator made a
aMûLOANûTOûTHEûlRSTû4!"3û306 ûTOûFUNDûANûadditional reserve fund and maintain the
DEALSû$"23ûRATINGS
!CCORDINGûTOûANûISSUERûNOTICE ûWHENû$"23û
WASûSIZINGûCREDITûENHANCEMENTûITSûPORTFOLIOû
default rate assessment did not take into
ACCOUNTûTHEûCLAIMSûOFûlRST
RANKINGûCHARGEû
holders over the second-charge mortgages
INûTHEûPOOLKENSINGTON READIES FINSBURY
SQUARE RETURNKENSINGTON MORTGAGE CO is returning with its
SECONDûSPECIALISTûPRIMEû2-"3ûOFûTHEûYEARû)TSû
PARENTûTHEû.ORTHVIEWû'ROUPûMANDATEDû".0û
0ARIBASûASûARRANGERûANDûBNP Paribas, Citigroup
and National Australia Bank as joint leads for
FINSBURY SQUARE 2018-2
The deal is offering three tranches: a
aMû4RIPLEû!û-OODYSûANDû&ITCH ûAû
aMû$OUBLEû!ûANDûAûaMû!!
)TSûPREVIOUSûDEALûINû*ANUARYûOFFEREDûAûFURTHER û
lower-rated tranch getting 5% credit
enhancement but the equivalent in the new
DEALûISûBEINGûRETAINEDû4HEREûWASûALSOûAû#LASSû8FSMT 2018-6RR US$16.500 - 4.00 BAML NR/NR/AAA RMBS
FSMT 2018-6RR US$13.200 - 5.06 BAML NR/NR/AA RMBS
FSMT 2018-6RR US$9.947 - 5.06 BAML NR//NR/A RMBS
GSMS 2018-HART US$128.965 5.0 1mUSL+109bp Goldman Sachs NR/AAA/NR CMBS
GSMS 2018-HART US$28.659 5.0 1mUSL+130bp Goldman Sachs NR/AA-/NR CMBS
GSMS 2018-HART US$21.494 5.0 1mUSL+170bp Goldman Sachs NR/A-/NR CMBS
GSMS 2018-HART US$26.367 5.0 1mUSL+220bp Goldman Sachs NR/BBB-/NR CMBS
GSMS 2018-HART US$28.659 5.0 1mUSL+130bp Goldman Sachs NR/AA-/NR CMBS
GSMS 2018-HART US$35.824 5.0 1mUSL+275bp Goldman Sachs NR/BB-/NR CMBS
GSMS 2018-HART US$4.741 5.0 1mUSL+390bp Goldman Sachs NR/B+/NR CMBS
HTGC 2018-1 US$200 3.45 4.605 Guggenheim NR/NR/NR ABS
Korean Air Lines Co Ltd US$350 - 1mUSL+90bp Daiwa Securities/DBS/Mizuho/Standard Chartered Aa3/NR/NR ABS
LFT 2018-2 US$234.84 3.59 4.23 Citigorup/Goldman Sachs/Barclays NR/A/NR ABS
LFT 2018-2 US$20.08 4.58 4.48 Citigorup/Goldman Sachs/Barclays NR/A-/NR ABS
LFT 2018-2 US$22.14 4.87 5.26 Citigorup/Goldman Sachs/Barclays NR/BBB-/NR ABS
LFT 2018-2 US$22.94 5.28 6.78 Citigorup/Goldman Sachs/Barclays NR/BB/NR ABS
OBX 2018-EXP2 US$68.855 2.9 4.500 Wells Fargo/Credit Suisse NR/NR/AAA RMBS
OBX 2018-EXP2 US$79.67 2.1 4.000 Wells Fargo/Credit Suisse NR/NR/AAA RMBS
OBX 2018-EXP2 US$126.386 2.2 1mUSL+75bp Wells Fargo/Credit Suisse NR/NR/AAA RMBS
OBX 2018-EXP2 US$31.596 4.5 1mUSL+75bp Wells Fargo/Credit Suisse NR/NR/AAA RMBS
OBX 2018-EXP2 US$3.995 2.7 1mUSL+95bp Wells Fargo/Credit Suisse NR/NR/AAA RMBS
SSTRT 2018-2 US$200 0.90 3.060 Scotia/Barclays/WFS Aaa/NR/AAA ABS
SSTRT 2018-2 US$100 0.90 1mUSL+21bp Scotia/Barclays/WFS Aaa/NR/AAA ABS
SSTRT 2018-2 US$251 2.14 3.325 Scotia/Barclays/WFS Aaa/NR/AAA ABS
SSTRT 2018-2 US$83 3.28 3.544 Scotia/Barclays/WFS Aaa/NR/AAA ABS
TPMT 2018-6 US$682.463 2.87 3.75 JP Morgan/Citi Aaa/NR/AAA ABS
VEROS 2018-1 US$118.570 0.79 +85bp Deutsche Bank NR/NR/NR ABS
VEROS 2018-1 US$18.350 2.02 +105bp Deutsche Bank NR/NR/NR ABS
VEROS 2018-1 US$20.840 2.52 +165bp Deutsche Bank NR/NR/NR ABS
VEROS 2018-1 US$25.300 2.79 +275bp Deutsche Bank NR/NR/NR ABS
UPGR 2018-1 US$184.499 0.81 3.76 Credit Suisse/Jefferies NR/NR/NR ABS
UPGR 2018-1 US$32.080 1.96 4.53 Credit Suisse/Jefferies NR/NR/NR ABS
UPGR 2018-1 US$28.014 2.37 5.17 Credit Suisse/Jefferies NR/NR/NR ABS
UPGR 2018-1 US$37.502 2.75 6.50 Credit Suisse/Jefferies NR/NR/NR ABSNEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 26/10/2018 (CONTINUED)
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type