IFR Magazine - October 27, 2018

STRUCTURED FINANCE

Both tranches on offer ended fully
COVEREDûBUTûINCLUDEDûAûTOTALûOFûõMûJOINTû
LEADûINTEREST
Joint leads BNP ParibasûSociete Generale and
UniCredit set the spread at 45bp for the
õMûOFû
YEARû4RIPLEû!SûWHICHûWEREû
ûTIMESûCOVEREDû)04SûWEREûBPûAREA
4HEûõMû
YEARûMEZZANINEûTRANCHEûRATEDû
!!!û-OODYS$"23 ûWASûPRICEDûATûBPûONCEû
COVEREDûANDûFOLLOWEDû)04SûOFûBPûAREA
4HEûNOTESûAREûBACKEDûBYûAûõMûSTATICû
PORTFOLIOûHOLDINGûûLOANûANDûLEASEû
CONTRACTSûANDûANûAVERAGEûõKûPERûOBLIGOR
&INANCEûLEASESûMAKEûUPûûLOANSûû
ANDûOPERATINGûLEASESûû4HEûNEWUSEDûSPLITû
ISûûANDûINDIVIDUALCORPORATEûISû
û4HEû7!ûORIGINALûTERMûISûû
MONTHSûTHEû7!ûREMAININGûTERMûISûû
MONTHSûANDû7!ûSEASONINGûISûûMONTHS
4HEû7!ûINTERESTûRATEûISûûANDûOPENû
RESIDUALûVALUEûEXPOSUREûSTANDSûATûûORû
õM
0ORSCHEûISûBRINGINGûTHEûTERMûDEALûTOû
DIVERSIFYûFUNDINGûWHICHûISûCURRENTLYûSUPPLIEDû
BYûWAREHOUSEûFACILITIESûANDûDEPOSITSûASûWELLûASû
OTHERûlNANCINGû)TûCOULDûBRINGûNEWûTERMûDEALSû
TOûMARKETûABOUTûONCEûEVERYûTWOûYEARS

CREDIPAR BRINGING FRENCH AUTO
LEASE ABS

#REDIPARûPARTûOFû03!û"ANQUEû&RANCEû'ROUPû
announced AUTO ABS FRENCH LEASES 2018ûLASTûWEEK
The French auto lease securitisation
INCLUDESûAûLARGEûCHUNKûOFûRESIDUALûVALUEûRISKû
MAKINGûUPûõMûORûûOFûTHEûOVERALLû
õMûPORTFOLIO
4HEûDEALûISûOFFERINGûAû
YEARû4RIPLEû!û
TRANCHEûWHILEûAû
YEARûMEZZANINEûNOTEûRATEDû
!!(û-OODYS$"23 ûISûSHOWNûASûhCALLûDESKv
0RICINGûISûEXPECTEDûONû4UESDAYûORû
7EDNESDAYûTHROUGHûJOINTûLEADSûHSBC,
Santander and Societe Generale
The portfolio has a six-month revolving
PERIODûANDûHOLDSûûLEASESûWITHûANû
AVERAGEûOUTSTANDINGûBALANCEûOFûõû!LLû
LEASESûAREûlXEDûRATEûANDûALLûAREûFORûNEWûCARSû
4HEûPRIVATECORPORATEûSPLITûISû

AMAG MANDATES SWISS AUTO ABS

AMAG LEASING has mandated StormHarbour
ANDû5"3ûASûCO
ARRANGERSûOFûAûPOTENTIALû3&R

DENOMINATEDû!"3ûOFFERINGûONLYû4RIPLEû!û

&ITCH  ûNOTES

UBS WILLûBEûSOLEûBOOKRUNNERû#REDITû3UISSEû

ANDû:UERCHERû+ANTONALBANKûWILLûBEûCO

MANAGERS

)Nû-ARCHû!-!'ûBROUGHTûSWISS CAR ABS 2018-1û

BACKEDûBYûAûPORTFOLIOûOFû3WISSûAUTOûLEASESû

4HEû306ûISSUEDûAû3&RMûTHREE

YEARû4RIPLEû!û

WHICHûPRICEDûATûPARûWITHûAûûCOUPONû4HEû

SPREADûWASûBPûOVERûMID

SWAPS

!-!'SûMAINûBUSINESSûISûTHEûIMPORTINGûOFû

67ûGROUPûVEHICLESûANDûTHEIRûMARKETINGûINû

3WITZERLANDûTHROUGHûAûDEALERûNETWORK

EMEA CLO

FIVE ARROWS SELLS NEW TRIPLE A CLO

PAPER AT 98bp

FIVE ARROWS MANAGERS priced €412m new

issue CLO CONTEGO VIûONû-ONDAYûSELLINGûTHEû

MAINû4RIPLEû!ûTRANCHEûATûBPûBank of

America Merrill LynchûWASûPLACEMENTûAGENT

!TûTHEûOTHERûENDûOFûTHEûSTACKûTHEû$OUBLEû

Bs came at a 570bp discount margin and the

3INGLEû"SûCAMEûATûBPû4HEûNON

CALLûPERIODû

runs to January 2021 and reinvestment ends

INû*ULYû

See the summary details table for the full

STRUCTURE

CVC CREDIT PARTNERS is in the market with a new

ISSUEû#,/ûCVC CORDATUS LOAN FUND XIIûTHROUGHûBNP

Paribasû!NûANNOUNCEMENTûONû-ONDAYûREPORTEDû

THEûSENIORû4RIPLEû!ûALREADYûSUBJECT

There is a two-year non-call period and



YEARûREINVESTMENTûPERIOD

ASIA-PACIFIC MBS

THINK TANK MARKETS RARE CMBS

THINK TANK GROUP has mandated CBAûDeutsche

Bank and Westpac to arrange investor

MEETINGSûFROMû/CTOBERûûFORûAûPOTENTIALû

!USTRALIANûDOLLARû3-%ûCOMMERCIALû

MORTGAGE

BACKEDûSECURITYûISSUE

The specialist non-bank lender had

PREVIOUSLYûISSUEDûAû!Mû53M û

offering of commercial mortgage-backed

securities in December 2017 via Think Tank

3ERIESû

û4RUST

)TûALSOûPRINTEDûAû!Mû#-"3ûINû/CTOBERû

ûTHROUGHû#ON1UESTû



"ESIDESû4HINKû4ANKûONLYû,IBERTYû&INANCIALû

has been a regular visitor to the market in

RECENTûYEARS

-OSTûLARGEû!USTRALIANûCOMMERCIALûPROPERTYû

companies have steered clear of relatively

COMPLEXûANDûEXPENSIVEû#-"3ûBECAUSEûOFûTHEû

competitive pricing available in the local loan

MARKETSûASûWELLûASûTHEûDOMESTICûANDûOFFSHOREû

BONDûMARKETSûFORûLONGERûMATURITIES

ASIA-PACIFIC ABS

KAL PRINTS OFFSHORE ABS

KOREAN AIR LINESûPRICEDû53MûTHREE

YEARû

ASSET

BACKEDûSECURITIESûATûONE

MONTHû53ûDOLLARû

,IBORûPLUSûûINûLINEûWITHûINITIALûGUIDANCE

4HEûDEALûISûBACKEDûBYû53ûDOLLAR

denominated credit card receivables

GENERATEDûBYûTHEûAIRLINESûTICKETûSALES

The secured notes have provisional

RATINGSûOFû!AûFROMû-OODYSûONûPARûWITHû

3HINHANû"ANKûWHICHûISûPROVIDINGûAûCREDITû

FACILITYûANDûANûINTERESTûRATEûSWAP

4HEûNOTESûWILLûBEûISSUEDûBYû+!,û!"3ûû

#AYMANû,IMITEDûAûBANKRUPTCY

REMOTEûVEHICLE

Daiwa SecuritiesûDBS BankûMizuho and

Standard Chartered were joint lead managers

OFûTHEû2EGû3ûDEAL

The publicly listed carrier counts Hanjin

+!,ûANDû.ATIONALû0ENSIONû3ERVICEûASûITSû

MAJORûSHAREHOLDERSû+OREANû!IRûISûRATEDû!A

!û-OODYS30 

BOQ READIES REDS ABS

Initial price talk has been released at one-

MONTHû""37ûPLUSûBPnBPûFORûTHEû

INDICATIVEû!Mû53M    û#LASSû!û

notes of the REDS EHP 2018-1 ABSûOFFERINGû4HEû

Class B notes will be retained by the

ISSUER

Originator Bank of Queensland mandated

ANZûMacquarieûNAB and Westpac to arrange

RECENTûINVESTORûMEETINGSûFORûTHEûSECURITISATION

3ERIESû

û2EDSû%(0û4RUSTûAû!Mû

offering of securities backed against BoQ

EQUIPMENTûlNANCE

ORIGINATEDûAUTOMOTIVEû

ANDûEQUIPMENTûLOANSûANDûLEASESûWASûISSUEDû

INû3EPTEMBERû

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