AMP BANK - KangaNews · 2012. 9. 26. · LMI PROVIDERS 55 REDS arrears have historically tracked...

1 0 | K A N G A N E W S / A N Z S E C U R I T I S A T I O N Y E A R B O O K N O V E M B E R 2 0 1 0

ISSUERPROFILES

About AMP

AMP is a leading wealth management companyoperating in Australia and New Zealand, withselected investment management activities in Asiaand a growing banking business in Australia.AMP Financial Services provides financial planning

advice, superannuation, retirement savings and incomeproducts, investments, risk insurance and selected bankingproducts. It has the largest financial planner network inAustralasia, serving over 3.8 million customers.

Part of AMP Financial Services is AMP Bank. AMP Bankis an authorised deposit-taking institution operating as aspecialised home loan lender and loan servicer. The companyprovides loans for the purchase and refinance of residentialproperty, catering to the owner-occupier and investor markets.AMP Bank interacts with customers through financial advisers,mortgage brokers, and directly through call centre and internetchannels. At June 30 2010 AMP Bank managed total homeloan assets of A$9.8 billion.

Securitisation and funding strategy

AMP Bank’s funding strategy is to ensure diverse fundingsources, tenors and types of funding. Securitisation isconsidered part of that strategy. AMP Bank issues RMBS inthe securitisation market both to source funding and to gainregulatory capital relief.

AMP BANK

FOR FURTHER INFORMATION PLEASE CONTACT:

Guy MorganBank Treasurer and Deputy Group Treasurer+61 2 9257 [email protected]

Gwenneth O’SheaHead of Securitisation+61 2 9257 [email protected]/securitisation

RATING

AUSTRALIAN ADI

SECURITISATION PROGRAMME NAME

A/A2 (S&P/Moody’s)

Yes

Progress Trust

TYPE OF SECURITISATION ISSUED

WHOLESALE FUNDING VOLUME (A$BN)*

PROPORTION OF OUTSTANDING WHOLESALE

FUNDING SOURCED VIA SECURITISATION (%)

NUMBER OF SECURITISATIONS ISSUED

TOTAL VOLUME ISSUED (A$BN)

TOTAL DOMESTIC VS OFFSHORE ISSUANCE LEVELS

OUTSTANDING VOLUME OF SECURITISED

ISSUES

RMBS

6.3

37

11

10.95

59% domestic, 41% offshore

A$2.4bn and US$400m

USE OF SECURIT ISATION

WEIGHTED AVERAGE LVR (%)

ARREARS PERFORMANCE VS SPIN: AMP BANK

TOTAL* LMI CLAIMS INFORMATION

LIFE TO DATE CLAIMS PAID (A$M)

LIFE TO DATE TOTAL LOSS (A$M)

LMI PROVIDERS

65

0.63% vs 1.43%

8.2

4.1

Genworth, QBE


GEOGRAPHIC BREAKDOWN OF MORTGAGE BOOK

SOURCE: AMP BANK JUNE 30 2010

ASSET SPECIF ICS (PROGRESS 2010-1 TRUST)

* Includes on and off balance sheet loans

All data as at June 30 2010

NSW

43%

VIC

21%

SA

7%

OTHER

13% QLD

16%* All data as at June 30 2010

1 1

About Australian Central Credit Union

O n December 1 2009 Australian Central Credit Union(ACCU) merged with Savings and Loans CreditUnion (S&L). The merger created Australia’s second-largest credit union by total assets – it has over A$7billion under management – and the largest in South

Australia. ACCU has more than 340,000 members servicedthrough over 70 branches in South Australia, NorthernTerritory, Victoria, Western Australia and New South Wales.

ACCU is an authorised deposit-taking institution, is subjectto prudential supervision under Australia’s Banking Act 1959and is regulated by the Australian Prudential RegulationAuthority.

The merger brought together two strong credit unions,with a key focus on continuing to improve products andservices available to members. ACCU’s origins date back to1984 when a number of independent credit unions –themselves with origins going back to the 1960s – cametogether to form ACCU. S&L dates back to 1949, when agroup of South Australian public servants formed the PublicServants Association Savings & Loans Society, which laterbecame Savings & Loans Credit Union.


Securitisation forms an important component of ACCU’sfunding strategy in supporting its continued growth andmaintenance of a balanced funding platform. Since the launchof Light Trust in 2007, ACCU’s strategy in relation to RMBS isto issue on a regular basis, maintaining a presence within theRMBS market and renewal through its warehousing facilities.

AUSTRALIAN CENTRAL CREDIT UNION


Grant StrawbridgeSenior Manager Treasury+61 8 8305 [email protected]

John MessentGeneral Manager Finance and Treasury+61 8 8305 [email protected]

RATING

AUSTRALIAN ADI


Not rated

Yes

Light Trust





TOTAL VOLUME ISSUED (A$M)

TOTAL DOMESTIC VS OFFSHORE

ISSUANCE LEVELS


ISSUES (A$M)

RMBS

21

2

613.2

100% domestic

320



ARREARS PERFORMANCE VS SPIN (%)

LMI CLAIMS INFORMATION

LMI PROVIDER

61

0.63

None

QBEUSE OF SECURIT ISATION

ASSET SPECIF ICS (RMBS)

GEOGRAPHIC D ISTRIBUTION OF MORTGAGE BOOK

SOURCE: AUSTRALIAN CENTRAL CREDIT UNION OCTOBER 2010

OTHER

1%NSW

8%

WA

3%

NT

11%

SA

77%


ISSUERPROFILES

About Bank of Queensland

Bank of Queensland (BoQ) is a public companyincorporated with limited liability under the laws ofAustralia. The bank is domiciled in Australia, listed onthe Australian Securities Exchange (ASX) and isregulated by the Australian Prudential Regulation

Authority as an authorised deposit-taking institution. With totalassets under management at August 31 2010 of A$38.7 billion,the bank is one of the country’s top 100 ASX-listed companies.

BoQ operates a widespread network of 255 retail branchesthroughout Australia, including 84 located outside Queensland.A total of 53 branches are owned and operated by the bank,while 202 are owner-managed using BoQ’s innovative owner-managed branch model. The bank’s loans under managementtotal A$32.0 billion, of which residential property loansaccount for A$23.0 billion, SME and commercial loans accountfor A$5.2 billion, and leasing accounts for A$3.8 billion,reflecting the bank’s focus on well-secured housing and SMElending.


BoQ’s funding philosophy has been first and foremost to growsticky retail deposits, then tap a diverse range of wholesalefunding sources. The bank’s assets under management arefunded by retail deposits (48%), short-term wholesale funding(14%), long-term wholesale funding (16%), securitisation(16%) and capital (6%).

BoQ’s diversified funding philosophy is complementedthrough its RMBS and ABS public issues under the REDSprogramme and its REDS RMBS warehouse facilities. Thebank has been a regular issuer in the capital markets under theREDS programme since 1998, having issued over A$12 billion

BANK OF QUEENSLAND


Tim Ledingham

Treasurer+61 7 3212 [email protected]

James ShawHead of Securitisation+61 7 3212 [email protected]

RATING

AUSTRALIAN ADI


BBB+/A2/BBB+ (S&P/Moody’s/Fitch)

Yes

REDS

TYPES OF SECURITISATION ISSUED

PROPORTION OF ASSETS UNDER MANAGEMENT

FUNDED VIA SECURITISATION (%)


TOTAL VOLUME ISSUED

TOTAL DOMESTIC VS OFFSHORE ISSUANCE

LEVELS


ISSUES

ABS, RMBS

16

27

Approx. A$15.3bn

Approx. A$13.6bn and

¤1bn (A$1.7bn equiv.)

Approx. A$6bn (incl.

¤375m from two REDSRMBS Trusts and one

REDS EHP Trust)



ARREARS PERFORMANCE VS SPIN

LMI PROVIDERS

55

REDS arrears have historically trackedaround SPIN. REDS 30+ arrears arecurrently 1.25% (Sep 30 2010)

Genworth, QBE

USE OF SECURIT ISATION GEOGRAPHIC BREAKDOWN – REDS RMBS

SOURCE: BANK OF QUEENSLAND AUGUST 2010

GEOGRAPHIC BREAKDOWN – REDS EHP

SOURCE: BANK OF QUEENSLAND AUGUST 2010


QLD

67%

NSW

14%

VIC

9%

WA

8%

VIC

18%

OTHER

2%

WA

10%

NSW

20%

OTHER

6%

QLD

46%

of RMBS through 21 separate public bond issues and over A$3billion of ABS (via REDS EHP) through six separate bondissues. BoQ is an experienced servicer and the REDSprogramme has consistently delivered strong collateral pools. Itcontinues to evolve and be responsive to investor needs, whilethe bank’s strategy remains to issue structures which areattractive to investors.

1 3

About Bendigo and Adelaide Bank

T he Bendigo and Adelaide Bank Group was formed inNovember 2007 as a result of the merger betweenBendigo Bank and Adelaide Bank. A publicly-listedcompany, the group has assets under management ofmore than A$50 billion and a market capitalisation of

around A$3.3 billion.Under the Bendigo and Adelaide Bank corporate entity, the

various parts of the business operate under four distinct brands:1. Retail. This business provides banking and wealthmanagement services to individual and small to mediumbusinesses. Operating under the Bendigo Bank brand, the retailbusiness is represented in all states and territories of Australiawith almost 900 outlets, including more than 190 company-owned branches, 250 locally-owned Community Bankbranches, 90 agencies and 800 ATMs.2. Third-party banking. Under the Adelaide Bank brand, the groupprovides mortgages to many Australians via a network ofbrokers and mortgage managers. In addition, the bank’sAlliance Partners business funds third-party credit providers.3. Wealth management. This group is represented by SandhurstTrustees, a trustee company and funds manager; margin lenderLeveraged Equities; Oxford Funding; Bendigo FinancialPlanning; and debenture company Victorian Securities.4. Joint ventures. The bank also participates in a range of jointventures, including Rural Bank (with Elders Ltd) andCommunity Sector Banking (with a consortium of 20 partnersfrom the not-for-profit sector).


Securitisation accounts for 17% of total funding for Bendigoand Adelaide Bank. To date, its RMBS issuance has exceeded

BENDIGO AND ADELAIDE BANK


Terry Fountas Investor Relations+61 8 8220 [email protected]/public/shareholders/securitisation

RATING

AUSTRALIAN ADI


BBB+/A2/BBB+ (S&P/Moody’s/Fitch)

Yes

TORRENS Series


WHOLESALE FUNDING TOTAL OUTSTANDINGS (A$BN)







ISSUES

RMBS

16.5

51

19

17.5

A$12.5bn onshoreA$5bn equivalent offshore

A$8.5bn equivalentincluding ¤265m



LMI CLAIMS PAID TO DATE (A$M)

LMI PROVIDERS

64.72

2.86

Genworth, QBE


GEOGRAPHIC D ISTRIBUTION OF MORTGAGE BOOK

SOURCE: BENDIGO AND ADELAIDE BANK OCTOBER 2010


A$17 billion across 19 deals since 1996. Due to the relativelycost-effective pricing that securitisation delivers, the bank willcontinue to use it as a source of funding going forward as longas it makes economic sense to do so.

The bank’s well-established third-party mortgage businessand its Australia-wide branch network mean it can regularly usethe assets written through these channels.

To date, the Australian Office of Financial Managementhas been a valued supporter of Bendigo and Adelaide Bankthrough its initiative to promote competition in the AustralianRMBS market.

ACT

1.31%

TAS

0.25%

VIC

24.85%

WA

6.58%

SA

20.11%

NSW

27.90%

NT

0.13%

QLD

18.87%


SOURCE: BENDIGO AND ADELAIDE BANK OCTOBER 2010

Aust Prime SPIN90+ days arrears61-90 days arrears31-60 days arrears

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0

Mar

96

Mar

97

Mar

98

Mar

99

Mar

00

Mar

01

Mar

02

Mar

03

Mar

04

Mar

05

Mar

06

Mar

07

Mar

08

Mar

09

Mar

10

AR

RE

AR

S (%

)


ISSUERPROFILES

About Capital Finance Australia

Capital Finance Australia is one of Australia’s leadingasset finance companies providing asset funding toall types of businesses and individuals, with a focuson partnering with customers and offering the rightasset finance solution for their unique needs. It is a

wholly-owned subsidiary of Lloyds International (ultimateparent: Lloyds Banking Group plc).

Capital Finance Australia has two principal business lines:wholesale and retail motor financing and business financing.

Wholesale and retail motor financing

This business comprises a large network of dealer partnerswho are able to offer retail financing options to motor vehiclepurchasers. Dealers are offered a range of wholesale solutionsfor their sales floor stock and support with finance andinsurance locum services.

Business financing

The business financing area provides specialist asset funding tohelp companies achieve their business goals in the most cost-effective way. This area acts as a commercial financier for thegovernment, multinationals and public and private companies.The business financing area strives to create and maintainmeaningful, long-term relationships with both clients andintroducers.


Securitisation is a key funding tool for Lloyds Banking Group,with £37.5 billion of outstanding public issues as at June 302010. The Bella Trust forms a key component of fundingLloyds Banking Group’s Australian businesses and CapitalFinance Australia expects to remain a frequent issuer via thisprogramme.

CAPITAL FINANCE AUSTRALIA


Steven Mixter+61 2 8070 [email protected]

RATING

AUSTRALIAN ADI


N/A

No

Bella Trust






ISSUES (A$BN)

Auto receivables ABS

2

1.48

100% domestic

1.08


CONTRACTS BY F INANCE TYPE

TERM PURCHASE (%)

SECURED LOAN (%)

CHATTEL MORTGAGE (%)

TYPE OF COLLATERAL

NEW (%)

USED (%)

Bella 2010-1

10.20

44.51

45.29

Bella 2010-1

65.37

34.63

Bella 2009-1

24.88

55.72

19.41

Bella 2009-1

55.77

44.23


GEOGRAPHIC BREAKDOWN OF ASSETS:BELLA TRUST 2010-1

SOURCE: CAPITAL F INANCE AUSTRALIA OCTOBER 2010

GEOGRAPHIC BREAKDOWN OF ASSETS:BELLA TRUST 2009-1

SOURCE: CAPITAL F INANCE AUSTRALIA OCTOBER 2010

ASSET SPECIF ICS

NSW

33.53%

QLD

26.19%

ACT

0.53%

WA

15.79%VIC

18.62%

SA

4.25%NT

1.04%

NSW

34.02%

QLD

20.71%

ACT

0.73%

WA

17.04%VIC

21.46%

SA

4.86%

NT

1.08%TAS

0.10%

Delinquency and Loss Experience

For detailed investor reporting please go to:www.lloydsbankinggroup.com/investors/debt_investors/bella.asp

1 5

About Colonial First State Global Asset Management

C olonial First State Global Asset Management (CFSGAM) is the largest manager of Australian-sourcedfunds. It provides asset management services towholesale and institutional investors across a diverserange of domestic and global asset classes, including

Australian and global equities, cash, fixed interest and credit,property securities, listed infrastructure and fund-of-hedge-funds, listed and unlisted property, private equity andinfrastructure.

CFS GAM has a presence in Australia, New Zealand, Asia,Europe, the UK and the Middle East. As at August 31 2010 thefirm had A$148.8 billion in funds under management.


The Colonial First State Capital Management (CFSCM) CMBSprogramme is a real estate securitisation programme involvingfour deferred purchase agreements that are secured byindustrial, retail and office properties throughout Australia.

The programme is supported by mortgages over high-qualityand geographically diverse collateral securities which are ownedby Direct Property Investment Fund and Private PropertySyndicate, two unlisted property funds managed by CFS GAM.The notes issued under Series 1 are direct, unconditional,secured and unsubordinated obligations and rank withoutpreference or priority among themselves.

The CFSCM CMBS programme was first launched in June2007 and has since provided cost-effective funding anddiversification benefits of funding sources to the underlyingproperty funds.

COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT


Siu ChanTreasury Adviser+61 2 9303 3489 [email protected] www.cfsgam.com.au

AUSTRALIAN ADI


No

Colonial First State CapitalManagement CMBS Issuer Series





ISSUANCE LEVELS

OUTSTANDING VOLUME OF

SECURITISED ISSUES (A$M)

CMBS

2

1.568

100% domestic

523

SUMMARY PORTFOLIO STATISTICS


There are currently 34 properties across theportfolio spread between the commercial, industrial and retail property sectors

26.3 USE OF SECURIT ISATION

GEOGRAPHIC BREAKDOWN OF ASSETS

SOURCE: COLONIAL F IRST STATE GLOBAL ASSET MANAGEMENT OCTOBER 2010

BREAKDOWN OF ASSETS BY COLLATERAL TYPE

SOURCE: COLONIAL F IRST STATE GLOBAL ASSET MANAGEMENT OCTOBER 2010

ASSET SPECIF ICS (CMBS)

OFFICE

62%

RETAIL

27%

INDUSTRIAL

11%

NSW

59%

VIC

14%

QLD

18%

WA

9%


ISSUERPROFILES

About CNH Capital Australia

CNH Capital Australia (CNH Capital) is a financialservices company that is part of agricultural andconstruction equipment manufacturer CNH Global.It services the agriculture, construction and transportmarkets. CNH Capital delivers a wide range of

financial products and services to more than half a millioncustomers in Australia, North America, Latin America andEurope. The company markets retail and wholesale financingproducts directly to customers and through the CNH globalnetwork of approximately 11,600 independent dealerships anddistributors in 170 countries.

CNH Capital has more than 50 years of equipment lendingexperience. Its parent, the Fiat Group, was founded more than100 years ago. The Fiat Group is one of the largestconsortiums of automotive manufacturers in the world.


Securitisation remains an important funding option for CNH Capital.

CNH CAPITAL AUSTRALIA


Kerrieann McCarronTreasurer+ 61 2 9673 [email protected]

RATING

AUSTRALIAN ADI


BB+ (S&P)

No

CNH Capital AustraliaReceivables Trust








ISSUES

ABS

85

6

2.3

100% domestic

A$192m in CNHCapital Australia ReceivablesTrust Series 2009-1

A$255m in CNHCapital Australia ReceivablesTrust Series 2010-1

USE OF SECURIT ISATIONUSE OF SECURIT ISATION

GEOGRAPHIC BREAKDOWN OF CONTRACTS

SOURCE: CNH CAPITAL AUSTRALIA OCTOBER 2010

NSW

27.96%

QLD

12.37%

TAS

1.53%

WA

21.94%

VIC

22.22%

SA

13.83%

ACT

0.06%NT

0.08%

GEOGRAPHIC BREAKDOWN OF CONTRACTS

SOURCE: CNH CAPITAL AUSTRALIA OCTOBER 2010

NSW

26.26%

QLD

14.19%

TAS

1.18%

WA

24.37%

VIC

17.96%

SA

15.81%

ACT

0.14%NT

0.08%

CONTRACTS BY F INANCE TYPE (%)

GOODS MORTGAGE

HIRE PURCHASE

TYPE OF COLLATERAL (%)

NEW

USED

98.22

1.78

78.92

21.08

ASSET SPECIF ICS : CNH CAPITAL AUSTRALIA

RECEIVABLES TRUST SERIES 2009-1


GOODS MORTGAGE

HIRE PURCHASE

TYPE OF COLLATERAL (%)

NEW

USED

96.89

3.11

85.40

14.60

ASSET SPECIF ICS : CNH CAPITAL AUSTRALIA

RECEIVABLES TRUST SERIES 2010-1

1 7

CREDIT UNION AUSTRALIA


Geoff GrantChief Financial Officer+61 7 3365 [email protected]

Jeff UrquhartManager, Treasury and Securitisation+61 7 3365 [email protected]

RATING

AUSTRALIAN ADI


BBB+ (S&P)

Yes

Harvey Trust Series


WHOLESALE FUNDING DRAWN TOTAL* (A$BN)






ISSUANCE LEVELS


ISSUES (A$BN)

RMBS

2.14

95

8

4.08

100% domestic

1.59

About Credit Union Australia

C redit Union Australia (CUA) is the largest mutualfinancial institution in Australia and serves its morethan 400,000 members through over 70 brancheswith more than 800 staff. CUA is wholly-owned byits members, not external shareholders. As a mutual

financial institution, CUA’s vision is to become the leadingmember-owned banking alternative in Australia.


Approximately 27% of CUA’s loans under management as atJune 30 2010 have been funded through the Harvey Trustsecuritisation programme. CUA has been an active issuer in theRMBS market since 2003, typically completing one deal eachyear, with securitisation providing the main source of CUA’swholesale funding during this period.

CUA attracted the support of the Australian Office ofFinancial Management as a cornerstone investor into termissues undertaken in 2009 and 2010. The 2009 deal totalledA$482 million while the 2010 transaction was upsized to A$650million from an original A$500 million.

These deals have allowed CUA to continue to offercompetitively-priced products into the Australian residentialmortgage market.

In October 2010 CUA was assigned a wholesale creditrating of BBB+/A-2 with stable outlook from Standard &Poors. While this will facilitate CUA being able to diversify itswholesale funding sources, the firm expects that securitisationwill remain an important element of its funding strategy inthe future.



SOURCE: CREDIT UNION AUSTRALIA OCTOBER 2010

WEIGHTED AVERAGE SEASONING

PROPORTION MORTGAGE INSURED (%)




LMI PROVIDERS

52 monthsFixed 47%, variable 43%Owner-occupied 90%

100

66.2

0.23

No claims to date

Genworth, QBE


QLD

52%NSW

28%

VIC

18%

WA

1%OTHER

1%* As at June 30 2010


ISSUERPROFILES

About FirstMac

F irstMac is a Brisbane-based non-authorised deposit-taking institution operating as a specialised home loanlender and loan servicer. The company provides loansfor the purchase and refinance of residential property,catering to both the owner occupier and investor

markets, including first home buyers. Since the mid-1990sFirstMac has played an integral part in the evolution of thehome loan market into a more competitive environment.

FirstMac has a Standard & Poor’s Strong servicer rating,which reflects the strength of the group’s fully-integrated,web-enabled loan origination, underwriting and servicingplatform, as well as its long history of servicing loans, financialstability, proactive compliance culture and quality assuranceframework.


FirstMac is reliant on the issuance of RMBS in thesecuritisation market to source funding to enable it to continueto provide home loans in competition with the major banklenders.

Since 2008 FirstMac’s funding strategy has been to issuehistorically smaller transaction sizes on a more frequent basis.This maintains a higher percentage of longer-match termfunding and ensures optimum liquidity for the group’s short-term warehousing facilities.

The Australian Office of Financial Management (AOFM)has been a supporter of FirstMac’s issuance programme,including FirstMac becoming the beneficiary of the AOFM’sinaugural RMBS investment in November 2008.

FIRSTMAC


James AustinChief Financial Officer+ 61 7 3071 [email protected]

Paul EagarDirector Securitisation+61 2 8298 [email protected]

STANDARD & POOR’S SERVICER RATING

AUSTRALIAN ADI


Strong

No

FirstMac


CURRENT WHOLESALE FUNDING VOLUME (A$BN)






ISSUANCE LEVELS


ISSUES ( INCLUDING CURRENCY BREAKDOWN)

RMBS

4.5

90

16

8.8

65% domestic35% offshore

A$3.6bn; A$0.5bn equiv. denominated in EUR





LIFE TO DATE CLAIMS MADE (A$M)

LIFE TO DATE CLAIMS PAID (A$M)

LMI PROVIDERS

71.0

0.91

19.4

18.5

Genworth, QBE



SOURCE: F IRSTMAC OCTOBER 2010


QLD

34%

VIC

16%

SA

14%

OTHER

8%

NSW

28%

1 9

FLEETPARTNERS


Andrew DemuraGroup Treasurer+ 61 3 8416 5486 [email protected]

RATING

AUSTRALIAN ADI


Not rated

No

FP Turbo Trust

TYPE(S) OF SECURITISATION ISSUED



NUMBER OF ABS TRANSACTIONS ON ISSUE



OUTSTANDING VOLUME OF SECURITISED ISSUES (A$M)

Motor vehicle, novated,finance and operating lease-backed

100

2

864.2

100% domestic

864.2

About FleetPartners

F leetPartners provides fleet leasing products to thecorporate business market. Its market share positionsFleetPartners as one of the top three leasingcompanies in Australia and New Zealand. Thecompany is based in Richmond, Victoria with sales

offices throughout Australasia. Currently in excess of 50,000drivers in Australia and New Zealand drive vehicles supportedby FleetPartners’ fleet leasing and management services.

FleetPartners dates back to the 1980s, during which periodANZ formed two joint venture businesses to provide fleetleasing products to the corporate business market. In 1996 thetwo joint ventures were merged into a single legal entity andtraded as under the brand FleetPartners. In November 2006the business was acquired by a private equity group led by aformer and now current FleetPartners chief executive officer,Nick Johnson.

Current shareholders include entities controlled, managedor advised by Government of Singapore InvestmentCorporation, Ironbridge Capital and the senior managementteam of FleetPartners.


FleetPartners aims be a frequent and regular issuer ofAustralian dollar-denominated ABS for all lease types.



SOURCE: FLEETPARTNERS OCTOBER 2010

CONTRACTS BY LEASE TYPE

TYPE OF COLLATERAL

WEIGHTED AVERAGE L IFE

Novated 19%, Finance 6%, Operating 75%

New 86%, Used 14%

26 months


NSW

39%

VIC

25%

QLD

20%

SA

5%WA

10%

OTHER

1%

HERITAGE SECURIT ISED LOANS ARREARS VS SPIN

SOURCE: HERITAGE BUILDING SOCIETY JUNE 2010


ISSUERPROFILES

About Heritage Building Society

H eritage Building Society (Heritage) is Australia’slargest building society, with approximately A$7.5billion in total consolidated assets as at June 2010. Itis a public company, limited by shares and guarantee,that operates as a mutual organisation. Heritage is an

authorised deposit-taking institution (ADI) and as such isregulated by the Australian Prudential Regulation Authority.Heritage’s head office is situated in Toowoomba, Queensland.

Heritage offers its members a variety of retail bankingproducts and services via a network of branches and mini-branches in South East Queensland, as well as throughmortgage broking intermediary offices across the Easternseaboard and South Australia. Heritage has a prudent riskappetite and does not originate low-doc or no-doc loans.The mutual business structure is an integral component ofHeritage’s operating philosophy.

Heritage has a track record of robust financial performanceover many years and, in the absence of shareholders pressuringfor short-term outcomes, can focus on long-term objectiveswhen making business decisions.


As a growth mutual Heritage relies on the funding and capitalmanagement benefits associated with securitisation.Accordingly, the building society has been an active issuerwithin the mortgage-backed securitisation markets since 2001,when it completed its first public deal. Since that time Heritagehas sponsored nine public Australian dollar and euro-denominated issues under the HBS Trust banner.

HERITAGE BUILDING SOCIETY


Paul Williams Treasurer Rob Staskiewicz Senior Structured Finance AnalystStuart Murray Senior Structured Finance AnalystHeritage Treasury +61 7 4694 9500www.heritageonline.com.au

RATING

AUSTRALIAN ADI


BBB/A3 (S&P/Moody’s)

Yes

HBS Trust



FUNDING SOURCED VIA SECURITISATION


TOTAL VOLUME ISSUED


ISSUANCE LEVELS

OUTSTANDING VOLUME OF SECURITISEDISSUES

RMBS

Approx. 50%

Nine public deals: six AUD and threeEUR (four redeemed); four AUDwarehouse arrangements; one AUDinternal securitisation arrangement.

Approx. A$5bn in AUDequivalent via nine public deals.

Domestic: approx. 50% of total volume via six public deals. Offshore: approx. 50% of total

volume via three public deals.

Approx. A$2.4bn equivalent,comprising A$1.9bn and ¤310m



LMI PROVIDERS


62.1

Permanent (Heritage part-owned),Genworth, QBE

2.0

1.5

1.0

0.5

0

Dec

04

Dec

05

Mar

05

Jun

05

Sep

05

Dec

06

Mar

06

Jun

06

Sep

06

Dec

07

Mar

07

Jun

07

Sep

07

Dec

08

Mar

08

Jun

08

Sep

08

Dec

09

Mar

09

Jun

09

Mar

10

Jun

10

Sep

09

31-60 DAYS 61-90 DAYS 90+ DAYS SPIN INDEX

PE

R C

EN

T

Transactions are typified by low-risk collateral, as evidencedby the extremely low arrears levels experienced withinunderlying mortgage pools.

Heritage’s strategy is to build a sustainable funding baseacross a diversity of channels while maintaining a strong, low-risk franchise in traditional mortgage-backed securitisationmarkets. In addition to its traditional retail deposit base andsecuritisation activities, Heritage has access to a diversity ofwholesale funding options through a multi-faceted wholesaledebt programme. Heritage has also accessed capital markets viaan Australian Securities Exchange-listed retail bond, the first ofits kind by a mutual ADI.


SOURCE: HERITAGE BUILDING SOCIETY JUNE 2010

NSW

29.14%QLD

47.60%

SA

1.02%VIC

21.13%

ACT

1.11%

2 1

About IMB

IMB is one of Australia’s largest building societies withassets of more than A$4.6 billion and around 180,000members. Established in 1880, it is also the longest-standing building society in New South Wales (NSW).IMB offers full-service face-to-face and electronic banking

facilities including home and personal lending, savings andtransaction accounts, term deposits, business banking, financialplanning and a wide range of insurance products.

IMB has 41 branches throughout the Illawarra region southof Sydney, Sydney itself, the NSW south coast, the AustralianCapital Territory and Melbourne. Those branches aresupported by an effective mobile lending team and ATMnetwork. IMB also provides commercial loans through brokergroups across Australia.

IMB is regulated by the Australian Prudential RegulationAuthority and the Australian Securities and InvestmentsCommission, and is a member of ABACUS, an independentorganisation representing building societies and credit unions.


IMB is predominantly funded by retail deposits but also has adiverse wholesale funding capability including the use ofsecuritisation to diversify its funding base. Prior to the financialcrisis, IMB was a regular issuer under its Illawarra Trustprogramme. In March 2010 IMB launched a A$300 millionRMBS issue with investment support from the AustralianOffice of Financial Management.

IMB


Mark WorkmanTreasurer+61 2 4298 0172

Ian WitheridgeSenior Manager, Finance+61 2 4298 0256www.imb.com.au

RATING

AUSTRALIAN ADI


BBB (S&P)

Yes

Illawarra Trust


CURRENT FUNDING TOTAL (A$BN)






ISSUANCE LEVELS


ISSUES (A$BN)

RMBS/CMBS (small ticket)

1.1

100

7 trusts: 5 RMBS; 2 CMBS

2.8

100% domestic

1.1



SOURCE: IMB OCTOBER 2010




LMI PROVIDERS

64.7

> 90 days: 0.01% vs SPIN 0.56%

4 claims made out of 14,900 securitisedloans

Genworth, QBE


NSW

78%

VIC

8%

QLD

6%ACT

6%

OTHER

2%


ISSUERPROFILES

About ING Direct

ING DIRECT – the trading name of ING Bank(Australia) – is a specialist retail direct savings bank. Itoffers customer-focused products in the retail mortgage,innovative direct banking and specialised commercialproperty markets. With approximately A$22 billion in

deposits, A$37 billion in mortgages and 1.4 million customersin Australia, it is the fifth-largest retail bank in the country. INGDIRECT launched in Australia in 1999, its headquarters are inSydney and it has more than 900 staff across the nation.

ING DIRECT is wholly-owned by ING Group, a globalfinancial company offering banking, insurance and assetmanagement. It is the third-largest savings bank and eighth-largest corporation in the world, with more than 85 millioncustomers in over 60 countries and the equivalent of A$2.5trillion in assets. ING Group has 115,000 staff.


The IDOL Trust Series 2010-1, which was issued on October20 2010, was the inaugural external RMBS issuance for INGBank (Australia). This deal was supported by the AustralianOffice of Financial Management, which bought the entireA$250 million A2 tranche.

Securitisation will become a key part of ING Bank(Australia)’s long-term funding mix to complement the existingunsecured medium-term note programme.

ING BANK (AUSTRALIA) (trading as ING DIRECT)


Peter CaseyHead of Treasury+61 2 9018 [email protected]

RATING

AUSTRALIAN ADI


A+ (S&P)

Yes

IDOL Trust Series


WHOLESALE FUNDING VOLUME* (A$BN)






ISSUANCE LEVELS

OUTSTANDING VOLUME OF

SECURITISED ISSUES (A$M)

RMBS

21.2

4

1

900

100% domestic

900





LMI PROVIDERS USED

67.02

Insufficient history

Insufficient history

GenworthUSE OF SECURIT ISATION

GEOGRAPHIC BREAKDOWN OF MORTGAGE POOL

SOURCE: ING DIRECT OCTOBER 2010

ASSET SPECIF ICS ( IDOL TRUST SERIES 2010-1)

NSW

31.25%QLD

21.22%

WA

5.99%

SA

10.11%

VIC

25.29%

ACT

4.03%

ACT

0.20%TAS

1.92%

* As at September 30 2010

2 3

INVESTEC BANK (AUSTRALIA)


Kuin Lee Treasury +61 2 9293 [email protected]

RATING

AUSTRALIAN ADI


BBB/Baa2 (S&P/Moody’s)

Yes

Impala Trust







ISSUES (A$M)

ABS

1.485

1

240.7

100% domestic

240.7



SOURCE: INVESTEC BANK AUSTRALIA MAY 27 2010

*Figures are as at March 31 2010 and do not include term-out done on May 27 2010

SUMMARY PORTFOLIO STATISTICS*

POOL BALANCE (A$M)

NUMBER OF CONTRACTS

AVERAGE CONTRACT SIZE (A$’OOO)


FINANCE LEASE

CHATTEL MORTGAGE

ASSET LEASE

RENTAL

TYPE OF COLLATERAL (INCL. NEW VS SPLIT)** (%)

MOTOR VEHICLE

MEDICAL EQUIPMENT

COMPUTER EQUIPMENT

DENTAL EQUIPMENT

OFFICE EQUIPMENT & FURNITURE

OTHER ASSETS

237.2

5,005

47,389.03

68.64

17.15

12.69

1.52

44.22

31.31

1.78

21.61

0.77

0.31

ASSET SPECIF ICS ( IMPALA TRUST SERIES 2010-1)

*All figures as at issue date, May 27 2010** Predominantly new assets

NSW

40.99%

VIC

20.74%

WA

6.77%

ACT

1.09%SA

5.57%

QLD

23.48%

NT

0.39%

TAS

0.85%

About Investec Bank (Australia)

I nvestec Bank (Australia) Limited (IBAL) is a wholly-ownedsubsidiary of the Investec Group (Investec), aninternational specialist bank and asset manager listed onthe London and Johannesburg stock exchanges with assetsover £46.6 billion and a market capitalisation of

approximately £4 billion as at March 2010.Investec entered the Australian market in 1997, delivering

unique products and services in private banking, investmentbanking, capital markets, property activities and fundsmanagement to high net worth clients, corporations andinstitutional investors.

During this time, IBAL has grown through a combinationof organic growth and strategic acquisitions such as WentworthAssociates (in 2001), the banking operations of NM Rothschild& Sons (Australia) (in 2006), and Experien, a lending platformfor medical and accounting professionals (in late 2007).

Employing over 400 staff in Australia across Sydney,Melbourne, Brisbane, Adelaide and Perth, IBAL offers adiverse range of investment banking products and services tohigh net worth individuals and their businesses, and to a nichecorporate customer base.


IBAL’s funding strategy is to ensure a diversity of fundingsources, tenors and types to achieve a prudent mix.Securitisation is considered part of its strategy.

The funding strategy aims to:• allow IBAL to grow its lending activities organically andachieve its business objectives in Australia;• afford IBAL the opportunity to explore loan asset acquisitionopportunities that would allow it to strategically position itselfwithin the Australian market; and

• ensure all regulatory requirements in respect of funding andliquidity are met or exceeded on an ongoing basis.The funding strategy includes:• building and diversifying the retail deposit base by increasingproduct functionality, increasing product types, potentiallywidening the deposit target market, and growing the depositbase in terms of number of clients and total book size;• developing and widening the treasury services offered tocorporate clients; and• increasing the portion of wholesale funding sourced fromrelationship-based clients.

IBAL has adopted an ‘over-funded’ strategy to maximisebalance sheet resilience, and continually focuses on diversifyingfunding sources.


ISSUERPROFILES

About Liberty Financial

L iberty Financial (Liberty) is a leading diversified financialservices company that offers a broad range of creditand retail investment products across Australia andNew Zealand. Liberty’s credit expertise spans residentialand commercial mortgages, auto and equipment loans,

dealer floorplan and invoice receivables finance.Liberty remains one of few issuers worldwide that have not

experienced any charge-offs, outlook warnings or downgradesto any security ever issued from any of its programmes.


Liberty has been an active participant in the securitisationmarkets for over 10 years and has successfully completed 22deals totalling approximately A$10 billion. Furthermore,Liberty has been able to issue seven securitisations to continuebusiness lending throughout the recent market dislocation.

Liberty has supported its funding programme with arigorous approach to servicing, and has received favourableservicer ratings from Standard & Poor’s.

Liberty remains committed to maintaining a sound financialbase to underpin its funding activities, of which securitisationwill remain an important component. In addition tosecuritisation, Liberty accesses wholesale facilities, commercialpaper markets and a growing retail investor base.

Since inception, Liberty has been able to generate stableprofitability. This has allowed the company to increase itsequity capital to more than A$200 million. Liberty issupported by its banking partners – Credit Suisse, DeutscheBank and National Australia Bank.

LIBERTY FINANCIAL


Peter RiedelGeneral Manager, Treasury+61 3 8635 [email protected]

Rebecca SimsCommunications Adviser+61 3 8635 [email protected]

S&P SERVICER RATING (PRIME MORTGAGES)

S&P SERVICER RATING (NON-PRIME MORTGAGES)

S&P SERVICER RATING (AUTO LOANS)

S&P SERVICER RATING (COMMERCIAL MORTGAGES)


Strong

Strong

Strong

Above average

Liberty




CURRENCIES ISSUED

ABS, CMBS and RMBS

22

Approx. 10

AUD, EUR, NZD and USD



CLAIMS MADE TO DATE

CLAIMS PAID TO DATE

LMI PROVIDERS USED

Zero

Zero

Genworth, QBE

GEOGRAPHIC BREAKDOWN: AUSTRALIAN RMBS

SOURCE: L IBERTY F INANCIAL SEPTEMBER 30 2010

ASSET SPECIF ICS (ABS, CMBS, RMBS)

NSW

26%

QLD

16%

SA

9%

OTHER

6%

VIC

26%

WA

17%

GEOGRAPHIC BREAKDOWN: AUSTRALIAN CMBS


NSW

22%

WA

42%

SA

9%

OTHER

7%

VIC

9%

QLD

11%

GEOGRAPHIC BREAKDOWN: AUSTRALIAN ABS


NSW

32%

QLD

34%

SA

5%

OTHER

3%

VIC

19%

WA

7%

2 5

MACQUARIE GROUP

SMART PROGRAMME

RATINGS

SECURITISATION PROGRAMME NAMES

A-/A2/A (Macquarie Group) (S&P/Moody’s/Fitch)A/A1/A+ (Macquarie Bank) (S&P/Moody’s/Fitch)

SMART, PUMA Masterfund (for AUD issuance),PUMA Global Trust (for USD issuance)

ASSET SPECIF ICS (ABS)*

AUSTRALIAN ADI

Macquarie Securitisation Limited (manager of the PUMA RMBS programme) andMacquarie Securities Management Pty Limited (manager of the SMART auto andequipment lease programme) are wholly-owned subsidiaries of Macquarie Bank Limited,which is a regulated ADI and part of Macquarie Group Limited.

About Macquarie Group

M acquarie Group (Macquarie) is a global providerof banking, financial, advisory, investment andfunds management services. Macquarie acts onbehalf of institutions, corporate and retail clientsand counterparties around the world. Founded in

1969, Macquarie operates in more than 70 office locations in 28countries and employs more than 14,600 staff. At June 30 2010Macquarie had assets under management of A$343 billion.

Macquarie is listed in Australia (ASX: MQG) and isregulated by the Australian Prudential Regulation Authority,the Australian banking regulator, as a non-operating holdingcompany of an authorised deposit-taking institution,Macquarie Bank.


Macquarie has been a leading participant in the securitisationmarket since 1991. It uses securitisation primarily to providefunding diversification. Issuance activity is a function of thelevel of business activity and group liquidity requirements.

Macquarie mainly uses securitisation to fund consumer andsmall-ticket commercial receivables originated and managed bythe group. Macquarie-sponsored securitisation programmeshave been regular issuers in the US, European, Asian andAustralian capital markets since 1993. The firm has two strongissuer brands: PUMA, which is used to fund Australian, insuredresidential mortgages and SMART, which is used to fundAustralian auto and equipment leases. Smaller asset portfoliosare securitised on an ad hoc basis.

The company’s Canadian mortgage business alsoparticipates in the Canadian Mortgage Bond programme and isan issuer of NHA mortgage-backed securities.

Macquarie generally retains some credit exposure to thecollateral through residual interests and reputational riskthrough management and servicing of collateral.

* As at August 31 2010






TOTAL DOMESTIC

VS OFFSHORE ISSUANCE LEVELS

OUTSTANDING VOLUME OF SECURITISED ISSUES

ABS

48

8 (5 AUD; 2AUD/EUR; 1 USD)

6.6

A$4bn domesticA$2.6bn equiv. offshore

6 issues: A$2.1bn

A$800m domestic; A$1.3bnequivalent offshore


PORTFOLIO S IZE (A$BN)

ASSET BREAKDOWN (%)

MOTOR VEHICLES NEW

MOTOR VEHICLES USED

OTHER

EARTH-MOVING EQUIPMENT

ELECTRICAL MACHINERY

PORTFOLIO BY F INANCE PRODUCT

NOVATED

CHP

CHATTEL MORTGAGE

FINANCE LEASE

4.5

63

27

6

3

1

53

21

20

6

GEOGRAPHIC BREAKDOWN OF LEASING BOOK

SOURCE: MACQUARIE GROUP AUGUST 31 2010

NSW

37%

QLD

15%

SA

3%

NT

1%TAS

1%

VIC

28%WA

12%

ACT

4%

ARREARS PERFORMANCE: SMART


1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

30-60 NON-ACCRUAL (61+DPD)

Nov03

May 04

Nov04

May 05

Nov05

May 06

Nov06

May 07

Nov07

May 08

Nov08

May 09

Nov09

May 10

PORTFOLIO SIZE A$M

AR

RE

AR

S (%

)

VO

LU

ME

(A

$M

)


ISSUERPROFILES

PUMA PROGRAMME


Adrian BentleyExecutive Director, Group Treasury+61 2 8232 8584+61 411 269 [email protected]

Matthew O’HareDivision Director, Group Treasury+61 2 8237 3481+61 404 870 [email protected]



FUNDING SOURCED VIA SECURITISATION


TOTAL VOLUME ISSUED

OUTSTANDING VOLUME OF SECURITISED ISSUES

TOTAL OUTSTANDING DOMESTIC

VS OFFSHORE LEVELS

RMBS

60% of Australian mortgage book is fundedthrough securitisation

45 (34 domestic, 11 offshore)

A$41.1bn (A$23.4bndomestic, A$17.7bn equiv.offshore)

A$8.0bn via 24 issues (22domestic, 2 offshore)

A$6.5bn domestic, A$1.5bnequiv. offshore


MORTGAGE PORTFOLIO S IZE (A$BN)

WEIGHTED AVERAGE CURRENT LVR (%)

LMI PROVIDERS USED

13

67.5

Genworth (62%), QBE(37%), Other (1%)

ASSET SPECIF ICS (RMBS)*

CURRENCY

USD

¤

AUD

TOTAL (A$M EQUIV.)

TOTAL ISSUANCE (M)

10,500

400

24,023

41.087

OUTSTANDINGS (M)*

707

144

6,830

8,021


* As at August 31 2010

The table above depicts the LMI claims history in respect of all PUMA full-doc and low-docterm issues since 1993 to August 31 2010

LMI CLAIMS INFORMATION*

ISSUETYPE

AUD

Euro-$

Globa l

TOTAL

ISSUE S IZE (A$M)

22,413

4,986

12,714

40,113

A$M

46.20

0.49

9.64

56. 32

A$M

0.93

0.00

0.09

1 .02

% TOTAL

0.21

0.01

0.08

0.14

% OF CLAIMS

2.01

0.00

0.91

1 .81

LMI CLAIMS LMI CLAIMS REDUCTION BONDHOLDER LOSSES

Zero

Zero

Zero

ZERO



NSW

40.6%

QLD

24.6%

ACT

2.9%

SA

2.8%TAS

0.7%

VIC

18.1%

WA

10.1%

NT

0.2%

AR

RE

AR

S (%

)A

RR

EA

RS

(%

)

ARREARS PERFORMANCE VS SPIN: PUMA LOW-DOC TERM ISSUES


7

6

5

4

3

2

1

0

Jan

07

Sep

07

Mar

07

May

07

Jul 0

7

Nov

07

Jan

08

Sep

08

Mar

08

May

08

Jul 0

8

Nov

08

Jan

09

Sep

09

Mar

09

May

09

Nov

09

Jan

10

Mar

10

May

10

Jul 1

0

Jul 0

9

30 DAYS 60 DAYS 90+ DAYS LOW-DOC SPIN

ARREARS PERFORMANCE VS SPIN: PUMA FULL-DOC TERM ISSUES


3

2

1

0

Jan

07

Apr

07

Jul 0

7

Oct 0

7

Jan

08

Apr

08

Jul 0

8

Oct 0

8

Jan

09

Apr

09

Jan

10

Apr

10

Jul 1

0

Jul 0

9

Oct 0

9

30 DAYS 60 DAYS 90+ DAYS SPIN

2 7

About ME Bank

M E Bank is owned by 33 industry superannuationfunds and provides low-cost home loans andbanking products to its membership base. MEBank was created in 1999, although its origins dateback to September 1994 when, as an initiative of

the Australian Council of Trade Unions, National Mutuallaunched Super Member Home Loans.

ME Bank’s goal has always been to give industry super fundmembers better value banking and better service with a no-nonsense approach to borrowing and with products that are simple, straightforward and offer value for money toworking Australians.


ME Bank has been an active RMBS issuer in the past and willcontinue to support the market through continued issuance ofhigh-quality RMBS transactions under both the SMHL andMaxis securitisation programmes.

Through ME bank’s subsidiary, ME Portfolio Management(MEPM), the SMHL programme has issued over A$33 billionof public term issuance since its inaugural transaction in 1995and the Maxis programme has issued over A$3 billion. Inaddition, MEPM is the manager of the A$1 billion Mustangasset-backed commercial paper programme.

ME BANK


Paul GarveyGeneral Manager, Funding and Financial Markets+61 3 9605 [email protected]

RATING

SERVICER RATINGS

AUSTRALIAN ADI


BBB/A2 (S&P/Moody’s)

Strong (S&P), SQ2 (Moody’s),2 (Fitch)

Yes

Maxis Loans Securitisation Fund,SMHL Global Fund, SMHLSecuritisation Fund, SMHL Trust








ISSUANCE LEVELS


ISSUES


RMBS

15.7

83

45

37

A$18.5bn

US$10bn

¤ 2.2bn

A$6.9bnUS$1.6bn

¤ 600m





LMI PROVIDERS

61

30+ days = 0.78%

A$1.26m of claims over all securitisation

issues with no losses charged off on notes

Genworth 99%, HLIC 1%

USE OF SECURIT ISATION GEOGRAPHIC BREAKDOWN OF MORTGAGE BOOK

SOURCE: ME BANK SEPTEMBER 30 2010


ACT

9%

QLD

14%

SA

6%

WA

15%

VIC

27%

TAS

5%NT

1%

NSW

23%


ISSUERPROFILES

About MyState Financial

M yState Financial (MSF) is a Tasmanian-basedauthorised deposit-taking institution. Thecompany employs more than 280 staff andservices more than 120,000 customers through 12branches within Tasmania. The firm offers

personal and commercial lending, mortgage lending, overdrafts,credit cards, term deposits, insurance, financial planningservices and risk insurance.

MSF was formed through the merger of Island State CreditUnion and Connect Financial on July 1 2007. Both ConnectFinancial and Island State Credit Union were the culminationof credit union mergers across Tasmania since 1959.

More recently, MSF demutualised as part of the mergerwith Tasmanian Perpetual Trustees. MyState Financial is now awholly-owned subsidiary of MyState Limited, which is a non-operating company, approved by the Australian PrudentialRegulation Authority and listed on the Australian SecuritiesExchange.


MSF looks to use securitisation to fund approximately 20-25%of the funding portfolio through RMBS and asset-backedcommercial paper issuance.

MYSTATE FINANCIAL


William McShaneTreasurer+61 3 6211 2624www.mystate.com.au

RATING

AUSTRALIAN ADI


Not rated

Yes

ConQuest TrustConQuest Securities


WHOLESALE FUNDING VOLUME FY11 (A$M)







ISSUES (A$M)

RMBS, ABCP

559.68

76.21

3

549.01*

100% domestic

426.53



SOURCE: MYSTATE F INANCIAL OCTOBER 2010

*Figure includes the joint securitisation undertaken by MyState Financial and

Queenslanders Credit Union in 2007

WEIGHTED (BY CLB) AVG. CURRENT LVR (%)


LMI PROVIDERS

61.11

Nil

Genworth, QBE


TAS

90.66%

NSW

2.03%

QLD

6.18%

SA

0.09%

VIC

0.98%

CONQUEST 2007-1 ARREARS HISTORY

SOURCE: MYSTATE F INANCIAL OCTOBER 2010

60-90 daysin arrears

90+ days inarrears

PRIMESPIN

2.00

1.75

1.50

1.25

1.00

0.75

0.50

0.25

0.00

% O

F T

OTA

L P

OR

TFO

LIO

IN

AR

REA

RS

> 3

0 D

AY

S

30-60 daysin arrears

Sep

08

Oct

08

Nov

08

Dec

08

Jan

09

Feb

09

Ma

r 0

9

Ap

r 0

9

May

09

Jun

09

Jul 0

9

Au

g 0

9

Sep

09

Oct

09

Nov

09

Dec

09

Jan

10

Feb

10

Ma

r 10

Ap

r 10

May

10

Jun

10

Jul 1

0

Au

g 10

Sep

10

2 9

About Pepper Australia

P epper Australia (Pepper) – trading as PepperHomeloans – is a highly experienced specialitymortgage lender, third-party loan servicer and assetmanager. The company’s underwriting philosophy,credit, loan servicing, collections and asset recovery

procedures have been developed on the basis of more than 20years of specialist mortgage lending experience, tried and testedin the UK and Australia.

Pepper commenced operations in Australia in March 2001and is now recognised as one of Australia’s leading providers ofspeciality residential mortgage finance.

Pepper is also recognised as Australia’s pre-eminent specialservicer of residential and commercial mortgage assets,including non-conforming and low-documentation mortgages.

Pepper is now a wholly-owned subsidiary of Pepper Group(Singapore), a Singapore-incorporated holding company ownedby Seumas Dawes and a group of private co-investorsincluding IRG Limited, Jonathan Laredo and Steven Simpson.The Australian Securities and Investments Commission issuedan Australian financial services licence to Pepper in May 2005.

As at July 31 2010, Pepper had approximately A$2.1 billionof loan and lease assets under management (comprising primeand non-conforming residential mortgages, commercialmortgages, equipment leases and small business loans), includingA$700 million of Pepper-originated residential mortgages.


Like most non-bank lenders, Pepper relies on wholesalewarehouse financing facilities to fund its lending activities.Currently these are provided by Commonwealth Bank ofAustralia and National Australia Bank and managed through the

PEPPER AUSTRALIA


Patrick TuttleManaging Director & CEO+61 2 9463 [email protected]

Todd LawlerChief Financial Officer+61 2 8913 [email protected]

STANDARD & POOR'S SERVICER RATING

AUSTRALIAN ADI


Above average

No

Pepper Residential Securities (PRS)






ISSUES

RMBS

7

2.2

A$245m with a furtherA$525m outstanding acrossvarious warehouse trusts

Pepper Mortgage Warehouse Trusts 2006-1 and 2008-1. PepperFinance Corporation is the trustee of these warehouse trustsand Pepper is the trust manager and servicer. Pepper reliesalmost entirely on securitisation for long-term funding purposes.

Pepper has completed seven RMBS issues in the Australianmarket for a total value of A$2.2 billion via its proprietary PRSprogramme. Since commencement of the financial crisis in 2007,Pepper has successfully exercised or refinanced all call optionsunder its PRS programme, including PRS4 (A$60 million) inNovember 2008 and PRS5 (A$80 million) in July 2010.



SOURCE: PEPPER AUSTRALIA OCTOBER 2010

ACT

3%

QLD

22%

WA

21%

SA/NT

7%

TAS

3%

NSW

24%

VIC

20%

WEIGHTED AVERAGE LVR


Typically ranges between 71%-74% for PRS issues

N/A (specialist residential mortgages are not mortgage insured, by definition)


All PRS programme issuance to date has been in Australian dollars. Historically, the PRSdeals have been supported by Australian domestic fixed income investors with as muchas 40% of securities within any individual issue being acquired by a combination ofEuropean and Asian-based fixed income investors.

ARREARS PERFORMANCE VS SPINPEPPER CUMULATIVE ARREARS HISTORY

SOURCE: PEPPER AUSTRALIA OCTOBER 2010

18

16

14

12

10

8

6

4

2

0

Mar

01

Sep

01

Mar

02

Sep

02

Mar

03

Sep

03

Mar

04

Sep

04

Mar

05

Sep

05

Mar

06

Sep

06

Mar

07

Sep

07

Mar

08

Sep

08

Mar

09

Sep

09

Mar

10

Sep

10

30-59DAYS

60-89DAYS

90+ DAYS LOANS UNDERMANAGEMENT

S&P SPIN

AR

RE

AR

S (%

)

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

VO

LU

ME

(A

$M

)


ISSUERPROFILES

About Resimac

R esimac was formed as a non-bank lender in 1985. Itoffers a suite of prime and specialist lendingproducts tailored to the residential market sourcedfrom the third-party distribution network ofmortgage brokers and mortgage managers.

Originally created to service and securitise residential loansfor HomeFund as a New South Wales state governmenthousing programme under the name of Fanmac, Resimac hasevolved to become a wholesale lender providing manyAustralian borrowers with a lending alternative to the bankingsector.

Resimac was the first Australian RMBS issuer, debuting inthe market in 1988. Since then it has issued over A$11 billionthrough 17 domestic and international RMBS issues.

Resimac is Australian-owned, and headquartered in Sydney.It is supported by key strategic partners including Bank of NYMellon, Barclays Capital, Deutsche Bank, National AustraliaBank and Perpetual Trustee Company.


Resimac as a non-bank financial institution uses thesecuritisation markets for the funding of its business. Thefunding strategy is to continue to securitise on a regular basis.Historically this has included multi-currency offshore issuance,but in more recent times the issuance has been focused on thedomestic market, with the Australian Office of FinancialManagement (AOFM) providing vital cornerstone support.This investment support from the AOFM has facilitatedResimac’s continued lending throughout the financial crisis.

RESIMAC


Mary PloughmanDirector, [email protected]+61 2 9248 0308www.resimac.com.au

STANDARD AND POOR'S SERVICER RATING

AUSTRALIAN ADI


Strong

No

Resimac PremierResimac NIM

66.19

23.81

70.89

Genworth, QBE


WHOLESALE FUNDING VOLUME FY10 (A$BN)






ISSUANCE LEVELS

CURRENCY BREAKDOWN OF OUTSTANDINGS

RMBS, NIM BOND

3.4

71

19

11.6

40% domestic

60% offshore

AUD: 67%EUR: 20%GBP: 13%



FULL-DOC LOANS (%)

LOW-DOC LOANS (%)


LMI PROVIDERS


SOURCE: RESIMAC OCTOBER 2010

NSW

47.89%

QLD

18.74%

VIC

20.30%

TAS

1.15%SA

4.02%WA

6.01%ACT

1.61%

NT

0.28%

ARREARS PERFORMANCE VS SPINRESIMAC PRIME RMBS TRUSTS HISTORICAL ARREARS

SOURCE: RESIMAC OCTOBER 2010

30-60DAYS

61-90DAYS

90+ DAYS SPIN

4

3

2

1

0

2004 2005 2006 2007 2008 2009 2010AR

RE

AR

S M

OR

E T

HA

N 3

0 D

AY

SA

S %

OF T

OTA

L P

OR

TFO

LIO

(%

)

3 1

About Suncorp Metway

S uncorp Metway (Suncorp) is a unique, diversifiedfinancial services group with well-known businessesin general insurance, banking, life insurance andwealth management. Suncorp is a top 25 AustralianSecurities Exchange-listed company with over A$95

billion in assets. It has more than 16,000 employees andrelationships with over seven million customers.

Suncorp Bank is Australia’s fifth-largest listed bank. From aQueensland base, Suncorp has expanded its banking operationsthroughout Australia with its most recent expansion being inWestern Australia. As a true regional bank, Suncorp servicesnearly one million customers through personal lending –including home and personal loans, savings and transactionaccounts, margin lending, credit cards and foreign currencyservices. The bank also services small- to medium-sizedenterprises as well as rural producers and associated businessesin rural and regional areas.


Since 1999 Suncorp has been a consistent issuer of primeRMBS through its APOLLO securitisation brand.Securitisation is an important part of the wholesale fundingpackage for Suncorp, however it only represents a modest 8%of overall funding for the balance sheet. Suncorp will continueto issue RMBS as part of the suite of funding tools available toan A+ rated bank.

APOLLO has completed 16 public securitisation trustssince 1999 and five since the start of the financial crisis inAugust 2007. Two of these transactions have been supportedby the Australian Office of Financial Management.

SUNCORP METWAY


Simon LewisHead of Funding+61 7 3362 [email protected]

Maddalena GowingSecuritisation Specialist+61 7 3362 [email protected]

RATING

AUSTRALIAN ADI


A+/A1/A+ (S&P/Moody’s/Fitch)

Yes

APOLLO








ISSUES

RMBS

8

16

17.8

A$10.9bnUS$825m¤ 2.3 billionDomestic 79.45%Offshore 20.55% (based onnotes only, not investor)

A$3.9bnUS$32m¤ 586m



SOURCE: SUNCORP METWAY OCTOBER 2010

QLD

56%NSW

21%

VIC

11%

WA

8.2%

ACT

2%SA

1.3%TAS

0.5%




LMI PROVIDER

62.5

SPIN 1.43% vs APOLLO at 1.14%

Claims as % of total issue size: 0.015%

QBE


Suncorp’s most recent transaction, APOLLO Series 2010-1, is reflective of the whole portfolio’s

geographic breakdown.


ISSUERPROFILES

About Wide Bay Australia

W ide Bay Australia (Wide Bay) is the largestfinancial institution in Australia based north ofBrisbane, with assets in excess of A$2.7 billion.With its head office in Bundaberg, Wide Bay hasa retail branch network consisting of 42

branches in Queensland extending from Robina on the GoldCoast to Cairns. It also has a branch in both Sydney andMelbourne and a lending agency in Adelaide. Approximately78% of loans originate through retail branches using WideBay’s own lending consultants.

Wide Bay helps Australians achieve home ownership and tocontinue building their wealth. For investors, the firm providesfinancial opportunities that offer attractive and secure returns.It offers an extensive range of loans, savings and investments,insurance, foreign exchange and banking services.

Wide Bay’s innovative business is based on a foundation ofstrength, consistent growth and profitability. The years aheadwill herald an exciting new era for the group with furthernational growth and expansion planned.


In 1997 Wide Bay was one of the first unrated non-bankfinancial institutions in Australia to use securitisation as aliquidity management tool. Wide Bay launched the largesttriple-A rated, high-LVR mortgage loan securitisation in theAustralian market in August 2000.

Wide Bay has continued to use RMBS securitisation as afunding tool, with approximately 45% of its funding derivedfrom RMBS securitisation programmes.

WIDE BAY AUSTRALIA


Dale HancockManager, Structured Finance, Products and Interstate Operations+61 7 4150 [email protected]

RATING

AUSTRALIAN ADI


BBB- (S&P)

Yes

WB Trusts







ISSUANCE LEVELS


ISSUES (A$M)

RMBS

95

9

>3

100% domestic

950.9(as at June 30 2010)




LMI PROVIDERS

67.74

Nil

Genworth, Mortgage Risk Management(Captive LMI)

ASSET SPECIF ICS WB TRUST 2009-1


SOURCE: WIDE BAY AUSTRALIA OCTOBER 2010

QLD

83.11%

VIC

7.23%

SA

0.54%

NSW

9.12%


SOURCE: WIDE BAY AUSTRALIA OCTOBER 2010

31-60DAYS

61-90DAYS

90+ DAYS AUST PRIME SPIN

5

4

3

2

1

0

Jul 9

7

Jan

98

Jul 9

8

Jan

99

Jul 9

9

Jan

00

Jul 0

0

Jan

01

Jul 0

1

Jan

02

Jul 0

2

Jan

03

Jul 0

3

Jan

04

Jul 0

4

Jan

05

Jul 0

5

Jan

06

Jul 0

6

Jan

07

Jul 0

7

Jan

08

Jul 0

8

Jan

09

Jul 0

9

Jan

10

AR

RE

AR

S (%

)

AMP BANK - KangaNews · 2012. 9. 26. · LMI PROVIDERS 55 REDS arrears have historically tracked...

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