WESTPAC NEW ZEALAND LIMITED Covered Bond Programme (New Zealand) Monthly Investor Report as at 31 January 2015

Size: px

Start display at page:

Download "WESTPAC NEW ZEALAND LIMITED Covered Bond Programme (New Zealand) Monthly Investor Report as at 31 January 2015"

Hester Dorsey
5 years ago
Views:

1 Issuer Fitch Moody's Unsecured Rating Short Term F1+ P-1 Long Term AA- Aa3 Secured Rating (Covered Bond) AAA Aaa Viability/Financial Strength Rating a C Sovereign Rating AA+ Aaa P8 P3 Issuer Westpac Securities NZ Limited (acting through London Branch) Cash Manager Westpac Securitisation Management Pty Ltd P6 P2 Seller and Group Guarantor Westpac New Zealand Limited Administrative Agent Westpac Securitisation Management Pty Ltd P4 P5 Covered Bond Guarantor Westpac NZ Covered Bond Limited CB Swap Provider Westpac Banking Corporation P9 P1 Security Trustee NZGT (WNZCB) Security Trustee Limited GI Account Bank Westpac New Zealand Limited P10 P11 Servicer Westpac New Zealand Limited Stand-by Account Bank Westpac Banking Corporation All amounts in New Zealand dollars Portfolio Loan Summary Reporting Date 31-Jan-2015 Period Start Date 01-Jan-2015 Period End Date 31-Jan Number of Housing Loans 31,042 2 Housing Loan Pool Size (NZ$) 3,735,712,980 Other Assets (Cash/Intercompany s) (NZ$) 764,287,020 3 Average Housing Loan (NZ$) 120,344 4 Maximum Housing Loan (NZ$) 1,400, Weighted Average Current Loan-to-Value Limit 55.41% Weighted Average Current Loan-to-Value Ratio (Unindexed) 53.39% Weighted Average Current Loan-to-Value Ratio (Indexed) % 6 Weighted Average Interest Rate (%) 5.98% 10 Weighted Average Seasoning (months) Weighted Average Remaining Term to Maturity (months) Maximum Remaining Term to Maturity (months) WAL of cover pool (yrs) - Legal Term To Maturity 22 WAL of outstanding cover bond (yrs) 2.27 Are construction loans part of the eligible assets? No Are ABS allowed in the Cover pool (Yes/No)? No Residential Mortgages 10 % of non first lien mortgages in the cover pool % of insured mortgages in the cover pool % of guaranteed loans Eligible assets in pool 10 Revenue Receipts for the Period 22,449,441 Principal Receipts for the Period 61,603,692 1 Index used: QV quarterly index Page 1 of 6

2 Asset Coverage Test NZ$ ACT9 A The lower of: 3,126,722,884 ACT2 a) LTV Adjusted Outstanding Principal 3,713,556,911 ACT6 b) Asset Percentage Adjusted Outstanding Principal 3,126,722,884 ACT7 c) Indexed LTV Adjusted Outstanding Principal 3,711,338,794 ACT12 B Principal Receipts 764,287,020 ACT15 C Unutilised Advances under the Intercompany & Subordinated Loan Accounts 0 ACT18 D Aggregate amount of any Substitution Assets & Authorised Investments 0 ACT27 Z Negative Carry adjustment 0 ACT33 Adjusted Aggregate Loan Amount 3,891,009,904 ACT24 NZD equivalent of aggregate Principal Amount Outstanding of Covered Bonds 3,384,409,452 Excess / (Shortfall) (Amount of Demand Loan) 506,600,452 ACT39 Asset Covered Test Passed YES ACT3 Asset Percentage 83.7% Overcollateralisation, both of eligible assets and including non eligible assets Current Overcollateralisation Percentage (including Demand Loan) % By law Minimum Contractual % Current Contractual % Demand Loan 506,600,452 Issuer Event of Default Occurred Servicer Termination Event Pre Maturity Test Breach Notice to Pay CB Guarantor Event of Default Page 2 of 6

3 4 3 Portfolio Profile Distribution Number of loans Payment Type 301 Principal and Interest 3,247,073, % 28, % 303 Interest Only 487,261, % 2, % 305 Others 1,378, % % Total by Payment Type 3,735,712, , Interest Rate Type 112 Fixed Interest Amount 2,996,166, % 21, % 114 Variable Interest Amount 706,037, % 9, % 116 Capped Interest Amount 33,508, % % Total by Interest Type 3,735,712, , Payment Type 13% 87% 0% Principal and Interest Interest Only Others Interest Rate Type 80% 19% 1% Fixed Interest Amount Variable Interest Amount Capped Interest Amount Geographic Distribution 550 Auckland 1,331,491, % 7, % 551 Bay of Plenty 184,736, % 1, % 552 Canterbury/West Coast 510,041, % 4, % 553 Gisborne/Hawkes Bay 136,432, % 1, % 554 Nelson/Marlborough 125,263, % 1, % 556 Otago/Southland 277,587, % 3, % 555 Northland 90,855, % % 557 Taranaki/Wanganui 133,236, % 1, % 558 Waikato 333,881, % 3, % 559 Wellington 612,187, % 5, % Total by Geographic Distribution 3,735,712, , % 2% 9% 16% 7% 3% 4% Geographic Distribution Auckland 14% 36% 5% Bay of Plenty Canterbury/West Coast Gisborne/Hawkes Bay Nelson/Marlborough Otago/Southland Northland Taranaki/Wanganui Waikato Wellington Current Loan 1100 <= 50, ,604, % 9, % , , ,239, % 7, % , , ,009, % 4, % , , ,480, % 3, % , , ,281, % 2, % , , ,241, % 1, % , , ,032, % % , , ,363, % % , , ,569, % % , ,000 76,000, % % , , ,774, % % ,001-1,000,000 26,791, % % ,000,001-1,500,000 6,324, % % 1173 > 1,500, Total Distribution 3,735,712, , % % Current Distribution Page 3 of 6

4 Number of loans Current Loan To Value Ratio (Unindexed) 880 Up to 5 1,507,680, % 16, % % % 291,243, % 2, % % ,482, % 2, % % % 352,762, % 2, % % ,718, % 2, % % % 438,184, % 2, % % ,402, % 2, % % % 92,364, % % % ,778, % % % % 1,331, % % % , % % 911 > % 292, % 1 Total Current Loan To Value Ratio 3,735,712, , Current Loan To Value Ratio (Indexed) 2 Up to 5 1,742,536, % 18, % % % 320,396, % 2, % % ,063, % 2, % % % 330,728, % 2, % % ,862, % 2, % % % 311,288, % 2, % % ,465, % 1, % % % 78,792, % % % ,849, % % % % 15,147, % % % ,768, % % > % 2,814, % % Total Current Loan To Value Ratio 3,735,712, , Current Loan to Value Ratio Current Loan to Value Ratio (Indexed) Index used: QV quarterly index Current Limit Loan To Value Ratio 960 Up to 5 1,366,953, % 15, % % % 287,001, % 2, % % ,118, % 2, % % % 336,209, % 2, % % ,132, % 2, % % % 468,413, % 3, % % ,003, % 2, % % % 111,518, % % % ,449, % % % % 2,098, % % % , % 991 > % 647, % % Total Available Loan To Value Ratio 3,735,712, , Current Limit Loan to Value Ratio Page 4 of 6

5 Seasoning 244 Less Than 6 mths 116,238, % 1, % mths - 1yr 119,728, % % 246 1yr - 2yrs 504,429, % 3, % 251 2yrs - 3yrs 662,061, % 4, % 253 3yrs - 4yrs 452,504, % 3, % 255 4yrs - 5yrs 452,923, % 3, % 257 5yrs - 6yrs 487,760, % 4, % 259 6yrs - 7yrs 335,241, % 2, % 261 7yrs - 8yrs 260,632, % 2, % 263 8yrs - 9yrs 190,842, % 1, % 265 9yrs - 10yrs 69,955, % % 274 More Than 10yrs 83,393, % 1, % Total by Seasoning 3,735,712, , ,735,712, Number of loans Interest Only Expiry Date Remaining Period 1005 Less Than 6 mths 102,184, % % mths - 1yr 73,356, % % yr - 2yrs 101,756, % % yrs - 3yrs 58,029, % % yrs - 4yrs 77,904, % % yrs - 5yrs 57,226, % % 1025 More Than 5 yrs 16,803, % % Total by Interest Only Remaining Term 487,261, , Fixed Rate Expiry Date Remaining Period 1055 Less Than 6 mths 827,493, % 5, % mths - 1yr 563,017, % 4, % yr - 2yrs 1,106,015, % 7, % yrs - 3yrs 375,174, % 2, % yrs - 4yrs 101,831, % % yrs - 5yrs 22,633, % % 1075 More Than 5 yrs Total by Fixed Rate Expiry Remaining Period 2,996,166, , Seasoning IO Expiry Date Remaining Period Fixed Rate Expiry Date Remaining Period Term to Maturity (Legal) A Less Than 1 yr 930, % % yr - 5yrs 40,185, % 1, % yrs - 10yrs 164,754, % 3, % More Than 10 yrs 3,529,842, % 26, % Total by Maturity 3,735,712, , Delinquencies Information days 9,400, % % days 5,973, % % days days Total Delinquencies 15,374, % % Prepayment Information (CPR) % 1 Month CPR (Pre-repurchases) 14.05% 3 Month CPR (%) 14.93% 12 Month CPR (%) 15.07% Cumulative 15.66% % % 1.00% 0.75% 0.50% 0.25% Term To Maturity (Legal) Less Than 1 yr 1yr - 5yrs 5yrs - 10yrs More Than 10 yrs Delinquency Page 5 of 6

6 Bond Legal Maturity 31/01/2015 ISIN Issue Date Currency Issue Amount (M) FX Rate Issue Amount NZD Legal Maturity Date Maturity Yrs XS /06/2011 EUR 1,000,000, ,774,408, /06/ CHF /04/2012 CHF 325,000, ,639, /04/ XS /06/2014 EUR 750,000, ,175,361, /06/ ,384,409, NZ$ % Less Than 1 yr 434,639, % 1yr - 2yrs 1,774,408, % 2yr - 3yrs 3yr - 4yrs 4yr - 5yrs 1,175,361, % 5yr - 10yrs More Than 10 yrs Total by Maturity 3,384,409, Bond Legal Maturity 75.00% % Page 6 of 6

Kiwibank Limited. Covered Bond Programme Investor Report as at 31 October 2013

Kiwibank Limited. Covered Bond Programme Investor Report as at 31 October 2013 Issuer Fitch Moody's Long Term Unsecured Rating AA+/AA Aa3 Secured Rating () AAA Aaa Sovereign Rating AA+/AA Aaa Covered Bonds Outstanding ISIN Ratings (F/M) Issue Date Legal Maturity Date Bullet Type