Macquarie Group, Ltd. · ASX:MQG
Macquarie — Debt Investor Presentation (June 2020)
11 slides from Macquarie's debt investor presentation, June 2020
Slide 1: Macquarie Bank Limited Covered Bond Programme
Macquarie Group Limited Macquarie Bank Limited Covered Bond Programme June 2020 This presentation contains summary information based upon the current Macquarie Bank Limited Covered Bond Base Prospectus. Please read the Disclaimer on Page 2.
Slide 2: Disclaimer
Disclaimer This information has been prepared on a strictly confidential basis by Macquarie Group Limited ABN 94 122 169 279 (“Macquarie”) and may neither be reproduced in whole nor in part, nor may any of its contents be divulged, to any third party without the prior written consent of Macquarie. I
Slide 3: Macquarie Covered Bond Programme Overview
Macquarie Covered Bond Programme Overview Issuer Macquarie Bank Limited Issuer Rating (S&P / Moody’s / Fitch) A+ / A2 / A Programme Size $A5 billion Expected Rating (Moody’s / Fitch) Aaa / AAA Covered Bond Guarantor Perpetual Limited as trustee of the MBL Covered Bond Trust Covered Bond Guarantee Gu
Slide 4: Programme Structure
Programme Structure The Bank Covered Bond (Interest Rate Swap Provider(s) (Refer monthly Swap Provider) investor report) The Bank Repayment of Loans Perpetual Limited Mortgage Loan Rights Perpetual Limited (Intercompany Loan Intercompany Loan As trustee of the As trustee of the Provider and Consider
Slide 5: MBL Cover Pool
MBL Cover Pool MBL Cover Pool Eligibility Criteria At the time of sale under the Mortgage Sale Agreement, each loan will be: ‒ a loan where the stated term to maturity does not exceed 30 years and one month ‒ a loan which was advanced in, and is repayable, in Australian Dollars ‒ a loan with a curre
Slide 6: Structural Enhancements
Structural Enhancements Asset Coverage Test The Asset Coverage Test (ACT) is performed monthly by the Trust Manager to ensure the Adjusted Aggregate Mortgage Loan Amount is at least equal to the $A equivalent of all outstanding covered bonds. Amortisation Test The Amortisation Test (AMT) is performe
Slide 7: Structural Enhancements – Ratings Triggers
Structural Enhancements – Ratings Triggers Fitch Moody’s Covered Bond Rating Covered Bond may lose its AAA rating if Macquarie Bank’s Covered Bond may lose its Aaa rating if Macquarie Bank’s rating falls to BBB+ counterparty rating falls below A3(cr) Swap Provider (Interest Rating falls below F1/A C
Slide 8: Asset Coverage Test (ACT)
Asset Coverage Test (ACT) The Trust Manager must ensure the ACT is satisfied on each monthly Determination Date. The Cover Pool Monitor reviews the ACT calculations every six months1. Asset Coverage Test is satisfied where the Adjusted Aggregate Mortgage Loan Amount is greater than or equal to $Ae C
Slide 9: Failure to satisfy the Asset Coverage Test
Failure to satisfy the Asset Coverage Test The table below summarises the consequences of an Asset Coverage Test failure First Determination Second Determination Date Third Determination Date Date (Month 0) (Month 1) (Month 2) Event ACT not satisfied ACT still not satisfied Issuer EOD (ACT still not
Slide 10: Amortisation Test
Amortisation Test The Amortisation Test is intended to ensure that the assets held by the CBG do not fall below a certain threshold sufficient to meet the obligations under the Covered Bond Guarantee. If not satisfied, this effectively triggers a CBG EOD and the post enforcement waterfall Amortisati
Slide 11: Macquarie Bank Limited Covered Bond Programme
Macquarie Group Limited Macquarie Bank Limited Covered Bond Programme June 2020
Macquarie Group — Debt Investor Presentation (June 2020) on 6ix