1. Issuance Platform Overview Pepper Prime and I-Prime
Deal size (A$m)
Issuance Date
Date Called
AUSTRALIAN PRIME RMBS
2012-1
500.00
20-Nov-12
November 2017
2013-1
14-Aug-13
2014-1
292.00
10-Apr-14
2015-1
350.00
27-Apr-15
I-Prime
17-Aug-17
I-Prime
400.00
14-Dec-17
I-Prime
550.00
25-May-18
Total
A$3,092m
Leveraging off the PRS Non Conforming platform, Pepper first issued off its Prime platform in 2012.
The asset pools for the first 3 pools were from a portfolio of assets originated by GE in Australia that Pepper purchased in 2011
The deals since 2015 have included only Pepper originated collateral which the business started in 2014.
The transaction structures generally incorporate a Super senior AAA note with additional credit support than that required by the rating agencies to achieve a AAA/Aaa rating
Credit enhancement is provided by a ‘junior AAA’ tranche as well as tranches rated ‘AA’ to ‘B’ and an equity note
Pepper holds the lowest note in the structure and transactions are often structured to meet the risk retention requirements in US, UK and / or EU