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The Report On The Investment Of The Bond Taking A Example Of Generator Notes(Gna)

2283 words - 9 pages

Generator Investments Australia Limited is a trust entity which has a special purpose off balance sheet entity established in Australia solely for the purpose of purchasing certain collateralized debt obligations and issuing a series of notes on the basis of the cash flow derived fro the CDOs.1.2 Important features of the notesThe Issuer of Generator Notes is Generator Investments Australia Limited, in its capacity as trustee of the Generator Australia #1 Trust. The Generator Notes are form of debenture which derives their returns by reference to a portfolio of debt issued by 110 international which including only two Australian firms. Thus, the asset portfolio is very well diversified. That is, it offer substantial global diversification through the portfolio and retune of the portfolio is more correlated to the global economy as a whole rather the Australian economy. The main characteristic of the bond is listed as below:Company Title Generator NotesIssuing Date12 May 2004Issue TypeCapital NotesCompany RatingBBBNumber on Issue1,03,000Face Value$100Coupon Rate9.00%Maturity Details12 May 2009Distribution Date(s)12 May, 12 August, 12 November and 12 February each yearSecurityThe Trust gains exposure to the reference portfolio via an investment in a credit-linked note issued by Aussie 1 (CDO) Limited, a company based in Jersey, Channel Islands. The credit-linked note is rated by Standard and Poors.IssuerGenerator Investments Australia Limited ATF Generator Australia #1 TrustOther DetailsInvestors are exposed to the 2.95% to 4.73% tranche of a portfolio of 110 primarily investment grade senior unsecured credits.1.3 Redemption detailCapital will be redeemed in full unless greater than 5 companies in the reference portfolio of 110 securities (disclosed in the Prospectus) Portfolio Events (broadly, credit events with respect to the senior unsecured debt of the companies in the reference portfolio) over the life of the Notes. Investors' income and capital are exposed to defaults 6, 7 and 8 in the reference portfolio. Defaults 6, 7 and 8, should they occur, would have the effect of reducing unit holders' capital and income by one-third each.Generator Notes may be terminated prior to the end of the Term if an event of default occurs in respect of the CLN . In broad terms, an event of default under the CLN occurs if:1.The CLN Issuer fails to pay any amount of principal or interest to Generator within 3 Business Days of the due date under the terms of the CLN;2.The CLN Issuer becomes insolvent as defined under the terms of the CLN;3.The trustee of the CLN ceases to have a valid first security in all, or a material part of, the charged assets of the CLN Issuer;4.The Portfolio Default Swap is terminated early under the terms of the Portfolio Default Swap Agreement;5.The CLN Issuer defaults to a material extent in the observance and performance of its obligations under the CLN.In those circumstances the security for the CLN will become enforceable by the...

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