CBA in 2023 got BBSW+105bps. So our BBSW+135bps sounds quite good.
Though I still don't understand it.
They report Prepayment rates and Delinquency rates, as if the return and risks are variable for the investors.
CBA has some documents that appear to explain how it works (long documents) -
https://www.commbank.com.au/content/dam/commbank/about-us/securitisation/pdf/medallion-trust-reports/series-2013-2-medallion-trust/information-menorandum/Final%20Information%20Memorandum%20-%20Medallion%20Trust%20Series%202013-2.pdf
https://www.commbank.com.au/content/dam/commbank/about-us/securitisation/pdf/medallion-trust-reports/series-2013-2-medallion-trust/term-sheet/Medallion%202013-2%20Pricing%20Term%20Sheet.pdf
Like the assets are sold off to investors, with a promise of their capital back + BBSW+105bps PA? So if CBA earn more than that amount from the loans (due to charging higher rates, and having low bad debts), then they can keep the excess, but if they earn less than that amount, then the investors lose out some of their principal/interest?
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