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NCUA NGN 2010-R1 -- Final Prelim Offering Memorandum

NCUA NGN 2010-R1 -- Final Prelim Offering Memorandum

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The offering memorandum for a NCUA RMBS deal.
The offering memorandum for a NCUA RMBS deal.

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Published by: the_akiniti on Oct 17, 2011
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10/31/2012

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Subject to Completion, Amendment or Other Change, Dated October 13, 2010
THIS PRELIMINARY OFFERING MEMORANDUM IS NOT TO BE SHOWN OR GIVEN TO ANY PERSONOTHER THAN ITS INTENDED RECIPIENT AND IS NOT TO BE COPIED OR OTHERWISE REPRODUCEDIN ANY MANNER WHATSOEVER.
NCUA GUARANTEED NOTES
NCUA GUARANTEED NOTES TRUST 2010-R1
as Issuer
$3,846,500,000
(Approximate) (subject to a permitted variance of plus or minus 5%)
NCUA GUARANTEED NOTES SERIES 2010-R1
PRELIMINARY OFFERING MEMORANDUM
CONFIDENTIALThis preliminary offering memorandum (“
Memorandum
”) is designed to be delivered by the National Credit UnionAdministrationBoard in its capacity as liquidating agentofU.S. Central Federal Credit Union(the “
Seller
”) and Barclays CapitalInc.,J.P. Morgan Securities LLCand Wells Fargo Securities, LLC (collectively, the “
Initial Purchasers
”) to permitted offereessolely via e-mail as a non-editable PDF file. This Memorandum and the information contained herein is confidential and may not beforwarded, transmitted, copied or otherwise reproduced by any recipient hereof in any manner whatsoever.If this Memorandum was received by any means other than via e-mail or other electronic transmission from a sender authorized by the Initial Purchasers, there is a presumption that this Memorandum has been improperly reproduced and circulated,in which case the Seller and the Initial Purchasers disclaim any responsibility for its contents and use. No person has been authorized to give any information or to make any representations other than those contained in thisMemorandum and, if given or made, such information or representations must not be relied upon. The delivery of thisMemorandum at any time does not imply that the information herein is correct as of any time subsequent to its date.This Memorandum has been prepared by the Seller for the use of the Initial Purchasers solely in connection with theoffering of the Senior I-A Notes and Senior II-A Notes (together, the “
Offered Notes
”) listed in the table captioned “TheSecurities” under the heading “Offered Notes.” Neither the Seller nor any Initial Purchaser has authorized or assumed any liabilityfor any use of this Memorandum in connection with any other offer or sale of the Offered Notes by any other person.
INVESTORS INTERESTED IN PURCHASING ANY CLASS OF OFFERED NOTES DESCRIBED HEREINSHOULD REVIEW THE UNDERLYING OFFERING DOCUMENTS, UNDERLYING AGREEMENTS ANDUNDERLYING DISTRIBUTION REPORTS IN CONJUNCTION WITH THIS MEMORANDUM (CERTAIN OFWHICH DOCUMENTS MAY BE FOUND AT WWW.STRUCTUREDFN.COM).
The Offered Notes described herein are “exempted securities” under Section 3(a)(2) of the Securities Act of 1933, asamended (the “
Securities Act
”),and are “exempted securities” under Section 3(a)(12)(A)(i) of the Securities ExchangeAct of 1934, as amended (the “
Exchange Act
”). See “Plan of Distribution” in this Memorandum.
The National Credit Union Administration in its capacity as an Agency of the Executive Branch of the United Stateswill fully and unconditionally guarantee the timely payment of all amounts of principal and interest due and payable on theOffered Notes pursuant to a guaranty agreement dated as of October [27], 2010, by and among the Guarantor, the Issuerand the Indenture Trustee(the “Guaranty”). The Guaranty is backed by the full faith and credit of the United States.
It is anticipated that the purchase by the Initial Purchasers of the Offered Notes will take place on October [27], 2010 (the
Closing Date
”). It is expected that delivery of the Offered Notes will be made in book-entry form through the facilities of TheDepository Trust Company.(Lead Manager and Bookrunner)
J.P. Morgan
(Co-manager)
Wells Fargo Securities
(Co-manager)
CastleOak Securities, L.P. CU Investment Solutions, Inc. Loop Capital Markets LLC The Williams Capital Group, L.P.
(Selling Group Members)
The date of this Memorandum is October [_], 2010
   T   h   i  s   P  r  e   l   i  m   i  n  a  r  y   O   f   f  e  r   i  n  g   M  e  m  o  r  a  n   d  u  m  a  n   d   t   h  e   i  n   f  o  r  m  a   t   i  o  n  c  o  n   t  a   i  n  e   d   h  e  r  e   i  n  a  r  e  s  u   b   j  e  c   t   t  o  c  o  m  p   l  e   t   i  o  n ,  a  m  e  n   d  m  e  n   t  o  r  o   t   h  e  r  c   h  a  n  g  e  w   i   t   h  o  u   t  n  o   t   i  c  e .   U  n   d  e  r  n  o  c   i  r  c  u  m  s   t  a  n  c  e  s  s   h  a   l   l   t   h   i  s   P  r  e   l   i  m   i  n  a  r  y   O   f   f  e  r   i  n  g   M  e  m  o  r  a  n   d  u  m  c  o  n  s   t   i   t  u   t  e  a  n  o   f   f  e  r   t  o   s  e   l   l  o  r   t   h  e  s  o   l   i  c   i   t  a   t   i  o  n  o   f  a  n  o   f   f  e  r   t  o   b  u  y ,  n  o  r  w   i   l   l   t   h  e  r  e   b  e  a  n  y  s  a   l  e  o   f   t   h  e   O   f   f  e  r  e   d   N  o   t  e  s   i  n  a  n  y   j  u  r   i  s   d   i  c   t   i  o  n   i  n  w   h   i  c   h  s  u  c   h  o   f   f  e  r ,  s  o   l   i  c   i   t  a   t   i  o  n  o  r  s  a   l  e  w  o  u   l   d   b  e  u  n   l  a  w   f  u   l  p  r   i  o  r   t  o  r  e  g   i  s   t  r  a   t   i  o  n  o  r  q  u  a   l   i   f   i  c  a   t   i  o  n  u  n   d  e  r   t   h  e  s  e  c  u  r   i   t   i  e  s   l  a  w  s  o   f  s  u  c   h   j  u  r   i  s   d   i  c   t   i  o  n .
 
ii
PRELIMINARY OFFERING MEMORANDUMCONFIDENTIALNCUAGuaranteed NotesNCUA Guaranteed Notes Trust 2010-R1NCUA Guaranteed Notes Series 2010-R1The Offered Notes
will consist of the notes identified in the table captioned “The Securities” under the heading “Offered Notes”and will be issued in two series (each, a “
Series
”), the “
Series I Notes
” and the “
Series II Notes
,”
will represent debt obligations of NCUA Guaranteed Notes Trust 2010-R1 (the “
Trust
” or the “
Issuer
”) whoseassets will consist of approximately 126 previously issued residential mortgage-backed securities and securities backed by residential mortgage-backed securities (collectively, the “
Underlying Securities
”) identified in thetable captioned “The Underlying Securities,” which will be pledged by the Trust to the Indenture Trustee pursuant to the Indenture,
will receive payments solely from amounts received in respect of the Underlying Securities of the relatedSeries, with no cross-collateralization from any Underlying Securities of the other Series,
will receive monthly payments commencing on November 4, 2010,
will have the benefit of the following credit enhancement:
excess spread generated from the related Underlying Securities;
overcollateralization with respect to the related Underlying Securities; and
any indirect benefits of the credit enhancement provided to the related Underlying Securities as describedin the related Underlying Offering Documents; and
will have the benefit of the Guaranty provided by the National Credit Union Administration.
 
iii
THE SECURITIESInitial NoteClassPrincipalBalance
1
Note RateTypeExpected InitialRating
Offered Notes
Senior I-A$3,280,000,000Adjustable
2
Senior, Guaranteed,Adjustable Rate[AAA/Aaa]Senior II-A$566,500,000[____]%Senior, Guaranteed,Fixed Rate[AAA/Aaa]
 Non-Offered Securities
Series I Owner TrustCertificate(3)N/ASeries I ResidualN/ASeries II Owner TrustCertificate(4)N/ASeries II ResidualN/A(1)Subject to a permitted variance of plus or minus 5%.(2)With respect to any Payment Date and the Senior I-A Notes, a per annum rate equal to one-month LIBOR (calculated as setforth under “Description of the Offered Notes—Calculation of One-Month LIBOR” in this Memorandum) plus [____]% per annum, subject to a maximum rate of [7.00]% per annum.(3)The certificate principal balance of the Series I Owner Trust Certificates at any time represents the amount of overcollateralization with respect to the Series I Notes. See “Description of the Offered Notes—Definitions” in thisMemorandum. The initial certificate principal balance of the Series I Owner Trust Certificates will equal approximately$434,177,752.60.(4)The certificate principal balance of the Series II Owner Trust Certificates at any time represents the amount of overcollateralization with respect to the Series II Notes. See “Description of the Offered Notes—Definitions” in thisMemorandum. The initial certificate principal balance of the Series II Owner Trust Certificates will equal approximately$94,685,360.72.
The Issuer
The Issuer will be established pursuant to a trust agreement (the “
Trust Agreement
”), dated as of October [27], 2010, by and among the Seller, Wells Fargo Delaware Trust Company, N.A., as owner trustee (the
OwnerTrustee
”), and The Bank of New York Mellon, as certificate registrar (the “
Certificate Registrar
”) and certificate paying agent (the “
Certificate Paying Agent
”). The Issuer will pledge the Underlying Securities to secure paymenton the Offered Notes pursuant to the Indenture (the “
Indenture
”), dated as of October[27], 2010, by and betweenthe Issuer and The Bank of New York Mellon, as indenture trustee (the “
Indenture Trustee
”).

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