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Honu Finance Ltd.
JPY1 billion series 2012-4 limited-recourse secured fixed-rate notes due 2014
Rating Amount Coupon type O/C ratio Legal final maturity
A- JPY1 bil. Fixed rate 0.0% March 2014
The transaction's closing date is April 12, 2012.
The basic approach to calculating the overcollateralization (O/C) ratio is as follows:
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate obligations
(seller's interest, etc.)
In the case of a master trust structure, the series base value should be applied.