Fitch IBCA Surveillance
May 2000
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Deal and Pool Summary   Tranche Summary   Graphs   Deal Details   Pool Details   Asset Details
Deal Periodic Info   Pool Periodic Info    Asset Periodic Info
 
 
 
Geldilux 99-1 Limited - Deal and Pool Summary
ISSUER Geldilux 99-1 Ltd. UNDERWRITER Goldman, Sachs Group, L.P.
ISSUE DATE 12 Feb 1999 TRUSTEE KPMG Deutsche Treuhand-Gesellsschaft AG
COLLATERAL BALANCE 2,235,981,553.00 SERVICER Hypo Vereinsbank Luxemborg S.A.
CURRENCY EUR COUNTRY OF DEAL Luxembourg
MATURITY DATE 12 Feb 2002 ANALYST Markus Schaber
REPORT AVAILABLE Yes Jose Moran
ASSET TYPE(S) Collateralised Loan Obligations LATEST SURVEILLANCE REPORT 31 May 2000

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Tranche Summary
NAME ORIGINAL RATING CURRENT RATING ORIGINAL AMOUNT CURRENCY ORIGINAL C/E % C/E TYPE
Class A1
[Periodic Information]		 AAA AAA 1,747,800,000.00 EUR 6.00 Subordination
Class A2
[Periodic Information]		 AAA AAA 400,000,000.00 USD 6.00 Subordination
Class B
[Periodic Information]		 A A 58,085,000.00 EUR    
Class C
[Periodic Information]		 BBB BBB 22,340,000.00 EUR    
Class D
[Periodic Information]		 BB BB 33,510,000.00 EUR    
Class E
[Periodic Information]		 NR NR 20,107,553.00 EUR    

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Deal Details
ISSUE DATE 12 Feb 1999 ANALYSTS Markus Schaber +44(20)7417 6259
ISSUE SIZE   Jose Moran +44(20)7417 6261
MATURITY DATE 12 Feb 2002    
REPORT AVAILABLE Yes    
LATEST SURVEILLANCE REPORT 31 May 2000 ISSUER PARTICIPATION  
ORIGINAL YIELD %   PRICING SPEED  
AMORTIZATION   DATE   AMORT. METHOD  
SERVICER ADVANCES   PREPAYMENT TYPE  
PREFUNDED   REVOLVING Yes
Spread Account Details:
INITIAL AMOUNT   NAME  
MAXIMUM %   MINIMUM %  
Agents: Long-Term Rating Short-Term Rating
ISSUER Geldilux 99-1 Ltd.    
ORIGINATOR Hypo Vereinsbank Luxemborg S.A.    
SERVICER Hypo Vereinsbank Luxemborg S.A.  
BACKUP SERVICER      
TRUSTEE KPMG Deutsche Treuhand-Gesellsschaft AG    
UNDERWRITER Goldman, Sachs Group, L.P. AA- (01 May 1990) F1+ (01 Jun 1988)
SELLER Hypo Vereinsbank Luxemborg S.A.    
DEPOSITOR      
DEPOSITARY      
ISSUING & PAYING AGT. Chase Manhattan Bank (The) AA- (16 Jul 1997) F1+ (16 Jul 1997)
CREDIT PROVIDER Allianz Risk Transfer N.V.    
LIQUIDITY PROVIDER      
SWAP COUNTERPARTY Goldman Sachs Mitsui Marine Derivative Products    
OTHER PROVIDER HVB Risk Management Products    
CREDIT TYPE Guarantee
LIQUIDITY TYPE  
SWAP TYPE Currency
OTHER TYPE Interest Rate Put Option
COMMENTS GELDILUX 99-1, the issuer, is a special purpose company incorporated under the laws of Jersey with limited liability. The shares of the issuer are owned by a charitable trust. Under a loan portfolio collateralisation agreement, GELDILUX 99-1 will issue limited recourse guarantees to Hypo Vereinsbank Luxemborg S.A (HVL) for the economic performance of a reference portfolio. The reference portfolio will consist of "Euroloans" made by HVL to Bayerische Hypo-und Vereinsbank AG's (HVB) corporate and private borrowers situated in Germany. HVL can draw under the guarantees if loan writeoffs have occurred in the reference loan portfolio, and HVL can correspondingly reduce the cash deposits made by the issuer and relating to each class of notes or sell the Pfandbriefe collateral in certain circumstances. The reduction in cash deposits will be carried out starting with the lowest class of note and proceeding up.

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Comment History
Feb 1999 Class E NR. 

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Deal Periodic Information
Deal periodic information is unavailable

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Pool Details
COLLATERAL BALANCE 2,235,981,553.00 CURRENCY EUR
NO OF LOANS 2,056 NO. OF BORROWERS 1,660
AVG. ORIGINAL LOAN 1,087,539.67 ORIGINAL WAC %  
INDEX   ORIGINAL WAM  
MARGIN   CUT OFF DATE 12 Feb 1999
COUPON  
COMMENTS The collateral for the issued notes consists of two types of collateral. The class A notes are secured by floating-rate public sector Pfandbriefe issued by HVB. The subordinated notes (class B-E) are backed by cash deposits made to HVL. The reference pool, to which the guarantees relate, consists of Euroloans made by HVL to corporate and private borrowers in Germany. The aggregate principal amount of the reference portfolio cannot exceed EUR2.2 billion. Loans for the reference pool will be selected randomly, subject to certain eligibility criteria. No single borrower or group of related borrowers can represent more than 1% of the transaction balance. Euroloans in the reference pool are short term, with maturities of up to 364 days. The principal weighted average term of the Euroloans is approximately 105 days. Maturing Euroloans will be substituted with new Euroloans, resulting in a revolving structure of the reference pool. Loans made to borrowers in Bavaria represented 56.9% of the Euroloan portfolio as of 30 Nov. 1998. Bavaria is one of the larger states ("Länder") in Germany and has enjoyed better than average economic conditions in the past (e.g. Bavaria currently has the second lowest unemployment rate in Germany). Euroloans to the real estate sector form a significant part of the portfolio. Loans made to this sector (residential and commercial) represent approximately 29% of the Euroloan portfolio. The eligibility criteria stipulate that loans to the real estate sector cannot exceed 45% of the reference pool amount. Another major part of the Euroloans is made to private borrowers, which currently accounts for approximately 26% of the portfolio.

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Asset Details (at deal closure)
Collateralised Loan Obligations
NO. OF OBLIGORS 1,660.00  
1ST LARGEST OBLIGOR % 0.00  
2ND LARGEST OBLIGOR % 0.00  
3RD LARGEST OBLIGOR % 0.00  
4TH LARGEST OBLIGOR % 0.00  
5TH LARGEST OBLIGOR % 0.00  

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Pool Periodic Information
EUR
  May 2000 Apr 2000 Mar 2000 Feb 2000
OUTSTANDING PRINCIPAL AMOUNT OF REFERENCE LOANS 2,235,945,224.61 2,235,956,644.01 2,235,904,150.60 2,235,952,704.70
NUMBER OF REFERENCE LOANS 2,020.00 1,956.00 1,965.00 1,985.00
NUMBER OF OBLIGORS 1,645.00 1,542.00 1,562.00 1,591.00
DEL. NO OF OBLIGORS 14.00 22.00 16.00 12.00
DEL. NO. OF OBLIGORS % 0.85 1.43 1.02 0.75
DELINQUENT PRINCIPAL AMOUNT 14,397,979.37 29,353,266.90 13,034,108.28 10,007,260.34
DEL. PRINCIPAL AMOUNT % OF OUTSTANDING BALANCE 0.64 1.31 0.58 0.45
DEL. AMOUNT % 3-MONTH AVERAGE 0.85 0.78 0.45 0.26
DEL. AMOUNT % 6-MONTH AVERAGE 0.59 0.58 0.36 0.13
DEL. AMOUNT % 12-MONTH AVERAGE 0.34 0.29 0.18 0.13
DEL. NO. OF LOANS 17.00 25.00 17.00 13.00
DEL. NO. OF LOANS % 0.84 1.28 0.87 0.65
  Jan 2000 Dec 1999 Nov 1999 Oct 1999
OUTSTANDING PRINCIPAL AMOUNT OF REFERENCE LOANS 2,235,872,323.75 2,235,890,108.67 2,235,955,334.61 2,194,641,944.74
NUMBER OF REFERENCE LOANS 2,094.00 2,067.00 2,025.00 1,933.00
NUMBER OF OBLIGORS 1,683.00 1,659.00 1,683.00 1,610.00
DEL. NO OF OBLIGORS 7.00 3.00 2.00 0.00
DEL. NO. OF OBLIGORS % 0.42 0.18 0.12 0.00
DELINQUENT PRINCIPAL AMOUNT 7,196,433.23 5,008,103.98 12,624,474.06 0.00
DEL. PRINCIPAL AMOUNT % OF OUTSTANDING BALANCE 0.32 0.22 0.56 0.00
DEL. AMOUNT % 3-MONTH AVERAGE 0.37 0.26 0.19 0.00
DEL. AMOUNT % 6-MONTH AVERAGE 0.19 0.13 0.09 0.00
DEL. AMOUNT % 12-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. NO. OF LOANS 7.00 3.00 4.00 0.00
DEL. NO. OF LOANS % 0.33 0.15 0.20 0.00
  Sep 1999 Aug 1999 Jul 1999 Jun 1999
OUTSTANDING PRINCIPAL AMOUNT OF REFERENCE LOANS 2,235,947,507.26 2,235,882,876.47 2,235,896,849.77 2,235,978,519.42
NUMBER OF REFERENCE LOANS 2,057.00 2,131.00 2,116.00 2,043.00
NUMBER OF OBLIGORS 1,648.00 1,642.00 1,648.00 1,619.00
DEL. NO OF OBLIGORS 0.00 0.00 0.00 0.00
DEL. NO. OF OBLIGORS % 0.00 0.00 0.00 0.00
DELINQUENT PRINCIPAL AMOUNT 0.00 0.00 0.00 0.00
DEL. PRINCIPAL AMOUNT % OF OUTSTANDING BALANCE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 3-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 6-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 12-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. NO. OF LOANS 0.00 0.00 0.00 0.00
DEL. NO. OF LOANS % 0.00 0.00 0.00 0.00
  May 1999 Apr 1999 Mar 1999 Feb 1999
OUTSTANDING PRINCIPAL AMOUNT OF REFERENCE LOANS 2,235,898,569.78 2,235,943,082.12 2,235,899,471.53 0.00
NUMBER OF REFERENCE LOANS 2,048.00 2,051.00 2,053.00 0.00
NUMBER OF OBLIGORS 1,626.00 1,629.00 1,637.00 0.00
DEL. NO OF OBLIGORS 0.00 0.00 0.00 0.00
DEL. NO. OF OBLIGORS % 0.00 0.00 0.00 0.00
DELINQUENT PRINCIPAL AMOUNT 0.00 0.00 0.00 0.00
DEL. PRINCIPAL AMOUNT % OF OUTSTANDING BALANCE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 3-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 6-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. AMOUNT % 12-MONTH AVERAGE 0.00 0.00 0.00 0.00
DEL. NO. OF LOANS 0.00 0.00 0.00 0.00
DEL. NO. OF LOANS % 0.00 0.00 0.00 0.00

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Asset Periodic Information
Collateralised Loan Obligations
Asset periodic information for this asset type is unavailable

 
 
[DEAL HOME]
Geldilux 99-1 Limited - Tranche Details
[TRANCHE HOME]
Class A1 - Original Information
ORIGINAL AMOUNT 1,747,800,000.00 CURRENCY EUR
LEGAL FINAL MATURITY 12 Feb 2002 SCHEDULED MATURITY  
PLACEMENT Public
ORIGINAL C/E % 6.00 TYPE OF C/E Subordination
INDEX EURIBOR3M WAL Bullet Maturity
MARGIN 20 bps TERM LT
COUPON   INSTRUMENT Notes
COMMENTS Credit enhancement totals 6% and will be provided by the class B notes (2.6%), class C notes (1%), class D notes (1.5%), and class E notes (0.9%). 
Ratings Payments
FI ORIGINAL AAA INTEREST FREQ. Quarterly
FI CURRENT AAA PRINCIPAL FREQ. Bullet Maturity
FI RATING DATE   PRIORITY - INTEREST  
S & P ORIGINAL AAA PRIORITY - PRINCIPAL  
MOODY'S ORIGINAL Aaa
DCR ORIGINAL AAA

 
 
[TRANCHE HOME]
Class A1 - Periodic Information
  May 2000 Apr 2000 Mar 2000 Feb 2000
CLASS SIZE 1,747,800,000 1,747,800,000 1,747,800,000 1,747,800,000
COUPON % 4.50 3.69 3.69 3.69
INTEREST PAYMENT 15,752,339 0 0 16,707,706
RATINGALERT No No No No
  Jan 2000 Dec 1999 Nov 1999 Oct 1999
CLASS SIZE 1,747,800,000 1,747,800,000 1,747,800,000 1,747,800,000
COUPON % 3.66 3.66 3.66 2.90
INTEREST PAYMENT 0 0 12,971,006 0
RATINGALERT No No No No
  Sep 1999 Aug 1999 Jul 1999 Jun 1999
CLASS SIZE 1,747,800,000 1,747,800,000 1,747,800,000 1,747,800,000
COUPON % 2.90 2.90 2.78 2.78
INTEREST PAYMENT 0 12,426,081 0 0
RATINGALERT No No No No
  May 1999 Apr 1999 Mar 1999 Feb 1999
CLASS SIZE 1,747,800,000 1,747,800,000 1,747,800,000 1,747,800,000
COUPON % 2.78 3.31 3.31 3.31
INTEREST PAYMENT 14,298,024 0 0 0
RATINGALERT No No No No

 
 
[TRANCHE HOME]
Class A2 - Original Information
ORIGINAL AMOUNT 400,000,000.00 CURRENCY USD
LEGAL FINAL MATURITY 12 Feb 2002 SCHEDULED MATURITY  
PLACEMENT Public
ORIGINAL C/E % 6.00 TYPE OF C/E Subordination
INDEX LIBOR3M WAL Bullet Maturity
MARGIN 20 bps TERM LT
COUPON   INSTRUMENT Notes
COMMENTS Credit enhancement totals 6% and will be provided by the class B notes (2.6%), class C notes (1%), class D notes (1.5%), and class E notes (0.9%). 
Ratings Payments
FI ORIGINAL AAA INTEREST FREQ. Quarterly
FI CURRENT AAA PRINCIPAL FREQ. Bullet Maturity
FI RATING DATE   PRIORITY - INTEREST  
S & P ORIGINAL AAA PRIORITY - PRINCIPAL  
MOODY'S ORIGINAL Aaa
DCR ORIGINAL AAA

 
 
[TRANCHE HOME]
Class A2 - Periodic Information
  May 2000 Apr 2000 Mar 2000 Feb 2000
CLASS SIZE 400,000,000 400,000,000 400,000,000 400,000,000
COUPON % 6.92 6.30 6.30 6.30
INTEREST PAYMENT 6,158,778 0 0 6,542,139
RATINGALERT No No No No
  Jan 2000 Dec 1999 Nov 1999 Oct 1999
CLASS SIZE 400,000,000 400,000,000 400,000,000 400,000,000
COUPON % 6.26 6.26 6.26 5.64