<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 27, 1998.
-------------
Union Planters Mortgage Finance Corp.
-------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-35471 62-1712370
- -----------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
</TABLE>
7130 Goodlett Farms Parkway, Cordova, Tennessee 38018
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (901) 580-6000
------------------
----------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. Other Events.
On or about May 13, 1998, the Registrant entered into an underwriting
agreement with Morgan Stanley & Co. Incorporated (the "Underwriter"), pursuant
to which the Underwriter agreed to purchase and offer for sale to the public,
$370,429,000 approximate aggregate initial principal amount of the Registrant's
Mortgage Pass-Through Certificates, Series 1998-1, Class X-1, Class A-1, Class
A-2, Class A-3, Class A-4, and Class A-5 (the "Offered Securities"). The Offered
Securities are registered for sale under the Registrant's effective shelf
Registration Statement on Form S-3 (333-35471), and were offered pursuant to a
Prospectus, dated May 22, 1998, and a related Prospectus Supplement, dated May
22, 1998, to be filed with the Securities and Exchange Commission pursuant to
the Securities Act of 1933, as amended and Rule 424 thereunder.
In connection with the offering of the Offered Securities, the Underwriter
has prepared and disseminated to potential purchasers certain "Series Term
Sheets", "Computational Materials" and/or "Structural Terms Sheet(s)," as such
terms are defined in the No-Action response letters to Greenwood Trust Company,
Discover Card Master Trust I (publicly available April 5, 1996), to Kidder,
Peabody and Co. Incorporated and certain affiliates thereof (publicly available,
May 20, 1994) and the No-Action response letter to Cleary, Gottlieb, Steen &
Hamilton on behalf of the Public Securities Association (publicly available,
February 17, 1995), respectively. In accordance with such No-Action Letter, the
Registrant is filing herewith such Series Term Sheets, Computational Materials
and/or Structural Terms Sheet(s) as Exhibit 99.1.
<TABLE>
<CAPTION>
Exhibits
- --------
<S> <C>
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Morgan Stanley & Co.
Incorporated
</TABLE>
-2-
<PAGE> 3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
May 27, 1998 UNION PLANTERS MORTGAGE
FINANCE CORP.
By: /s/ James K. Plunkett
------------------------------------
Name: James K. Plunkett
Title: Secretary and Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
99.1 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Terms Sheet(s)"
as provided by Morgan Stanley & Co. Incorporated..................
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS A1
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A1 Dated Date 05/01/1998 Original Balance 198,539,000.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 198,539,000.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 6.4500 Deal Age 0
YIELD TABLE DATE 05/07/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
99/18 6.540 6.540 6.540 6.541 6.541 6.541 6.542
99/20 6.519 6.516 6.514 6.512 6.510 6.508 6.503
99/22 6.498 6.491 6.487 6.483 6.479 6.476 6.463
99/24 6.477 6.466 6.461 6.455 6.449 6.443 6.424
99/26 6.457 6.442 6.434 6.426 6.418 6.410 6.385
99/28 6.436 6.417 6.407 6.398 6.387 6.377 6.346
99/30 6.415 6.393 6.381 6.369 6.357 6.345 6.307
100/00 6.394 6.368 6.354 6.340 6.326 6.312 6.268
100/02 6.374 6.344 6.328 6.312 6.296 6.279 6.229
100/04 6.353 6.319 6.301 6.284 6.265 6.247 6.190
100/06 6.333 6.295 6.275 6.255 6.235 6.214 6.151
100/08 6.312 6.270 6.249 6.227 6.204 6.182 6.112
100/10 6.291 6.246 6.222 6.198 6.174 6.149 6.073
100/12 6.271 6.221 6.196 6.170 6.144 6.117 6.034
100/14 6.250 6.197 6.170 6.142 6.113 6.084 5.995
100/16 6.230 6.173 6.143 6.113 6.083 6.052 5.957
100/18 6.209 6.148 6.117 6.085 6.053 6.020 5.918
- ------------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 3.60 2.96 2.71 2.50 2.31 2.15 1.77
MOD DURATION @ 100/02 3.01 2.54 2.35 2.18 2.04 1.91 1.59
FIRST PRIN 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998
LAST PRIN 02/25/2006 11/25/2004 05/25/2004 11/25/2003 07/25/2003 02/25/2003 04/25/2002
PAYMENT WINDOW 93 78 72 66 62 57 47
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein any may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide. In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International Limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED IN THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 2
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS A2
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Dated Date 05/01/1998 Original Balance 19,856,000.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 19,856,000.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 6.5500 Deal Age 0
YIELD TABLE DATE 05/07/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
99/21 6.625 6.623 6.622 6.620 6.619 6.618 6.614
99/23 6.615 6.611 6.609 6.607 6.605 6.603 6.597
99/25 6.605 6.600 6.597 6.594 6.591 6.588 6.579
99/27 6.595 6.588 6.585 6.581 6.577 6.574 6.562
99/29 6.584 6.577 6.572 6.568 6.564 6.559 6.545
99/31 6.574 6.565 6.560 6.555 6.550 6.544 6.527
100/01 6.564 6.554 6.548 6.542 6.536 6.529 6.510
100/03 6.554 6.542 6.535 6.529 6.522 6.515 6.493
100/05 6.544 6.531 6.523 6.516 6.508 6.500 6.475
100/07 6.534 6.519 6.511 6.503 6.494 6.485 6.458
100/09 6.524 6.508 6.499 6.490 6.480 6.471 6.441
100/11 6.514 6.496 6.486 6.477 6.466 6.456 6.424
100/13 6.504 6.485 6.474 6.463 6.453 6.441 6.406
100/15 6.494 6.473 6.462 6.450 6.439 6.427 6.389
100/17 6.484 6.462 6.450 6.437 6.425 6.412 6.372
100/19 6.474 6.450 6.438 6.424 6.411 6.397 6.355
100/21 6.464 6.439 6.425 6.411 6.397 6.383 6.337
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.20 6.91 6.37 5.90 5.49 5.12 4.23
MOD DURATION @ 100/05 6.17 5.40 5.06 4.75 4.48 4.22 3.59
FIRST PRIN 02/25/2006 11/25/2004 05/25/2004 11/25/2003 07/25/2003 02/25/2003 04/25/2002
LAST PRIN 01/25/2007 10/25/2005 03/25/2005 09/25/2004 03/25/2004 11/25/2003 12/25/2002
PAYMENT WINDOW 12 12 11 11 9 10 9
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein any may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide. In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International Limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED IN THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 3
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ------------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS A3
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A3 Dated Date 05/01/1998 Original Balance 66,176,000.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 66,176,000.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 6.7000 Deal Age 0
YIELD TABLE DATE 05/07/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
99/21 6.780 6.779 6.778 6.777 6.776 6.775 6.772
99/23 6.772 6.769 6.768 6.766 6.765 6.763 6.758
99/25 6.763 6.760 6.758 6.756 6.754 6.752 6.745
99/27 6.754 6.750 6.748 6.745 6.743 6.740 6.731
99/29 6.746 6.741 6.738 6.735 6.732 6.728 6.718
99/31 6.737 6.731 6.728 6.724 6.721 6.717 6.704
100/01 6.729 6.722 6.718 6.714 6.710 6.705 6.691
100/03 6.720 6.712 6.708 6.703 6.699 6.694 6.678
100/05 6.712 6.703 6.698 6.693 6.688 6.682 6.664
100/07 6.703 6.694 6.688 6.683 6.677 6.670 6.651
100/09 6.695 6.684 6.678 6.672 6.666 6.659 6.637
100/11 6.686 6.675 6.668 6.662 6.655 6.647 6.624
100/13 6.678 6.665 6.659 6.651 6.644 6.636 6.610
100/15 6.669 6.656 6.649 6.641 6.633 6.624 6.597
100/17 6.661 6.647 6.639 6.630 6.622 6.613 6.584
100/19 6.652 6.637 6.629 6.620 6.611 6.601 6.570
100/21 6.644 6.628 6.619 6.610 6.600 6.589 6.557
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 10.47 9.09 8.47 7.90 7.38 6.91 5.75
MOD DURATION @ 100/05 7.30 6.60 6.26 5.94 5.64 5.36 4.62
FIRST PRIN 01/25/2007 10/25/2005 03/25/2005 09/25/2004 03/25/2004 11/25/2003 12/25/2002
LAST PRIN 09/25/2010 05/25/2009 09/25/2008 02/25/2008 07/25/2007 12/25/2006 07/25/2005
PAYMENT WINDOW 45 44 43 42 41 38 32
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein any may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide. In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International Limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED IN THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 4
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS A4
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A4 Dated Date 05/01/1998 Original Balance 66,404,000.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 66,404,000.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 6.8500 Deal Age 0
YIELD TABLE DATE 05/07/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
99/26 6.918 6.917 6.916 6.915 6.914 6.913 6.909
99/28 6.911 6.909 6.908 6.907 6.906 6.904 6.900
99/30 6.904 6.902 6.901 6.899 6.898 6.896 6.890
100/00 6.897 6.895 6.893 6.892 6.890 6.888 6.881
100/02 6.890 6.887 6.886 6.884 6.882 6.880 6.872
100/04 6.883 6.880 6.878 6.876 6.874 6.871 6.863
100/06 6.876 6.873 6.871 6.868 6.866 6.863 6.854
100/08 6.869 6.865 6.863 6.861 6.858 6.855 6.845
100/10 6.862 6.858 6.856 6.853 6.850 6.847 6.836
100/12 6.855 6.851 6.848 6.845 6.842 6.838 6.826
100/14 6.849 6.844 6.841 6.837 6.834 6.830 6.817
100/16 6.842 6.836 6.833 6.830 6.826 6.822 6.808
100/18 6.835 6.829 6.826 6.822 6.818 6.814 6.799
100/20 6.828 6.822 6.818 6.814 6.810 6.806 6.790
100/22 6.821 6.814 6.811 6.807 6.802 6.797 6.781
100/24 6.814 6.807 6.803 6.799 6.794 6.789 6.772
100/26 6.807 6.800 6.796 6.791 6.786 6.781 6.763
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 14.47 13.38 12.82 12.25 11.69 11.14 9.60
MOD DURATION @ 100/10 8.91 8.49 8.26 8.02 7.78 7.53 6.79
FIRST PRIN 09/25/2010 05/25/2009 09/25/2008 02/25/2008 07/25/2007 12/25/2006 07/25/2005
LAST PRIN 04/25/2015 08/25/2014 04/25/2014 10/25/2013 05/25/2013 12/25/2012 06/25/2011
PAYMENT WINDOW 56 64 68 69 71 73 72
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein any may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide. In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International Limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED IN THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 5
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS A5
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A5 Dated Date 05/01/1998 Original Balance 18,631,000.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 18,631,000.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 6.8500 Deal Age 0
YIELD TABLE DATE 05/07/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Prepay CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
99/16+ 6.951 6.951 6.951 6.951 6.951 6.951 6.952
99/18+ 6.945 6.945 6.945 6.945 6.945 6.945 6.945
99/20+ 6.939 6.939 6.939 6.938 6.938 6.938 6.938
99/22+ 6.933 6.932 6.932 6.932 6.932 6.932 6.931
99/24+ 6.926 6.926 6.926 6.926 6.925 6.925 6.924
99/26+ 6.920 6.920 6.919 6.919 6.919 6.919 6.917
99/28+ 6.914 6.913 6.913 6.913 6.912 6.912 6.911
99/30+ 6.908 6.907 6.907 6.906 6.906 6.906 6.904
100/00+ 6.901 6.901 6.900 6.900 6.900 6.899 6.897
100/02+ 6.895 6.895 6.894 6.894 6.893 6.893 6.890
100/04+ 6.889 6.888 6.888 6.887 6.887 6.886 6.883
100/06+ 6.883 6.882 6.881 6.881 6.880 6.880 6.877
100/08+ 6.877 6.876 6.875 6.875 6.874 6.873 6.870
100/10+ 6.870 6.869 6.869 6.868 6.867 6.867 6.863
100/12+ 6.864 6.863 6.863 6.862 6.861 6.860 6.856
100/14+ 6.858 6.857 6.856 6.855 6.855 6.854 6.850
100/16+ 6.852 6.851 6.850 6.849 6.848 6.847 6.843
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 17.85 17.45 17.21 16.95 16.65 16.33 15.24
MOD DURATION @ 100/00+ 10.01 9.89 9.82 9.73 9.64 9.54 9.16
FIRST PRIN 04/25/2015 08/25/2014 04/25/2014 10/25/2013 05/25/2013 12/25/2012 06/25/2011
LAST PRIN 09/25/2017 09/25/2017 09/25/2017 09/25/2017 09/25/2017 09/25/2017 09/25/2017
PAYMENT WINDOW 30 38 42 48 53 58 76
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein any may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide. In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International Limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED IN THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 6
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS 1998-1 SERIES 1998-1 CLASS X-1
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class X-1 Dated Date 05/01/1998 Original Balance 380,056,861.00 Lead Manager Morgan Stanley
Delay 24 First Payment Date 06/25/1998 Factor 1.00000000 Orig Deal Size 749,662,861.24
Payment Freq Monthly Next Payment Date 06/25/1998 Current Balance 380,056,861.00 Num of Tranches 17
Yield Day Count 30/360 Settlement Date 05/28/1998 Coupon 0.0000 Deal Age 0
YIELD TABLE DATE 05/08/1998 Yield Freq SemiAnnual Interest Freq Monthly
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
_OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL _OPTIONAL
TRIGGER CALL YES CALL YES CALL YES CALL YES CALL YES CALL YES CALL YES CALL YES CALL YES
PREPAY CPR 6 CPR 8 CPR 9 CPR 10 CPR 11 CPR 12 CPR 15 CPR 18 CPR 20
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE / YIELD
3/13+ 19.433 17.125 15.958 14.779 13.585 12.383 8.682 4.784 2.079
3/14+ 19.134 16.828 15.662 14.485 13.291 12.090 8.390 4.492 1.786
3/15+ 18.840 16.536 15.372 14.195 13.002 11.802 8.103 4.204 1.497
3/16+ 18.551 16.250 15.086 13.910 12.718 11.518 7.821 3.921 1.213
3/17+ 18.267 15.968 14.805 13.630 12.439 11.240 7.544 3.643 0.933
3/18+ 17.988 15.691 14.529 13.355 12.164 10.966 7.271 3.369 0.658
3/19+ 17.713 15.418 14.258 13.084 11.894 10.696 7.002 3.100 0.388
3/20+ 17.443 15.150 13.990 12.818 11.628 10.431 6.738 2.835 0.121
3/21+ 17.177 14.886 13.727 12.555 11.367 10.170 6.478 2.573 0.142
3/22+ 16.915 14.626 13.468 12.297 11.109 9.913 6.222 2.316 -0.400
3/23+ 16.658 14.370 13.213 12.043 10.856 9.660 5.970 2.063 -0.655
3/24+ 16.404 14.118 12.963 11.793 10.606 9.411 5.721 1.813 -0.906
3/25+ 16.154 13.871 12.716 11.547 10.360 9.166 5.477 1.568 -1.153
3/26+ 15.909 13.627 12.472 11.304 10.118 8.924 5.236 1.325 -1.397
3/27+ 15.666 13.386 12.223 11.065 9.880 8.686 4.998 1.087 -1.637
3/28+ 15.428 13.149 11.997 10.830 9.645 8.452 4.764 0.851 -1.874
3/29+ 15.193 12.916 11.764 10.598 9.414 8.221 4.534 0.619 -2.107
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AVERAGE LIFE 7.78 6.90 6.52 6.16 5.82 5.51 4.72 4.07 3.72
MOD DURATION @ 3/21+ 3.16 3.18 3.20 3.21 3.21 3.22 3.23 3.22 3.20
FIRST PRIN 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998 06/25/1998
LAST PRIN 05/25/2015 09/25/2014 05/25/2014 12/25/2013 06/25/2013 01/25/2013 09/25/2011 04/25/2010 04/25/2009
PAYMENT WINDOW 204 196 192 187 181 176 160 143 133
</TABLE>
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