<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) February 19, 1999.
Union Planters Mortgage Finance Corp.
-------------------------------------
(Exact name of registrant as specified in charter)
Delaware 333-35471 62-1712370
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7130 Goodlett Farms Parkway, Cordova, Tennessee 38018
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (901) 580-6000
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- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. Other Events.
On February 9, 1999, 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,
$128,461,186 aggregate initial principal amount of the Registrant's Mortgage
Pass-Through Certificates, Series 1999-1, Class A-1, Class A-2 and Class A-3
(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 will be offered pursuant to a Prospectus, dated May 22, 1998, and a related
Prospectus Supplement, dated February 9, 1999, 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 "Computational
Materials," "Collateral Term Sheets" and/or "Structural Term Sheet(s)," as such
terms are defined in the No-Action response letters 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 Computational Materials, Collateral Term Sheets and/or
Structural Term Sheet(s) as Exhibit 99.1.
Exhibits
99.1 Copy of "Computational Materials," "Collateral Term Sheets" and/or
"Structural Term Sheet(s)" as provided by Morgan Stanley & Co.
Incorporated.
<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.
February 19, 1999 UNION PLANTERS MORTGAGE
FINANCE CORP.
By: /s/ Mark E. Mosteller
-------------------------------
Name: Mark E. Mosteller
Title: Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Page
----
<S> <C>
99.1 Copy of "Computational Materials," "Collateral
Term Sheets" and/or "Structural Term Sheet(s)"
as provided by Morgan Stanley & Co. Incorporated............
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- -----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS REMIC 1999-1 SERIES 1999-1 (PRELIMINARY) CLASS A1
- -----------------------------------------------------------------------------------------------------------------------------------
Class A1 Cusip N/A Dated Date 02/01/1999 Original Balance 107,706,573.42
Delay 24 First Payment Date 03/25/1999 Factor 1.00000000 Lead Manager Morgan Stanley
Dean Witter
Payment Freq Monthly Next Payment Date 03/25/1999 Current Balance 107,706,573.42 Orig Deal Size 132,467,434.20
Yield Day Count 30/360 Settlement Date 02/26/1999 Coupon 6.2500 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc SEQ Deal Age 0
YIELD TABLE DATE 02/08/1999
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PREPAY CPR 10 CPR 12 CPR 14 CPR 16 CPR 18 CPR 20 CPR 30
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRICE/YIELD
99/30+ 6.231 6.218 6.205 6.192 6.178 6.163 6.085
99/31+ 6.222 6.209 6.194 6.180 6.165 6.149 6.065
100/00+ 6.213 6.199 6.184 6.168 6.152 6.135 6.044
100/01+ 6.205 6.189 6.173 6.156 6.139 6.121 6.023
100/02+ 6.196 6.180 6.162 6.144 6.126 6.107 6.003
100/03+ 6.188 6.170 6.152 6.133 6.113 6.092 5.982
100/04+ 6.179 6.161 6.141 6.121 6.100 6.078 5.961
100/05+ 6.171 6.151 6.131 6.109 6.087 6.064 5.940
100/06+ 6.162 6.142 6.120 6.097 6.074 6.050 5.920
100/07+ 6.154 6.132 6.109 6.086 6.061 6.036 5.899
100/08+ 6.145 6.123 6.099 6.074 6.048 6.022 5.879
100/09+ 6.137 6.113 6.088 6.062 6.035 6.008 5.858
100/10+ 6.128 6.103 6.077 6.050 6.022 5.993 5.837
100/11+ 6.120 6.094 6.067 6.039 6.009 5.979 5.817
100/12+ 6.111 6.084 6.056 6.027 5.997 5.965 5.796
100/13+ 6.103 6.075 6.046 6.015 5.984 5.951 5.775
100/14+ 6.094 6.065 6.035 6.003 5.971 5.937 5.755
100/15+ 6.086 6.056 6.024 5.992 5.958 5.923 5.734
100/16+ 6.077 6.046 6.014 5.980 5.945 5.909 5.714
100/17+ 6.069 6.037 6.003 5.968 5.932 5.895 5.693
100/18+ 6.061 6.027 5.993 5.957 5.919 5.881 5.673
100/19+ 6.052 6.018 5.982 5.945 5.906 5.867 5.652
100/20+ 6.044 6.009 5.972 5.933 5.894 5.853 5.632
100/21+ 6.035 5.999 5.961 5.922 5.881 5.839 5.611
100/22+ 6.027 5.990 5.951 5.910 5.868 5.825 5.591
100/23+ 6.018 5.980 5.940 5.898 5.855 5.811 5.570
100/24+ 6.010 5.971 5.930 5.887 5.842 5.797 5.550
100/25+ 6.001 5.961 5.919 5.875 5.830 5.783 5.529
100/26+ 5.993 5.952 5.908 5.863 5.817 5.769 5.509
100/27+ 5.985 5.942 5.898 5.852 5.804 5.755 5.489
100/28+ 5.976 5.933 5.887 5.840 5.791 5.741 5.468
100/29+ 5.968 5.923 5.877 5.829 5.778 5.727 5.448
100/30+ 5.959 5.914 5.866 5.817 5.766 5.713 5.427
- ------------------------------------------------------------------------------------------------------------------------------------
SPREAD INTERP. @ 100/14+ 123.5 121.8 119.8 117.4 114.9 112.1 100.4
AVERAGE LIFE 4.5603 3.9746 3.5000 3.1122 2.7918 2.5239 1.6610
MOD DURATION @ 100/14+ 3.6564 3.2597 2.9264 2.6450 2.4058 2.2007 1.5064
FIRST PRIN 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999
LAST PRIN 08/25/2010 06/25/2009 05/25/2008 06/25/2007 08/25/2006 11/25/2005 07/25/2003
PAYMENT WINDOW 138 124 111 100 90 81 53
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</TABLE>
This information has been prepared by Morgan Stanley & Co. Incorporated based on
information provided by you, certain assumptions made at your request and
certain other assumptions set forth herein. The actual characteristics of
performance and value or return related to any securitization described herein
or securities issued thereunder will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance, or value or return
indicated herein will be achieved. This information has been provided to you at
your request and may not be used or otherwise disseminated except with the prior
written consent of Morgan Stanley & Co. Incorporated. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute 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. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided 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
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 2
MORGAN STANLEY DEAN WITTER
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UNION PLANTERS UNION PLANTERS REMIC 1999-1 SERIES 1999-1(Preliminary) CLASS A2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A2 Cusip N/A Dated Date 02/01/1999 Original Balance 20,754,611.54
Delay 24 First Payment Date 03/25/1999 Factor 1.00000000 Lead Manager Morgan Stanley
Dean Witter
Payment Freq Monthly Next Payment Date 03/25/1999 Current Balance 20,754,611.54 Orig Deal Size 132,467,434.20
Yield Day Count 30/360 Settlement Date 02/26/1999 Coupon 6.2500 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc SEQ Deal Age 0
YIELD TABLE DATE 02/08/1999
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PREPAY CPR 10 CPR 12 CPR 14 CPR 16 CPR 18 CPR 20 CPR 30
- -----------------------------------------------------------------------------------------------------------------------------------
Price / Yield
96/24+ 6.643 6.657 6.674 6.693 6.715 6.738 6.887
96/26+ 6.636 6.650 6.666 6.685 6.706 6.729 6.874
96/28+ 6.629 6.643 6.659 6.677 6.697 6.720 6.862
96/30+ 6.622 6.635 6.651 6.669 6.689 6.711 6.849
97/00+ 6.615 6.628 6.643 6.661 6.680 6.702 6.837
97/02+ 6.608 6.621 6.635 6.652 6.672 6.693 6.824
97/04+ 6.601 6.613 6.628 6.644 6.663 6.683 6.812
97/06+ 6.594 6.606 6.620 6.636 6.654 6.674 6.799
97/08+ 6.587 6.599 6.612 6.628 6.646 6.665 6.787
97/10+ 6.580 6.591 6.605 6.620 6.637 6.656 6.775
97/12+ 6.573 6.584 6.597 6.612 6.629 6.647 6.762
97/14+ 6.566 6.577 6.589 6.604 6.620 6.638 6.750
97/16+ 6.559 6.569 6.582 6.596 6.611 6.629 6.737
97/18+ 6.552 6.562 6.574 6.588 6.603 6.620 6.725
97/20+ 6.545 6.555 6.566 6.580 6.594 6.611 6.712
97/22+ 6.538 6.548 6.559 6.571 6.586 6.601 6.700
97/24+ 6.531 6.540 6.551 6.563 6.577 6.592 6.688
97/26+ 6.524 6.533 6.543 6.555 6.569 6.583 6.675
97/28+ 6.517 6.526 6.536 6.547 6.560 6.574 6.663
97/30+ 6.510 6.519 6.528 6.539 6.552 6.565 6.651
98/00+ 6.503 6.511 6.521 6.531 6.543 6.556 6.638
98/02+ 6.497 6.504 6.513 6.523 6.535 6.547 6.626
98/04+ 6.490 6.497 6.505 6.515 6.526 6.538 6.614
98/06+ 6.483 6.490 6.498 6.507 6.518 6.529 6.601
98/08+ 6.476 6.483 6.490 6.499 6.509 6.520 6.589
98/10+ 6.469 6.475 6.483 6.491 6.501 6.511 6.577
98/12+ 6.462 6.468 6.475 6.483 6.492 6.502 6.564
98/14+ 6.455 6.461 6.468 6.475 6.484 6.493 6.552
98/16+ 6.448 6.454 6.460 6.467 6.475 6.484 6.540
98/18+ 6.441 6.447 6.452 6.459 6.467 6.475 6.528
98/20+ 6.435 6.439 6.445 6.451 6.458 6.466 6.515
98/22+ 6.428 6.432 6.437 6.443 6.450 6.457 6.503
98/24+ 6.421 6.425 6.430 6.435 6.442 6.448 6.491
- -----------------------------------------------------------------------------------------------------------------------------------
SPREAD INTERP. @ 97/24+ 149.0 151.9 155.0 158.1 161.3 164.5 179.3
AVERAGE LIFE 14.5497 13.5764 12.5987 11.6461 10.7399 9.8930 6.5949
MOD DURATION @ 97/24+ 9.1772 8.7723 8.3415 7.8984 7.4552 7.0216 5.1419
FIRST PRIN 08/25/2010 06/25/2009 05/25/2008 06/25/2007 08/25/2006 11/25/2005 07/25/2003
LAST PRIN 05/25/2021 05/25/2021 05/25/2021 05/25/2021 05/25/2021 05/25/2021 05/25/2021
PAYMENT WINDOW 130 144 157 168 178 187 215
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the Mortgage
Loans will differ from the assumptions used in preparing these materials, which
are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that the loans will prepay at a constant rate or
follow a predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute 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. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided 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 investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE> 3
<TABLE>
<CAPTION>
MORGAN STANLEY DEAN WITTER
- ----------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS UNION PLANTERS REMIC 1999-1 SERIES 1999-1 (PRICED) CLASS A1
- ----------------------------------------------------------------------------------------------------------------------------------
Class A1 Cusip N/A Dated Date 02/01/1999 Original Balance 78,361,000.00
Delay 24 First Payment Date 03/25/1999 Factor 1.00000000 Lead Manager Morgan Stanley
Dean Witter
Payment Freq Monthly Next Payment Date 03/25/1999 Current Balance 78,361,000.00 Orig Deal Size 132,467,434.48
Yield Day Count 30/360 Settlement Date 02/26/1999 Coupon 6.2500 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc SEQ Deal Age 0
YIELD TABLE DATE 02/09/1999
- -----------------------------------------------------------------------------------------------------------------------------------
TRIGGER OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL YES
PREPAY CPR 10 CPR 12 CPR 14 CPR 16
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Price/Yield
100/07+ 6.1538 6.1321 6.1093 6.0856
100/08 6.1495 6.1273 6.1040 6.0797
100/08+ 6.1453 6.1225 6.0987 6.0738
100/09 6.1410 6.1178 6.0934 6.0680
100/09+ 6.1368 6.1130 6.0881 6.0621
100/10 6.1325 6.1083 6.0828 6.0562
100/10+ 6.1283 6.1035 6.0774 6.0504
100/11 6.1240 6.0987 6.0721 6.0445
100/11+ 6.1198 6.0940 6.0668 6.0386
100/12 6.1156 6.0892 6.0615 6.0328
100/12+ 6.1113 6.0845 6.0562 6.0269
100/13 6.1071 6.0797 6.0509 6.0210
100/13+ 6.1028 6.0749 6.0457 6.0152
100/14 6.0986 6.0702 6.0404 6.0093
100/14+ 6.0944 6.0654 6.0351 6.0035
100/15 6.0901 6.0607 6.0298 5.9976
100/15+ 6.0859 6.0559 6.0245 5.9918
100/16 6.0817 6.0512 6.0192 5.9859
100/16+ 6.0774 6.0464 6.0139 5.9801
100/17 6.0732 6.0417 6.0086 5.9742
100/17+ 6.0690 6.0370 6.0033 5.9684
100/18 6.0647 6.0322 5.9981 5.9625
100/18+ 6.0605 6.0275 5.9928 5.9567
100/19 6.0563 6.0227 5.9875 5.9508
100/19+ 6.0521 6.0180 5.9822 5.9450
100/20 6.0478 6.0132 5.9769 5.9391
100/20+ 6.0436 6.0085 5.9717 5.9333
100/21 6.0394 6.0038 5.9664 5.9275
100/21+ 6.0352 5.9990 5.9611 5.9216
- -----------------------------------------------------------------------------------------------------------
AVERAGE LIFE 4.5603 3.9746 3.5000 3.1122
FIRST PRIN 03/25/1999 03/25/1999 03/25/1999 03/25/1999
LAST PRIN 08/25/2010 06/25/2009 05/25/2008 06/25/2007
PAYMENT WINDOW 138 124 111 100
ACCRUAL FACTOR 0.4340 0.4340 0.4340 0.4340
MOD DURATION @ 108/14+ 3.6564 3.2597 2.9263 2.6450
<CAPTION>
TRIGGER OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL NO OPTIONAL CALL NO
PREPAY CPR 18 CPR 20 CPR 10 CPR 12
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Price/Yield
100/07+ 6.0611 6.0358 6.1538 6.1321
100/08 6.0546 6.0288 6.1495 6.1273
100/08+ 6.0482 6.0217 6.1453 6.1225
100/09 6.0417 6.0146 6.1410 6.1178
100/09+ 6.0352 6.0076 6.1368 6.1130
100/10 6.0288 6.0005 6.1325 6.1083
100/10+ 6.0223 5.9935 6.1283 6.1035
100/11 6.0159 5.9864 6.1240 6.0987
100/11+ 6.0094 5.9794 6.1198 6.0940
100/12 6.0030 5.9723 6.1156 6.0892
100/12+ 5.9965 5.9653 6.1113 6.0845
100/13 5.9901 5.9582 6.1071 6.0797
100/13+ 5.9837 5.9512 6.1028 6.0749
100/14 5.9772 5.9441 6.0986 6.0702
100/14+ 5.9708 5.9371 6.0944 6.0654
100/15 5.9643 5.9301 6.0901 6.0607
100/15+ 5.9579 5.9230 6.0859 6.0559
100/16 5.9515 5.9160 6.0817 6.0512
100/16+ 5.9450 5.9090 6.0774 6.0464
100/17 5.9386 5.9019 6.0732 6.0417
100/17+ 5.9322 5.8949 6.0690 6.0370
100/18 5.9258 5.8879 6.0647 6.0322
100/18+ 5.9193 5.8809 6.0605 6.0275
100/19 5.9129 5.8738 6.0563 6.0227
100/19+ 5.9065 5.8668 6.0521 6.0180
100/20 5.9001 5.8598 6.0478 6.0132
100/20+ 5.8937 5.8528 6.0436 6.0085
100/21 5.8872 5.8458 6.0394 6.0038
100/21+ 5.8808 5.8388 6.0352 5.9990
- --------------------------------------------------------------------------------------------------------
AVERAGE LIFE 2.7918 2.5239 4.5603 3.9746
FIRST PRIN 03/25/1999 03/25/1999 03/25/1999 03/25/1999
LAST PRIN 08/25/2006 11/25/2005 08/25/2010 06/25/2009
PAYMENT WINDOW 90 81 138 124
ACCRUAL FACTOR 0.4340 0.4340 0.4340 0.4340
MOD DURATION @ 108/14+ 2.4058 2.2007 3.6564 3.2597
<CAPTION>
TRIGGER OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO
PREPAY CPR 14 CPR 16 CPR 18 CPR 20
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Price/Yield
100/07+ 6.1093 6.0856 6.0611 6.0358
100/08 6.1040 6.0797 6.0546 6.0288
100/08+ 6.0987 6.0738 6.0482 6.0217
100/09 6.0934 6.0680 6.0417 6.0146
100/09+ 6.0881 6.0621 6.0352 6.0076
100/10 6.0828 6.0562 6.0288 6.0005
100/10+ 6.0774 6.0504 6.0223 5.9935
100/11 6.0721 6.0445 6.0159 5.9864
100/11+ 6.0668 6.0386 6.0094 5.9794
100/12 6.0615 6.0328 6.0030 5.9723
100/12+ 6.0562 6.0269 5.9965 5.9653
100/13 6.0509 6.0210 5.9901 5.9582
100/13+ 6.0457 6.0152 5.9837 5.9512
100/14 6.0404 6.0093 5.9772 5.9441
100/14+ 6.0351 6.0035 5.9708 5.9371
100/15 6.0298 5.9976 5.9643 5.9301
100/15+ 6.0245 5.9918 5.9579 5.9230
100/16 6.0192 5.9859 5.9515 5.9160
100/16+ 6.0139 5.9801 5.9450 5.9090
100/17 6.0086 5.9742 5.9386 5.9019
100/17+ 6.0033 5.9684 5.9322 5.8949
100/18 5.9981 5.9625 5.9258 5.8879
100/18+ 5.9928 5.9567 5.9193 5.8809
100/19 5.9875 5.9508 5.9129 5.8738
100/19+ 5.9822 5.9450 5.9065 5.8668
100/20 5.9769 5.9391 5.9001 5.8598
100/20+ 5.9717 5.9333 5.8937 5.8528
100/21 5.9664 5.9275 5.8872 5.8458
100/21+ 5.9611 5.9216 5.8808 5.8388
- -------------------------------------------------------------------------------------------------------
AVERAGE LIFE 3.5000 3.1122 2.7918 2.5239
FIRST PRIN 03/25/1999 03/25/1999 03/25/1999 03/25/1999
LAST PRIN 05/25/2008 08/25/2007 08/25/2006 11/25/2005
PAYMENT WINDOW 111 100 90 81
ACCRUAL FACTOR 0.4340 0.4340 0.4340 0.4340
MOD DURATION @ 108/14+ 2.9263 2.6450 2.4058 2.2007
</TABLE>
Page 1 of 1
- -------------------------------------------------------------------------------
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 and 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 BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 4
MORGAN STANLEY DEAN WITTER
UNION PLANTERS UNION PLANTERS REMIC 1999-1 SERIES 1999-1 (PRICED) CLASS A2
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Class A2 Cusip N/A Dated Date 02/01/1999
Delay 24 First Payment Date 03/25/1999 Factor 1.00000000
Payment Freq Monthly Next Payment Date 03/25/1999 Current Balance 15,100,185.24
Yield Day Count 30/360 Settlement Date 02/26/1999 Coupon 6.2500
Yield Freq SemiAnnual Interest Freq Monthly Market Desc SEQ
YIELD TABLE DATE 02/09/1999
- ----------------------------------------------------------------------------------------------------------------------------------
TRIGGER _OPTIONAL CALL YES _OPTIONAL CALL YES _OPTIONAL CALL YES _OPTIONAL CALL YES _OPTIONAL CALL YES _OPTIONAL CALL YES
PREPAY CPR 10 CPR 12 CPR 14 CPR 16 CPR 18 CPR 20
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRICE/YIELD
97/26+ 6.5277 6.5377 6.5493 6.5629 6.5778 6.5940
97/27 6.5259 6.5358 6.5473 6.5608 6.5756 6.5916
97/27+ 6.5241 6.5340 6.5454 6.5587 6.5734 6.5892
97/28 6.5224 6.5321 6.5434 6.5566 6.5712 6.5869
97/28+ 6.5206 6.5303 6.5415 6.5545 6.5689 6.5845
97/29 6.5189 6.5284 6.5395 6.5525 6.5667 6.5822
97/29+ 6.5171 6.5266 6.5376 6.5504 6.5645 6.5798
97/30 6.5153 6.5247 6.5356 6.5483 6.5623 6.5775
97/30+ 6.5136 6.5229 6.5337 6.5462 6.5601 6.5751
97/31 6.5118 6.5210 6.5317 6.5442 6.5579 6.5728
97/31+ 6.5100 6.5192 6.5297 6.5421 6.5557 6.5704
98/00 6.5083 6.5173 6.5278 6.5400 6.5535 6.5680
98/00+ 6.5065 6.5155 6.5258 6.5379 6.5513 6.5657
98/01 6.5048 6.5136 6.5239 6.5359 6.5491 6.5633
98/01+ 6.5030 6.5118 6.5219 6.5338 6.5468 6.5610
98/02 6.5013 6.5099 6.5200 6.5317 6.5446 6.5586
98/02+ 6.4995 6.5081 6.5180 6.5296 6.5424 6.5563
98/03 6.4977 6.5062 6.5161 6.5276 6.5402 6.5539
98/03+ 6.4960 6.5044 6.5141 6.5255 6.5380 6.5516
98/04 6.4942 6.5026 6.5122 6.5234 6.5358 6.5492
98/04+ 6.4925 6.5007 6.5102 6.5214 6.5336 6.5469
98/05 6.4907 6.4989 6.5083 6.5193 6.5314 6.5445
98/05+ 6.4890 6.4970 6.5063 6.5172 6.5292 6.5422
98/06 6.4872 6.4952 6.5044 6.5151 6.5270 6.5398
98/06+ 6.4855 6.4933 6.5024 6.5131 6.5248 6.5375
98/07 6.4837 6.4915 6.5005 6.5110 6.5226 6.5351
98/07+ 6.4819 6.4896 6.4985 6.5089 6.5204 6.5328
98/08 6.4802 6.4878 6.4966 6.5069 6.5182 6.5304
98/08+ 6.4784 6.4860 6.4946 6.5048 6.5160 6.5281
- -------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 14.0630 13.0146 11.9902 10.9835 10.0579 9.2204
FIRST PRIN 8/25/2010 06/25/2009 05/25/2008 06/25/2007 08/25/2006 11/25/2005
LAST PRIN 10/25/2014 11/25/2013 12/25/2012 12/25/2011 01/25/2001 03/25/2010
PAYMENT WINDOW 51 54 56 55 54 53
ACCRUAL FACTOR 0.4340 0.4340 0.4340 0.4340 0.4340 0.4340
MED DURATION @ 98/01+ 9.0253 8.5859 8.1282 7.6518 7.1873 6.7442
- -------------------------------------------------------
Original Balance 15,100,185.24
Lead Manager Morgan Stanley Dean Witter
Orig Deal Size 132,467,434.48
Number of Tranches 17
Deal Age 0
<CAPTION>
_OPTIONAL CALL NO _OPTIONAL CALL NO _OPTIONAL CALL NO _OPTIONAL CALL NO _OPTIONAL CALL NO _OPTIONAL CALL NO
CPR 10 CPR 12 CPR 14 CPR 16 CPR 18 CPR 20
<C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
6.5242 6.5331 6.5435 6.5554 6.5687 6.5833
6.5225 6.5313 6.5416 6.5534 6.5665 6.5810
6.5207 6.5295 6.5397 6.5514 6.5644 6.5788
6.5190 6.5277 6.5378 6.5493 6.5623 6.5765
6.5173 6.5258 6.5359 6.5473 6.5601 6.5742
6.5155 6.5240 6.5340 6.5453 6.5580 6.5720
6.5138 6.5222 6.5321 6.5433 6.5559 6.5697
6.5121 6.5204 6.5302 6.5413 6.5538 6.5675
6.5104 6.5186 6.5283 6.5393 6.5516 6.5652
6.5086 6.5168 6.5264 6.5373 6.5495 6.5629
6.5069 6.5150 6.5245 6.5353 6.5474 6.5607
6.5052 6.5132 6.5226 6.5333 6.5452 6.5584
6.5034 6.5114 6.5207 6.5313 6.5431 6.5562
6.5017 6.5096 6.5188 6.5292 6.5410 6.5539
6.5000 6.5078 6.5169 6.5272 6.5389 6.5516
6.4983 6.5060 6.5150 6.5252 6.5367 6.5494
6.4965 6.5041 6.5131 6.5232 6.5346 6.5471
6.4948 6.5023 6.5112 6.5212 6.5325 6.5449
6.4931 6.5005 6.5093 6.5192 6.5304 6.5426
6.4914 6.4987 6.5074 6.5172 6.5282 6.5404
6.4896 6.4969 6.5055 6.5152 6.5261 6.5381
6.4879 6.4951 6.5036 6.5132 6.5240 6.5359
6.4862 6.4933 6.5017 6.5112 6.5219 6.5336
6.4845 6.4915 6.4998 6.5092 6.5197 6.5314
6.4827 6.4897 6.4979 6.5072 6.5176 6.5291
6.4810 6.4879 6.4960 6.5052 6.5155 6.5268
6.4793 6.4861 6.4941 6.5032 6.5134 6.5246
6.4776 6.4843 6.4922 6.5012 6.5113 6.5223
6.4758 6.4825 6.4903 6.4992 6.5091 6.5201
- ------------------------------------------------------------------------------------------------------------------
14.5497 13.5763 12.5987 11.6461 10.7399 9.8929
08/25/2010 06/25/2009 05/25/2008 06/25/2007 08/25/2006 11/25/2005
05/25/2021 05/25/2021 05/25/2021 06/25/2021 05/25/2021 05/25/2021
130 144 157 168 178 187
0.4340 0.4340 0.4340 0.4340 0.4340 0.4340
9.1868 8.7812 8.3498 7.9060 7.4623 7.0283
</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
revealed 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 transaction in securities and instruments of
issuers mentioned herein and 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 he investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 5
MORGAN STANLEY DEAN WITTER
UNION PLANTERS UNION PLANTERS REMIC 1999-1 SERIES 1999-1 (PRICED) CLASS A5
<TABLE>
<CAPTION>
Class A5 Cusip N/A Dated Date 02/01/1999 Original Balance 35,000,000.00
Delay 24 First Payment Date 03/25/1999 Factor 1.00000000 Lead Manager Morgan Stanley
Dean Witter
Payment Freq Monthly Next Payment Date 03/25/1999 Current Balance 35,000,000.00 Orig Deal Size 132,467,434.48
Yield Day Count 30/360 Settlement Date 02/26/1999 Coupon 6.2500 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc SEQ Deal Age 0
YIELD TABLE DATE 02/09/1999
- ------------------------------------------------------------------------------------------------------------------------------------
TRIGGER OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL YES OPTIONAL CALL YES
PREPAY CPR 10 CPR 12 CPR 14 CPR 16 CPR 18
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
<S> <C> <C> <C> <C> <C> <C>
99.8457 6.2740 6.2683 6.2623 6.2560 6.2494
99.8613 6.2705 6.2645 6.2582 6.2515 6.2445
99.8769 6.2671 6.2607 6.2540 6.2470 6.2396
99.8925 6.2636 6.2569 6.2499 6.2425 6.2347
99.9082 6.2602 6.2532 6.2458 6.2380 6.2298
99.9238 6.2567 6.2494 6.2416 6.2334 6.2249
99.9394 6.2533 6.2456 6.2375 6.2289 6.2200
99.9550 6.2499 6.2418 6.2334 6.2244 6.2151
99.9707 6.2464 6.2380 6.2292 6.2199 6.2102
99.9863 6.2430 6.2343 6.2251 6.2154 6.2053
100.0019 6.2395 6.2305 6.2210 6.2109 6.2004
100.0175 6.2361 6.2267 6.2169 6.2064 6.1956
100.0332 6.2327 6.2230 6.2127 6.2019 6.1907
100.0488 6.2292 6.2192 6.2086 6.1974 6.1858
100.0644 6.2258 6.2154 6.2045 6.1930 6.1809
100.0800 6.2224 6.2117 6.2004 6.1885 6.1760
100.0957 6.2189 6.2079 6.1963 6.1840 6.1711
100.1113 6.2155 6.2041 6.1921 6.1795 6.1663
100.1269 6.2121 6.2004 6.1880 6.1750 6.1614
100.1425 6.2087 6.1966 6.1839 6.1705 6.1565
100.1582 6.2052 6.1928 6.1798 6.1660 6.1516
100.1738 6.2018 6.1891 6.1757 6.1615 6.1468
100.1894 6.1984 6.1853 6.1716 6.1570 6.1419
100.2050 6.1950 6.1816 6.1675 6.1526 6.1370
100.2207 6.1915 6.1778 6.1634 6.1481 6.1321
100.2363 6.1881 6.1740 6.1592 6.1436 6.1273
100.2519 6.1847 6.1703 6.1551 6.1391 6.1224
100.2675 6.1813 6.1665 6.1510 6.1347 6.1175
100.2832 6.1779 6.1628 6.1469 6.1302 6.1127
- ---------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 6.0956 5.4351 4.8717 4.3839 3.9657
FIRST PRIN 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999
LAST PRIN 10/25/2014 11/25/2013 12/25/2012 02/25/2011 01/25/2011
PAYMENT WINDOW 188 177 166 154 143
ACCRUAL FACTOR 0.4340 0.4340 0.4340 0.4340 0.4340
MOD DURATION @100.0644 4.5301 4.1266 3.7732 3.4601 2.9403
<CAPTION>
OPTIONAL CALL YES OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO OPTIONAL CALL NO
CPR 20 CPR 10 CPR 12 CPR 14 CPR 16 CPR 18 CPR 20
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.2426 6.2743 6.2688 6.2630 6.2569 6.2506 6.2440
6.2372 6.2709 6.2650 6.2589 6.2525 6.2457 6.2387
6.2319 6.2674 6.2613 6.2548 6.2480 6.2409 6.2335
6.2266 6.2640 6.2575 6.2507 6.2435 6.2361 6.2283
6.2213 6.2606 6.2538 6.2466 6.2391 6.2313 6.2231
6.2160 6.2572 6.2500 6.2425 6.2346 6.2264 6.2179
6.2107 6.2538 6.2463 6.2384 6.2302 6.2216 6.2126
6.2054 6.2503 6.2425 6.2343 6.2257 6.2168 6.2074
6.2001 6.2469 6.2388 6.2302 6.2213 6.2120 6.2022
6.1948 6.2435 6.2350 6.2262 6.2169 6.2071 6.1970
6.1895 6.2401 6.2313 6.2221 6.2124 6.2023 6.1918
6.1842 6.2367 6.2276 6.2180 6.2080 6.1975 6.1866
6.1789 6.2333 6.2238 6.2139 6.2035 6.1927 6.1814
6.1737 6.2298 6.2201 6.2098 6.1991 6.1879 6.1762
6.1684 6.2264 6.2163 6.2057 6.1946 6.1831 6.1710
6.1631 6.2230 6.2126 6.2017 6.1902 6.1782 6.1658
6.1578 6.2196 6.2089 6.1976 6.1858 6.1734 6.1606
6.1525 6.2162 6.2051 6.1935 6.1813 6.1686 6.1554
6.1472 6.2128 6.2014 6.1894 6.1769 6.1638 6.1502
6.1419 6.2094 6.1977 6.1854 6.1725 6.1590 6.1450
6.1367 6.2060 6.1939 6.1813 6.1680 6.1542 6.1398
6.1314 6.2026 6.1902 6.1772 6.1636 6.1494 6.1346
6.1261 6.1992 6.1865 6.1731 6.1592 6.1446 6.1294
6.1208 6.1958 6.1827 6.1691 6.1548 6.1398 6.1242
6.1156 6.1924 6.1790 6.1650 6.1503 6.1350 6.1190
6.1103 6.1890 6.1753 6.1609 6.1459 6.1302 6.1138
6.1050 6.1856 6.1716 6.1569 6.1415 6.1254 6.1087
6.0998 6.1822 6.1678 6.1528 6.1371 6.1206 6.1035
6.0945 6.1788 6.1641 6.1487 6.1326 6.1158 6.0983
- ---------------------------------------------------------------------------------------------------------------------------------
3.6058 6.1742 5.5259 4.9700 4.4910 4.0759 3.7145
03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999 03/25/1999
03/25/2010 05/25/2021 05/25/2021 05/25/2021 05/25/2021 05/25/2021 05/25/2021
133 267 267 267 267 267 267
0.4340 0.4340 0.4340 0.4340 0.4340 0.4340 0.4340
2.9403 4.5573 4.1596 3.8107 3.5031 3.2307 2.9885
</TABLE>
Page 1 of 1
- -------------------------------------------------------------------------------
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 and 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 BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
