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) March 28, 2000
--------------
Asset Backed Securities Corporation
--------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 333-64351 13-3320910
- ---------------------------- --------------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Eleven Madison Avenue
New York, New York 10010
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (212) 325-2000
--------------
<PAGE>
Item 5. Other Events
Filing of Collateral Term Sheets.
- --------------------------------
In connection with the proposed offering of Asset Backed Securities
Corporation (the "Company") Bank One Mortgage-Backed Pass-Through
Certificates, Series 2000-2, Credit Suisse First Boston Corporation (the
"Underwriter"), has prepared certain materials (the "Collateral Term Sheets")
for distribution to its potential investors. Although the Company provided the
Underwriter with certain information regarding the characteristics of the
mortgage loans in the related portfolio, it did not participate in the
preparation of the Collateral Term Sheets.
The Collateral Term Sheets are attached hereto as Exhibit 99. These
Collateral Term Sheets supersede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
- ------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with Item
601(b) of Regulation S-K.
Exhibit No. Description
99 Collateral Term Sheets
<PAGE>
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 hereunto duly authorized.
ASSET BACKED SECURITIES CORPORATION
By: /s/ Kari Skilbred
-----------------------
Name: Kari Skilbred
Title: Vice President
Dated: March 28, 2000
<PAGE>
Exhibit Index
Exhibit Page
99. Collateral Term Sheets 6
<PAGE>
IN ACCORDANCE WITH RULE 202 OF REGULATION S-T, THESE
COLLATERAL TERM SHEETS ARE BEING FILED IN PAPER PURSUANT TO A
CONTINUING HARDSHIP EXEMPTION.
EXHIBIT 99
COLLATERAL TERM SHEETS
for
ASSET BACKED SECURITIES CORPORATION
Mortgage-Backed Pass-Through Certificates, Series 2000-2
<PAGE>
<TABLE>
<CAPTION>
BANK ONE
MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 2000-2
- ---------------------------------------------------------------------------------------------------------------------
Collateral Term Sheet
KEY COLLATERAL STATISTICS
GROUP 1 GROUP 2 GROUP 3 GROUP 4 GROUP 5
Conforming Non-Conforming Conforming Non-Conforming Conforming
1/1 1/1 2/1 2/1 4/1
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Number of Mortgage Loans 1,551 390 740 451 539
Aggregate Principal
Balance($) 120,143,836 152,682,444 90,918,773 176,778,455 69,133,512
Average Current Balance ($) 77,462 391,493 122,863 391,970 128,263
Wtd Avg Gross Coupon (%) 7.674 7.376 7.204 6.987 7.261
Wtd Avg Net Coupon (%) 7.299 7.002 6.829 6.612 6.886
Maximum Gross Coupon (%) 9.000 9.000 9.000 8.100 9.000
Minimum Gross Coupon (%) 6.125 6.100 6.100 6.150 6.300
Wid Avg Gross Margin 2.827 2.846 2.932 2.938 2.870
Wtd Avg Net Margin 2.452 2.471 2.557 2.563 2.495
Period Rate Adjusted Cap 2.007 2.024 2.000 2.000 2.000
Wtd Avg Max Rate 12.695 12.431 12.322 12.154 12.309
Net Avg Max Rate 12.320 12.056 11.947 11.779 11.934
Wtd Avg MO to Roll 8 8 25 27 53
Wtd Avg Stated
Remaining Term (months) 277 317 320 327 336
Wtd Avg Seasoning
(months) (%) 69 36 33 27 19
Wtd Avg Current LTV 65.8 67.7 71.9 70.0 77.0
% Owner Occupied 86.4 88.6 82.4 90.6 86.0
% Purchase & Rate Term
Refi's 70.3 70.9 73.9 72.4 78.9
% Single Family
Properties 73.5 82.5 67.1 78.6 72.3
Wtd Avg FICO Score 724 722 725 724 718
IL (38.5%) IL (38.5%) IL (44.2%) IL (47.2%) IL (35.7%)
Top 3 States MI (28.5%) MI (36.1%) MI (26.6%) MI (26.9%) MI (28.8%)
(by Principal Balance) IN (17.8%) IN ( 8.7%) IN (13.1%) IN (8.5%) IN (16.8%)
- --------------------------------------------------------------------------------------------------------------------
GROUP 6 GROUP 7 GROUP 8 GROUP 9
Non-Conforming Conforming Non-Conforming 30-year
4/1 7/1 7/1 Fixed
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Number of Mortgage Loans 469 382 575 2,065
Aggregate Principal
Balance($) 199,208,582 54,547,118 232,139,516 208,585,906
Average Current Balance
($) 424,752 142,794 403,721 101,010
Wtd Avg Gross Coupon (%) 7.136 7.278 7.241 7.281
Wtd Avg Net Coupon (%) 6.761 6.904 6.866 7.030
Maximum Gross Coupon (%) 8.200 8.500 8.250 9.250
Minimum Gross Coupon (%) 6.200 6.650 6.650 6.250
Wid Avg Gross Margin 2.842 2.875 2.887 N/A
Wtd Avg Net Margin 2,467 2.500 2.512 N/A
Period Rate Adjusted Cap 2.000 2.000 2.000 N/A
Wtd Avg Max Rate 12.139 12.303 12.272 N/A
Net Avg Max Rate 11.764 11.928 11.897 N/A
Wtd Avg MO to Roll 52 84 87 N/A
Wtd Avg Stated
Remaining Term (months) 342 334 339 311
Wtd Avg Seasoning
(months) (%) 16 21 18 39
Wtd Avg Current LTV 72.1 75.0 72.2 74.4
% Owner Occupied 93.2 85.1 91.9 91.9
% Purchase & Rate Term
Refi's 71.3 73.6 75.0 77.8
% Single Family
Properties 78.5 66.5 81.4 74.2
Wtd Avg FICO Score 726 723 725 707
MI (33.8%) IL (36.1%) MI (36.1%) IL (56.6%)
Top 3 States IL (32.6%) MI (35.6%) IL (30.5%) MI (16.7%)
(by Principal Balance) IN (11.3%) IN (12.9%) IN (12.5%) IN (12.8%)
- --------------------------------------------------------------------------------------------------
</TABLE>
This information is being provided in response to your specific request for
information. The information has been prepared and furnished to you solely by
CREDIT SUISSE FIRST BOSTON CORPORATION (CSFBC) and not the issuer of the
Securities or any of its affiliates. The preliminary description of the
underlying assets has not been independently verified by CSFBC. CSFBC is not
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. All information contained herein is preliminary, limited
in nature and subject to completion or amendment. CSFBC makes no
representations that the above referenced security will actually perform as
described in any scenario. The above analysis alone is not intended to be a
prospectus and any investment decision with respect to the security should be
made by you based solely upon the information contained in the final
prospectus. Under no circumstances shall the information presented constitute
an offer to sell or solicitation of an offer to buy nor shall there be any
sale of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities may not be sold nor may
an offer to buy be accepted prior to the delivery of a final prospectus
relating to the securities.
CREDIT | FIRST
SUISSE | BOSTON
