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) June 17, 1996
The Money Store Inc. (as Representative) and TMS
Auto Holdings, Inc. (as Seller) under a Sale and
Servicing Agreement dated as of May 31, 1996 in
connection with the issuance by The Money Store
Auto Trust 1996-1 of Asset Backed Notes and Asset
Backed Certificates.
TMS Auto Holdings,Inc.
The Money Store Inc.
(Exact name of registrant as specified in its charter)
Delaware 22-3405381
New Jersey 33-94518 22-2293022
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
2840 Morris Avenue, Union, New Jersey 07083
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (908) 686-2000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Prudential Securities Incorporated
in connection with the issuance by The Money Store Auto Trust 1996-1 of Asset
Backed Notes and Asset Backed Certificates. The term "Computational Materials"
shall have the meaning given in the No-Action Letter of May 20, 1994 issued by
the Securities and Exchange Commission (the "SEC") to Kidder, Peabody Acceptance
Corporation I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset
Corporation, as supplemented in the No-Action Letter of February 17, 1995 issued
by the SEC to the Public Securities Association.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits
Exhibit No.
99.1 Computational Materials of Prudential
Securities Incorporated.
<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 thereunto duly authorized.
THE MONEY STORE INC., Representative
TMS AUTO HOLDINGS, INC., Seller
By: /s/ Morton Dear
Name: Morton Dear
Title: Executive Vice President of The
Money Store Inc. and TMS Auto
Holdings, Inc.
Dated: June 20, 1996
<PAGE>
EXHIBIT INDEX
Exhibit Description of Exhibit
99.1 Computational Materials of Prudential Securities
Incorporated.
EXHIBIT 99.1
Preliminary Marketing Memo
The Money Store Auto Trust, 1996-1
[$45,100,000] Class A-1 Money Market Asset-Backed Notes - [5.6375%]
[$90,000,000] Class A-2 Floating Rate Asset-Backed Notes - 1M LIBOR + [0.09%]
[$57,900,000] Class A-3 Asset-Backed Notes - [6.85%]
[$7,000,000] Asset-Backed Certificates - [7.10%]
The analysis in this report is accurate to the best of PSI's knowledge and
is based on information provided by the Seller or CS First Boston. PSI makes no
representations as to the accuracy of such information provided to it by the
Seller or CS First Boston. All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
Title of Securities: TMS Auto Trust 1996-1, Class A-1 Money Market\
Asset-Backed Notes (the "Class A-1 Notes"), Class A-2
Floating Rate Asset-Backed Notes (the "Class
A-2 Notes"), Class A-3 Asset-Backed Notes (the
"Class A-3 Notes"), and Asset-Backed Certificates
(the "Certificates").
Seller: TMS Auto Holdings, Inc.
Servicer: The Money Store Auto Finance Inc.
Indenture Trustee and Norwest Bank Minnesota, N.A. - (Trustee for Notes).
Collateral Agent:
Owner Trustee: Bankers Trust (Delaware) - (Trustee for Certificates).
Certificate Insurer: Financial Security Assurance, Inc. ("FSA"). FSA's
claims-paying ability is rated "AAA" by Standard &
Poor's and "Aaa" by Moody's.
Certificate Insurance The insurance policy of FSA guarantees the scheduled
Policy: payment of interest and principal at maturity of the
Class A-1, A-2, and A-3 Notes, and the Certificates.
<TABLE>
<CAPTION>
NOTES CERTIFICATES
------------------------------------------------------------------------------
Class A-1 Class A-2 Class A-3 Certificates
<S> <C> <C> <C> <C>
Amount: [$45,100,000] [$90,000,000] [$57,900,000] [$7,000,000]
Coupon: 5.6375% 1M LIBOR + 0.09%* 6.850% 7.100%
Approx px: 100-00 100-00 99-31+ 99-31+
Yield: 6.955 7.211
Spread: 40 55
Avg Life (@1.7 ABS): 0.39 yrs 1.45 yrs 2.87 yrs (to call) 3.32 yrs (to call)
Dated Date: 6/26/96 6/26/96 6/26/96 6/26/96
Record Date: Business day before distribution for all classes
Interest Rate Basis: ACT/360 ACT/360 30/360 30/360
Payment Delay: 0-day delay 0-day delay 0-day delay 0-day delay
Expected principal
lockout: N/A 8 Months 26 Months 39 Months
Exp Mat @ 1.7 ABS
(to call): 3/20/97 9/20/98 10/20/99 10/20/99
Stated Mat: 7/20/97 12/20/02 12/20/02 12/20/02
Rating - Moody's: P-1 Aaa Aaa Aaa
S&P: A-1+ AAA AAA AAA
* Subject to a maximum rate of 12% per annum.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
Interest Rates: The Class A-1 and A-3 Notes and the Certificates will bear
interest at the following fixed per annum rates:
Class A-1 Notes -- [5.6375%]
Class A-3 notes -- [6.850%]
Certificates -- [7.100%]
The Class A-2 Notes will bear interest at a floating rate equal to 1M-LIBOR
+ [0.09%], subject to a maximum rate of 12.0% per annum.
Optional Redemption: The Servicer may call the Class A-3 Notes and
Certificates at par plus accrued interest when the
aggregate collateral principal balance declines to 10% or
less of the original pool balance. The Class A-3
Notes, to the extent still outstanding, will be redeemed
in whole, but not in part, on any Distribution Date on
which the Servicer exercises this clean up call.
Cashflow Priority: The Trustee will make the following disbursements and
transfers in the following order of priority:
First: Owner and Indenture Trustee Fees;
Second: Servicing Fee (1.50% per annum);
Third: Accrued and unpaid interest (pro rata) to
Class A-1, A-2, and A-3 Notes;
Fourth: Class A-1, A-2, and A-3 Principal paid
sequentially to each class until their
respective principal balances are
reduced to zero;
Fifth: Monthly Interest to the Certificates;
Sixth: Principal to the Certificates;
Seventh: To FSA for amounts owed under the Insurance
Policy;
Eighth: To the spread account, up to the specified
spread account requirement; and
Ninth: To the Seller, any remaining funds.
Principal Paydown: All principal payments are allocated to the Class A-1
Notes until the principal balance of the Class A-1 Notes
is reduced to zero. The Final Scheduled Distribution Date
for the Class A-1 Notes will be July 20, 1997.
Thereafter, all principal payments are allocated to the
Class A-2 Notes until the principal balance of the Class
A-2 Notes is reduced to zero.
Thereafter, all principal payments are allocated to the
Class A-3 Notes until the principal balance of the Class
A-3 Notes is reduced to zero.
Thereafter, all principal payments are allocated to the
Certificates.
Pre-Funding Account: The Pre-Funded Amount is expected to initially equal
approximately [$50,000,000] and will be held in the
Pre-Funding Account in the name of the Indenture Trustee
during the Funding Period; this amount will be reduced by
the principal balance of subsequent receivables purchased
by the Trust.
Credit Enhancement: Credit enhancement is provided by a combination of:
(1) Ongoing spread;
(2) Spread Account; and
(3) the FSA guarantee.
Spread Account: The spread account requirement has a [$ ]
initial deposit and builds to and maintains a level of
[ %] of the current balance. The spread account is
subject to a floor of [ %] of the original balance.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
Pricing Date: June [20], 1996.
Settlement Date: June [26], 1996. The Class A-1 and A-3 Notes and the
Certificates will settle with accrued interest from
June 1, 1996. The Class A-2 Notes will
settle flat with investors (i.e. without accrued).
Distribution Dates: The 20th day of each month or, if such day is not a
business day, the next succeeding business day beginning
July 22, 1996. However, the Final Scheduled Distribution
Date for the Class A-1 Notes will occur on July 15, 1997.
Interest Accrual: Interest on the Class A-1 and A-2 Notes will be
calculated on the basis of a 360-day year and the actual
number of days elapsed in the related interest period.
Interest on the Class A-3 Notes and the Certificates will
be calculated on the basis of a 360-day year consisting
of twelve 30-day months.
Interest will accrue (in the case of the first
distribution date) from the Closing Date to but excluding
July 22, 1996. For subsequent Distribution Dates,
interest will accrue from the most recent Distribution
Date, to but excluding the following Distribution Date.
ERISA Considerations: The Class A-1, A-2 and A-3 Notes constitute eligible
investments for ERISA accounts. The Certificates are not
ERISA eligible. Investors should consult their counsel
with respect to the consequences under ERISA and the Code
of the Plan's acquisition and ownership of the Notes
and Certificates.
Legal Investment: The Class A-1 Notes will be eligible securities for
purchase by money market funds, under Rule 2a-7 under
the Investment Company Act of 1940, as amended.
Form of Notes and Book-Entry Form, same day funds (through DTC). The
Certificates: Notes (not the Certificates) will be Euroclear and
Cedel eligible.
For more information, call Greg Richter or Rob Karr on the ABS desk
(778-2741), Brendan Keane (778-4231) or John Herbert (778-3203) in the Asset
Finance Group, or Vito Lodato (778-1390) in the ABS Structuring Group.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
Preliminary Collateral Information as of May 31, 1996 Cutoff Date
- -----------------------------------------------------------------
Geography:
State % of Principal Balance
--------- ----------------------
California: 24.77%
Texas: 8.15%
Georgia: 7.07%
Alabama: 5.94%
Illinois: 5.74%
Michigan: 5.28%
Florida: 4.52%
Oregon: 4.06%
Indiana: 3.96%
Ohio: 2.96%
Tennessee: 2.94%
Missouri: 2.45%
North Carolina: 2.44%
Arizona: 2.41%
Pennsylvania: 2.30%
Colorado: 2.29%
Oklahoma: 2.06%
Remainder: Less than 2.00%
Collateral Type:
New: 12.36%
Used: 87.64%
Annual Percentage Rate of Receivables:
Weighted Avg. Coupon: 19.55%
APR Range % of Principal Balance
--------- ----------------------
9.000-9.999% .04%
10.000-10.999% .02%
11.000-11.999% .01%
12.000-12.999% .06%
13.000-13.999% .06%
14.000-14.999% .76%
15.000-15.999% 2.34%
16.000-16.999% 9.62%
17.000-17.999% 14.16%
18.000-18.999% 15.81%
19.000-19.999% 12.68%
20.000-20.999% 18.14%
21.000-21.999% 12.16%
22.000-22.999% 6.40%
23.000-23.999% 2.95%
24.000-24.999% 3.13%
25.000-25.999% 1.22%
26.000-26.999% .29%
27.000-27.999% .04%
28.000-28.999% .06%
29.000-29.999% .05%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
Preliminary Collateral Information as of May 31, 1996 Cutoff Date (continued)
----------------------------------------------------------------------------
Principal Balance of Initial Receivables:
Balance: $135,994,917.70
# of Loans: 14,220
Avg. Balance: $9,563.64
Remaining Principal
Balance Range % of Principal Balance
------------------- ----------------------
$0,000.00 to $2,499.99 .29%
$2,500.00 to $4,999.99 4.28%
$5,000.00 to $7,499.99 13.96%
$7,500.00 to $9,999.99 22.34%
$10,000.00 to $12,499.99 24.34%
$12,500.00 to $14,999.99 18.85%
$15,000.00 to $17,499.99 9.26%
$17,500.00 to $19,999.99 3.95%
$20,000.00 to $22,499.99 1.48%
$22,500.00 to $24,999.99 .69%
$25,000.00 to $27,499.99 .36%
$27,500.00 to $29,999.99 .13%
$30,000.00 to $39,999.99 .07%
Terms of the Initial Receivables:
WA Rem. Term: 50.31 months
WA Orig. Term: 52.20 months
Range of Rem. Terms % of Principal Balance
------------------- ----------------------
7 to 11 Months .06%
12 to 17 Months .30%
18 to 23 Months 1.54%
24 to 29 Months 2.29%
30 to 35 Months 8.09%
36 to 41 Months 6.93%
42 to 47 Months 15.96%
48 to 53 Months 13.28%
54 to 59 Months 38.41%
60 to 65 Months 12.21%
66 to 71 Months .73%
72 Months .21%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
The Money Store Auto Trust 1996-1
<TABLE>
<CAPTION>
TMS Auto Finance Inc. Historical Delinquency and Loss Experience
(Dollar Amounts in Thousands)
- -------------------------------------------------------------------------
1995 1996
____________________________________________ ________
June 30 September 30 December 31 March 31
<S> <C> <C> <C> <C>
Principal Amount Outstanding $33,978 $69,374 $117,239 $179,986
Average Principal Amount $22,550 $51,676 $93,307 $148,613
Outstanding
Number of Loans Outstanding 3,478 7,256 12,398 19,271
Average Number of Loans 2,355 5,367 9,827 15,835
Outstanding
Number of Repossessions 18 86 148 219
Principal Amount of $214 $928 $1,473 $2,202
Repossessions
Number of Repossessions as a 0.76% 1.60% 1.51% 1.38%
Percent of Average Number
of Loans Outstanding
Principal Amount of 0.95% 1.80% 1.58% 1.48%
Repossessions as a Percent
of Average Principal
Amount Outstanding
Net Losses $0 $88 $202 $1,245
For the Quarter Ended
Net Losses as a Percent 0.00% 0.51% 0.69% 2.77%
of Principal Amount
Outstanding
Delinquencies
31-60 Days $182 0.54% $393 0.57% $1,881 1.60% $3,575 1.99%
61-90 Days $0 0.00% $61 0.09% $177 0.15% $807 0.45%
Over 90 Days $0 0.00% $36 0.05% $42 0.04% $217 0.12%
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
Financial Strategies 06/21/96 09:54:00 am Prudential Securities Group IMPACT CMO/ABS Analytics-Digest Information Incorporated
Deal ID/CUSIP MONAT61 Deal Date 06/20/96 Series 1996-1 Delivery Date 06/26/96
Underwriter FBC Dated Date 06/20/96 Issuer THE MONEY STORE AUTO GRANTOR TRUST Credit Support 100% FSA
Collateral (Real) Deal Type CAR N/GWAC (Orig) / (18.050/19.550) Pricing Speed ABS 1.70
WAM (Orig) (4.220) Rating Size 200,000,000 Coupon Range
Trustee Modeled Y View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 5.638 N/A 45,100 0.4 N/A 100-00 N/A MONEY MARKET
A2 N/A N/A 90,000 1.4 N/A 100-00 N/A FLT LIBOR-1M+9,C 12
A3 6.850 N/A 57,900 2.9 40 99-31+ 6.955 FIXED NOTES
B 7.100 N/A 7,000 3.3 55 99-31+ 7.211 AAA CERTIFICATES
</TABLE>
<TABLE>
<CAPTION>
Financial Strategies 06/21/96 10:00:56 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP MONAT61 Coupon 5.638
Class A1 MONEY MARKET Accr 0.00000 1st Pmt 07/20/96
Collateral (Real) Factor on / /
N/GWAC (Orig) / (18.050/19.550) LIBOR-1M 5.46875
WAM (Orig) (4.220) Mat N/A Settle 06/26/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
ABS 1.70 ABS 1.30 ABS 1.50 ABS 1.60 ABS 1.80 ABS 2.00 ABS 2.20
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22+ 6.599 6.504 6.552 6.575 6.624 6.667 6.708
99-23 6.557 6.467 6.513 6.534 6.581 6.622 6.661
99-23+ 6.515 6.430 6.474 6.494 6.538 6.577 6.614
99-24 6.474 6.393 6.434 6.454 6.496 6.532 6.567
99-24+ 6.433 6.356 6.395 6.413 6.453 6.487 6.519
99-25 6.391 6.319 6.356 6.373 6.410 6.442 6.472
99-25+ 6.350 6.282 6.317 6.333 6.368 6.397 6.425
99-26 6.308 6.246 6.277 6.292 6.325 6.353 6.378
99-26+ 6.267 6.209 6.238 6.252 6.282 6.308 6.331
99-27 6.225 6.172 6.199 6.212 6.240 6.263 6.284
99-27+ 6.184 6.135 6.160 6.171 6.197 6.218 6.237
99-28 6.143 6.098 6.121 6.131 6.155 6.173 6.190
99-28+ 6.101 6.062 6.081 6.091 6.112 6.129 6.143
99-29 6.060 6.025 6.042 6.051 6.070 6.084 6.096
99-29+ 6.019 5.988 6.003 6.011 6.027 6.039 6.049
99-30 5.977 5.951 5.964 5.970 5.985 5.994 6.002
99-30+ 5.936 5.915 5.925 5.930 5.942 5.950 5.955
99-31 5.895 5.878 5.886 5.890 5.900 5.905 5.908
99-31+ 5.854 5.841 5.847 5.850 5.857 5.861 5.861
100-00 5.812 5.805 5.808 5.810 5.815 5.816 5.815
100-00+ 5.771 5.768 5.769 5.770 5.772 5.771 5.768
100-01 5.730 5.731 5.730 5.730 5.730 5.727 5.721
100-01+ 5.689 5.695 5.691 5.690 5.688 5.682 5.674
100-02 5.648 5.658 5.652 5.650 5.645 5.638 5.627
100-02+ 5.606 5.621 5.613 5.610 5.603 5.593 5.581
100-03 5.565 5.585 5.574 5.570 5.561 5.549 5.534
100-03+ 5.524 5.548 5.535 5.530 5.518 5.504 5.487
100-04 5.483 5.512 5.496 5.490 5.476 5.460 5.441
100-04+ 5.442 5.475 5.457 5.450 5.434 5.415 5.394
100-05 5.401 5.438 5.418 5.410 5.392 5.371 5.347
100-05+ 5.360 5.402 5.379 5.370 5.349 5.326 5.301
100-06 5.319 5.365 5.340 5.330 5.307 5.282 5.254
100-06+ 5.278 5.329 5.301 5.290 5.265 5.238 5.207
100-07 5.237 5.292 5.262 5.250 5.223 5.193 5.161
100-07+ 5.196 5.256 5.224 5.210 5.181 5.149 5.114
100-08 5.155 5.220 5.185 5.170 5.138 5.104 5.068
100-08+ 5.114 5.183 5.146 5.130 5.096 5.060 5.021
100-09 5.073 5.147 5.107 5.091 5.054 5.016 4.975
100-09+ 5.032 5.110 5.068 5.051 5.012 4.972 4.928
Avg. Life 0.395 0.444 0.417 0.406 0.383 0.364 0.347
Mod. Dur. 0.379 0.426 0.400 0.390 0.368 0.350 0.334
1st Pmt. 0.067 0.067 0.067 0.067 0.067 0.067 0.067
Last Pmt. 0.733 0.817 0.733 0.733 0.733 0.650 0.650
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
Financial Strategies 06/21/96 10:03:02 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP MONAT61 Coupon + 9 Cap 12.0 Flr 0.00
Class A2 FLT LIBOR-1M+9,Cap 12 Accr 0.00000 1st Pmt 07/20/96
Collateral (Real) Factor on / /
N/GWAC (Orig) / (18.050/19.550) LIBOR-1M 5.46484
WAM (Orig) (4.220) Mat N/A Settle 06/26/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
ABS 1.70 ABS 1.30 ABS 1.50 ABS 1.60 ABS 1.80 ABS 2.00 ABS 2.20
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22+ 30.234 27.925 29.051 29.638 30.839 32.075 33.347
99-23 29.115 26.928 27.994 28.550 29.687 30.858 32.063
99-23+ 27.996 25.930 26.937 27.463 28.536 29.642 30.780
99-24 26.877 24.933 25.880 26.375 27.385 28.426 29.497
99-24+ 25.758 23.936 24.824 25.288 26.235 27.210 28.214
99-25 24.639 22.939 23.768 24.200 25.084 25.994 26.931
99-25+ 23.521 21.942 22.712 23.113 23.934 24.779 25.649
99-26 22.403 20.945 21.656 22.026 22.784 23.564 24.367
99-26+ 21.285 19.949 20.600 20.940 21.634 22.349 23.085
99-27 20.167 18.952 19.544 19.853 20.485 21.134 21.803
99-27+ 19.049 17.956 18.489 18.767 19.335 19.920 20.522
99-28 17.932 16.961 17.434 17.681 18.186 18.706 19.241
99-28+ 16.815 15.965 16.379 16.595 17.037 17.492 17.960
99-29 15.698 14.969 15.324 15.510 15.888 16.278 16.679
99-29+ 14.581 13.974 14.270 14.424 14.740 15.064 15.399
99-30 13.464 12.979 13.215 13.339 13.591 13.851 14.119
99-30+ 12.348 11.984 12.161 12.254 12.443 12.638 12.839
99-31 11.232 10.989 11.107 11.169 11.295 11.425 11.559
99-31+ 10.116 9.994 10.054 10.084 10.148 10.212 10.279
100-00 9.000 9.000 9.000 9.000 9.000 9.000 9.000
100-00+ 7.884 8.006 7.947 7.916 7.853 7.788 7.721
100-01 6.769 7.012 6.893 6.832 6.706 6.576 6.442
100-01+ 5.654 6.018 5.840 5.748 5.559 5.364 5.164
100-02 4.539 5.024 4.788 4.664 4.412 4.152 3.885
100-02+ 3.424 4.031 3.735 3.581 3.266 2.941 2.607
100-03 2.310 3.037 2.683 2.498 2.119 1.730 1.329
100-03+ 1.195 2.044 1.630 1.414 0.973 0.519 0.052
100-04 0.081 1.051 0.578 0.332 -0.172 -0.691 -1.226
100-04+ -1.033 0.058 -0.474 -0.751 -1.318 -1.902 -2.503
100-05 -2.146 -0.934 -1.525 -1.833 -2.463 -3.112 -3.780
100-05+ -3.260 -1.927 -2.577 -2.916 -3.609 -4.322 -5.056
100-06 -4.373 -2.919 -3.628 -3.998 -4.754 -5.532 -6.333
100-06+ -5.486 -3.911 -4.679 -5.080 -5.898 -6.741 -7.609
100-07 -6.599 -4.903 -5.730 -6.161 -7.043 -7.951 -8.885
100-07+ -7.712 -5.895 -6.781 -7.243 -8.187 -9.160 -10.161
100-08 -8.824 -6.886 -7.831 -8.324 -9.331 -10.369 -11.436
100-08+ -9.937 -7.878 -8.881 -9.405 -10.475 -11.577 -12.712
100-09 -11.049 -8.869 -9.931 -10.486 -11.619 -12.786 -13.987
100-09+ -12.160 -9.860 -10.981 -11.567 -12.763 -13.994 -15.261
Avg. Life 1.446 1.631 1.535 1.490 1.404 1.326 1.254
Mod. Dur. 1.349 1.513 1.428 1.388 1.311 1.241 1.176
1st Pmt. 0.733 0.817 0.733 0.733 0.733 0.650 0.650
Last Pmt. 2.233 2.483 2.400 2.317 2.150 2.067 1.983
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
Financial Strategies 06/21/96 10:03:42 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP MONAT61 Coupon 6.850
Class A3 FIXED NOTES Accr 0.00000 1st Pmt 07/20/96
Collateral (Real) Factor on / /
N/GWAC (Orig) / (18.050/19.550) LIBOR-1M 5.46484
WAM (Orig) (4.220) Mat N/A Settle 06/26/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
***************** TO 10% CALL *****************
ABS 1.70 ABS 1.30 ABS 1.50 ABS 1.60 ABS 1.80 ABS 2.00 ABS 2.20
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.073 7.063 7.067 7.070 7.076 7.082 7.089
99-22+ 7.066 7.057 7.061 7.064 7.069 7.076 7.082
99-23 7.060 7.051 7.055 7.058 7.063 7.069 7.075
99-23+ 7.054 7.046 7.049 7.052 7.057 7.062 7.068
99-24 7.048 7.040 7.043 7.046 7.050 7.055 7.061
99-24+ 7.042 7.034 7.037 7.039 7.044 7.049 7.054
99-25 7.035 7.029 7.032 7.033 7.038 7.042 7.047
99-25+ 7.029 7.023 7.026 7.027 7.031 7.035 7.040
99-26 7.023 7.017 7.020 7.021 7.025 7.029 7.033
99-26+ 7.017 7.011 7.014 7.015 7.018 7.022 7.026
99-27 7.011 7.006 7.008 7.009 7.012 7.015 7.019
99-27+ 7.004 7.000 7.002 7.003 7.006 7.009 7.012
99-28 6.998 6.994 6.996 6.997 6.999 7.002 7.005
99-28+ 6.992 6.989 6.990 6.991 6.993 6.995 6.998
99-29 6.986 6.983 6.984 6.985 6.987 6.989 6.991
99-29+ 6.980 6.977 6.978 6.979 6.980 6.982 6.984
99-30 6.973 6.971 6.972 6.973 6.974 6.975 6.977
99-30+ 6.967 6.966 6.966 6.967 6.968 6.969 6.970
99-31 6.961 6.960 6.960 6.961 6.961 6.962 6.963
99-31+ 6.955 6.954 6.955 6.955 6.955 6.955 6.956
100-00 6.949 6.949 6.949 6.949 6.949 6.949 6.949
100-00+ 6.942 6.943 6.943 6.943 6.942 6.942 6.942
100-01 6.936 6.937 6.937 6.937 6.936 6.935 6.935
100-01+ 6.930 6.931 6.931 6.930 6.930 6.929 6.928
100-02 6.924 6.926 6.925 6.924 6.923 6.922 6.921
100-02+ 6.918 6.920 6.919 6.918 6.917 6.915 6.914
100-03 6.911 6.914 6.913 6.912 6.911 6.909 6.907
100-03+ 6.905 6.909 6.907 6.906 6.904 6.902 6.900
100-04 6.899 6.903 6.901 6.900 6.898 6.895 6.892
100-04+ 6.893 6.897 6.895 6.894 6.892 6.889 6.885
100-05 6.887 6.892 6.890 6.888 6.885 6.882 6.878
100-05+ 6.881 6.886 6.884 6.882 6.879 6.875 6.871
100-06 6.874 6.880 6.878 6.876 6.873 6.869 6.864
100-06+ 6.868 6.875 6.872 6.870 6.866 6.862 6.857
100-07 6.862 6.869 6.866 6.864 6.860 6.855 6.850
100-07+ 6.856 6.863 6.860 6.858 6.854 6.849 6.843
100-08 6.850 6.858 6.854 6.852 6.847 6.842 6.836
100-08+ 6.844 6.852 6.848 6.846 6.841 6.835 6.829
100-09 6.837 6.846 6.842 6.840 6.835 6.829 6.822
Avg. Life 2.871 3.146 3.021 2.946 2.796 2.646 2.501
Mod. Dur. 2.523 2.740 2.641 2.583 2.463 2.343 2.225
Mac. Dur. 2.611 2.836 2.733 2.672 2.549 2.424 2.303
1st Pmt. 2.233 2.483 2.400 2.317 2.150 2.067 1.983
Last Pmt. 10/20/99 01/20/00 12/20/99 11/20/99 09/20/99 07/20/99 05/20/99
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
Financial Strategies 06/21/96 10:04:34 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP MONAT61 Coupon 7.100
Class B AAA CERTIFICATES Accr 0.00000 1st Pmt 07/20/96
Collateral (Real) Factor on / /
N/GWAC (Orig) / (18.050/19.550) LIBOR-1M 5.46484
WAM (Orig) (4.220) Mat N/A Settle 06/26/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
***************** TO 10% CALL *****************
ABS 1.70 ABS 1.30 ABS 1.50 ABS 1.60 ABS 1.80 ABS 2.00 ABS 2.20
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.315 7.309 7.311 7.313 7.318 7.323 7.329
99-22+ 7.310 7.303 7.305 7.308 7.312 7.317 7.323
99-23 7.304 7.298 7.300 7.302 7.307 7.312 7.317
99-23+ 7.299 7.293 7.295 7.297 7.301 7.306 7.311
99-24 7.293 7.288 7.290 7.292 7.295 7.300 7.305
99-24+ 7.288 7.283 7.284 7.286 7.290 7.294 7.298
99-25 7.282 7.278 7.279 7.281 7.284 7.288 7.292
99-25+ 7.277 7.273 7.274 7.275 7.279 7.282 7.286
99-26 7.272 7.267 7.269 7.270 7.273 7.276 7.280
99-26+ 7.266 7.262 7.264 7.265 7.267 7.270 7.274
99-27 7.261 7.257 7.258 7.259 7.262 7.265 7.268
99-27+ 7.255 7.252 7.253 7.254 7.256 7.259 7.261
99-28 7.250 7.247 7.248 7.249 7.251 7.253 7.255
99-28+ 7.244 7.242 7.243 7.243 7.245 7.247 7.249
99-29 7.239 7.237 7.237 7.238 7.239 7.241 7.243
99-29+ 7.233 7.232 7.232 7.233 7.234 7.235 7.237
99-30 7.228 7.226 7.227 7.227 7.228 7.229 7.231
99-30+ 7.222 7.221 7.222 7.222 7.223 7.224 7.224
99-31 7.217 7.216 7.216 7.217 7.217 7.218 7.218
99-31+ 7.211 7.211 7.211 7.211 7.212 7.212 7.212
100-00 7.206 7.206 7.206 7.206 7.206 7.206 7.206
100-00+ 7.200 7.201 7.201 7.201 7.200 7.200 7.200
100-01 7.195 7.196 7.195 7.195 7.195 7.194 7.194
100-01+ 7.190 7.191 7.190 7.190 7.189 7.188 7.187
100-02 7.184 7.185 7.185 7.185 7.184 7.183 7.181
100-02+ 7.179 7.180 7.180 7.179 7.178 7.177 7.175
100-03 7.173 7.175 7.175 7.174 7.172 7.171 7.169
100-03+ 7.168 7.170 7.169 7.169 7.167 7.165 7.163
100-04 7.162 7.165 7.164 7.163 7.161 7.159 7.157
100-04+ 7.157 7.160 7.159 7.158 7.156 7.153 7.151
100-05 7.151 7.155 7.154 7.153 7.150 7.147 7.144
100-05+ 7.146 7.150 7.148 7.147 7.145 7.142 7.138
100-06 7.141 7.145 7.143 7.142 7.139 7.136 7.132
100-06+ 7.135 7.139 7.138 7.137 7.133 7.130 7.126
100-07 7.130 7.134 7.133 7.131 7.128 7.124 7.120
100-07+ 7.124 7.129 7.128 7.126 7.122 7.118 7.114
100-08 7.119 7.124 7.122 7.121 7.117 7.112 7.108
100-08+ 7.113 7.119 7.117 7.115 7.111 7.107 7.101
100-09 7.108 7.114 7.112 7.110 7.106 7.101 7.095
Avg. Life 3.317 3.567 3.483 3.400 3.233 3.067 2.900
Mod. Dur. 2.862 3.051 2.988 2.925 2.798 2.668 2.538
Mac. Dur. 2.965 3.161 3.096 3.031 2.898 2.765 2.629
1st Pmt. 3.317 3.567 3.483 3.400 3.233 3.067 2.900
Last Pmt. 10/20/99 01/20/00 12/20/99 11/20/99 09/20/99 07/20/99 05/20/99
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
