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Previous: NORLAND MEDICAL SYSTEMS INC, 8-K, 1998-09-29 |
Next: BEAR STEARNS ASSET BACKED SECURITIES INC, 8-K, 1998-09-29 |
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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): September 25, 1998
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-43091 13-3836437
-------- --------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
--------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events.
- ------ ------------
Filing of Computational Materials
In connection with the proposed offering of the Champion Home Equity
Loan Trust 1998-1 Home Equity Loan Asset-Backed Certificates, Series 1998-1,
Class A-1 and Class A-2 Certificates (the "Certificates"), Bear, Stearns & Co.
Inc. and Key Capital Markets, Inc., as the underwriters (the "Underwriters")
have prepared certain materials (the "Series Term Sheet" including the
"Computational Materials") for distribution to their potential investors. Bear
Stearns Asset Backed Securities, Inc. did not participate in the preparation of
the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the
Certificates, any of the following: yield; average life; duration, expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the mortgage loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature. The
Series Term Sheet including Computational Materials distributed by Bear, Stearns
& Co. Inc. and Key Capital Markets, Inc. are attached hereto as Exhibit 99.1 and
Exhibit 99.2, respectively.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
-------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Series Term Sheet including Computational Materials distributed by
Bear Stearns & Co. Inc., filed on Form 8-K dated September 25, 1998.
99.2 The Series Term Sheet including Computational Materials distributed by
Key Capital Markets, Inc., filed on Form 8-K dated September 25, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Matthew E. Perkins
----------------------------
Name: Matthew E. Perkins
Title: Vice President
Dated: September 29, 1998
Exhibit Index
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Exhibit Page
- ------- ----
99.1 The Series Term Sheet including Computational 6
Materials distributed by Bear Stearns & Co. Inc.,
filed on Form 8-K dated September 25, 1998
99.2 The Series Term Sheet including Computational 10
Materials distributed by Key Capital Markets, Inc.,
filed on Form 8-K dated September 25, 1998
Exhibit 99.1
------------
CHAMPION HOME EQUITY LOAN TRUST 1998-1
Computational Materials: Information relating to the Certificates
- -------------------------------------------------------------------------------
NET FUNDS CAP ANALYSIS (a)
---------------------------------------
CLASS A-1
PERIOD DISTRIBUTION NET
DATE FUNDS CAP
----------------------------------------
1 10/25/98 9.5592%
2 ll/25/98 9.5766%
3 12/25/98 9.5848%
4 l/25/99 9.5874%
5 2/25/99 9.5665%
6 3/25/99 9.5447%
7 4/25/99 9.5220%
8 5/25/99 9.4984%
9 6/25/99 9.4740%
10 7/25/99 9.4485%
11 8/25/99 9.4221%
12 9/25/99 9.3946%
13 10/25/99 9.3660%
14 ll/25/99 9.3363%
15 12/25/99 9.3054%
16 1/25/00 9.2733%
17 2/25/00 9.2398%
18 3/25/00 9.2051%
19 4/25/00 9.1689%
20 5/25/00 9.1313%
21 6/25/00 9.0922%
22 7/25/00 9.0515%
23 8/25/00 9.0092%
24 9/25/00 8.9651%
25 10/25/00 8.9192%
26 11/25/00 8.8715%
27 12/25/00 8.8218%
28 1/25/01 8.7701%
29 2/25/01 8.7163%
30 3/25/01 8.6602%
31 4/25/01 8.6018%
32 5/25/01 8.4449%
33 6/25/01 8.3725%
34 7/25/01 8.2972%
35 8/25/01 8.2192%
36 9/25/01 8.1438%
37 10/25/01 10.3199%
38 11/25/01 10.3276%
39 12/25/01 10.3357%
40 1/25/02 10.3440%
41 2/25/02 10.3528%
42 3/25/02 10.3619%
43 4/25/02 10.3713%
44 5/25/02 10.3812%
45 6/25/02 10.3916%
46 7/25/02 10.4023%
47 8/25/02 10.4135%
48 9/25/02 10.4252%
49 10/25/02 10.4374%
50 11/25/02 10.4502%
51 12/25/02 10.4635%
52 1/25/03 10.4773%
53 2/25/03 10.4918%
54 3/25/03 10.5069%
55 4/25/03 10.5227%
56 5/25/03 10.5392%
57 6/25/03 10.5564%
58 7/25/03 10.5744%
59 8/25/03 10.5931%
60 9/25/03 10.6127%
61 10/25/03 10.6332%
62 ll/25/03 10.6547%
63 12/25/03 10.6771%
64 1/25/04 10.7005%
65 2/25/04 10.7250%
66 3/25/04 10.7506%
67 4/25/04 10.7774%
68 5/25/04 10.8055%
69 6/25/04 10.8349%
70 7/25/04 10.8656%
71 8/25/04 10.8979%
72 9/25/04 10.9317%
73 10/25/04 10.9671%
74 ll/25/04 11.0042%
75 12/25/04 11.0431%
76 l/25/05 11.0840%
77 2/25/05 11.1269%
78 3/25/05 11.1719%
79 4/25/05 11.2192%
80 5/25/05 11.2689%
81 6/25/05 11.3212%
82 7/25/05 11.3762%
83 8/25/05 11.4341%
84 9/25/05 11.4950%
85 10/25/05 11.5593%
86 ll/25/05 11.6270%
87 12/25/05 11.6984%
88 l/25/06 11.7738%
89 2/25/06 11.8534%
90 3/25/06 11.9376%
91 4/25/06 12.0266%
92 5/25/06 12.1209%
93 6/25/06 12.2207%
94 7/25/06 12.3267%
95 8/25/06 12.4391%
96 9/25/06 12.5586%
97 10/25/06 12.6857%
98 ll/25/06 12.8210%
99 12/25/06 12.9654%
100 l/25/07 13.1194%
101 2/25/07 13.2841%
102 3/25/07 13.4604%
103 4/25/07 13.6495%
104 5/25/07 13.8526%
105 6/25/07 14.0711%
106 7/25/07 14.3066%
107 8/25/07 14.5611%
108 9/25/07 14.8366%
109 10/25/07 15.1264%
110 11/25/07 15.4406%
1ll 12/25/07 15.7823%
112 1/25/08 16.1549%
113 2/25/08 16.5623%
114 3/25/08 17.0095%
115 4/25/08 17.5021%
116 5/25/08 18.0470%
117 6/25/08 18.6523%
118 7/25/08 19.3283%
119 8/25/08 20.0873%
120 9/25/08 20.9449%
121 10/25/08 21.9210%
122 11/25/08 23.0407%
123 12/25/08 24.3374%
124 1/25/09 25.8551%
125 2/25/09 27.6541%
126 3/25/09 29.8186%
127 4/25/09 32.4701%
128 5/25/09 35.7908%
129 6/25/09 40.0666%
130 7/25/09 45.7734%
131 8/25/09 53.7658%
132 9/25/09 65.7485%
133 10/25/09 85.6818%
134 11/25/09 125.3575%
135 12/25/09 242.6852%
136 1/25/10 10673.8099%
(a) Prepayment Speed Assumption: 35 CPR. Available Funds Cap equals
weighted average gross mortgage rate less I0 coupon, servicing fee,
and trustee fee.
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BEAR STEARNS
This information should be considered only after reading Bear Stearn's
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
Exhibit 99.2
------------
CHAMPION HOME EQUITY LOAN TRUST 1998-1
Computational Materials: Information relating to the Certificates
- -------------------------------------------------------------------------------
NET FUNDS CAP ANALYSIS (a)
---------------------------------------
CLASS A-1
PERIOD DISTRIBUTION NET
DATE FUNDS CAP
----------------------------------------
1 10/25/98 9.5592%
2 ll/25/98 9.5766%
3 12/25/98 9.5848%
4 l/25/99 9.5874%
5 2/25/99 9.5665%
6 3/25/99 9.5447%
7 4/25/99 9.5220%
8 5/25/99 9.4984%
9 6/25/99 9.4740%
10 7/25/99 9.4485%
11 8/25/99 9.4221%
12 9/25/99 9.3946%
13 10/25/99 9.3660%
14 ll/25/99 9.3363%
15 12/25/99 9.3054%
16 1/25/00 9.2733%
17 2/25/00 9.2398%
18 3/25/00 9.2051%
19 4/25/00 9.1689%
20 5/25/00 9.1313%
21 6/25/00 9.0922%
22 7/25/00 9.0515%
23 8/25/00 9.0092%
24 9/25/00 8.9651%
25 10/25/00 8.9192%
26 11/25/00 8.8715%
27 12/25/00 8.8218%
28 1/25/01 8.7701%
29 2/25/01 8.7163%
30 3/25/01 8.6602%
31 4/25/01 8.6018%
32 5/25/01 8.4449%
33 6/25/01 8.3725%
34 7/25/01 8.2972%
35 8/25/01 8.2192%
36 9/25/01 8.1438%
37 10/25/01 10.3199%
38 11/25/01 10.3276%
39 12/25/01 10.3357%
40 1/25/02 10.3440%
41 2/25/02 10.3528%
42 3/25/02 10.3619%
43 4/25/02 10.3713%
44 5/25/02 10.3812%
45 6/25/02 10.3916%
46 7/25/02 10.4023%
47 8/25/02 10.4135%
48 9/25/02 10.4252%
49 10/25/02 10.4374%
50 11/25/02 10.4502%
51 12/25/02 10.4635%
52 1/25/03 10.4773%
53 2/25/03 10.4918%
54 3/25/03 10.5069%
55 4/25/03 10.5227%
56 5/25/03 10.5392%
57 6/25/03 10.5564%
58 7/25/03 10.5744%
59 8/25/03 10.5931%
60 9/25/03 10.6127%
61 10/25/03 10.6332%
62 ll/25/03 10.6547%
63 12/25/03 10.6771%
64 1/25/04 10.7005%
65 2/25/04 10.7250%
66 3/25/04 10.7506%
67 4/25/04 10.7774%
68 5/25/04 10.8055%
69 6/25/04 10.8349%
70 7/25/04 10.8656%
71 8/25/04 10.8979%
72 9/25/04 10.9317%
73 10/25/04 10.9671%
74 ll/25/04 11.0042%
75 12/25/04 11.0431%
76 l/25/05 11.0840%
77 2/25/05 11.1269%
78 3/25/05 11.1719%
79 4/25/05 11.2192%
80 5/25/05 11.2689%
81 6/25/05 11.3212%
82 7/25/05 11.3762%
83 8/25/05 11.4341%
84 9/25/05 11.4950%
85 10/25/05 11.5593%
86 ll/25/05 11.6270%
87 12/25/05 11.6984%
88 l/25/06 11.7738%
89 2/25/06 11.8534%
90 3/25/06 11.9376%
91 4/25/06 12.0266%
92 5/25/06 12.1209%
93 6/25/06 12.2207%
94 7/25/06 12.3267%
95 8/25/06 12.4391%
96 9/25/06 12.5586%
97 10/25/06 12.6857%
98 ll/25/06 12.8210%
99 12/25/06 12.9654%
100 l/25/07 13.1194%
101 2/25/07 13.2841%
102 3/25/07 13.4604%
103 4/25/07 13.6495%
104 5/25/07 13.8526%
105 6/25/07 14.0711%
106 7/25/07 14.3066%
107 8/25/07 14.5611%
108 9/25/07 14.8366%
109 10/25/07 15.1264%
110 11/25/07 15.4406%
1ll 12/25/07 15.7823%
112 1/25/08 16.1549%
113 2/25/08 16.5623%
114 3/25/08 17.0095%
115 4/25/08 17.5021%
116 5/25/08 18.0470%
117 6/25/08 18.6523%
118 7/25/08 19.3283%
119 8/25/08 20.0873%
120 9/25/08 20.9449%
121 10/25/08 21.9210%
122 11/25/08 23.0407%
123 12/25/08 24.3374%
124 1/25/09 25.8551%
125 2/25/09 27.6541%
126 3/25/09 29.8186%
127 4/25/09 32.4701%
128 5/25/09 35.7908%
129 6/25/09 40.0666%
130 7/25/09 45.7734%
131 8/25/09 53.7658%
132 9/25/09 65.7485%
133 10/25/09 85.6818%
134 11/25/09 125.3575%
135 12/25/09 242.6852%
136 1/25/10 10673.8099%
(a) Prepayment Speed Assumption: 35 CPR. Available Funds Cap equals
weighted average gross mortgage rate less I0 coupon, servicing fee,
and trustee fee.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearn's
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
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