Moneypenny is one first to notice Bond's undies (7)

'moneypenny is one first to notice bond's undies' is the definition.
I can't judge whether this definition defines the answer.

'moneypenny is one first to notice bond's' is the wordplay.
'moneypenny' becomes 'p' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'is one' becomes 'a' (a thing is one thing).
'first to' indicates taking the first letters.
'bond's' becomes 'tie's' (both can mean a connection).
The first letter of 'notice' is 'n'.
'p'+'a'+'n'+'ties'='PANTIES'

Can you help me to learn more?