Press Release
New York, 11 November 2011
Macquarie Group Limited today announced that the SMART Series 2011-4US Trust, a securitisation issue of automobile receivables, priced earlier today (New York time).
The A$553.8 million equivalent SMART Series 2011-4US Trust issue comprises the following Rule 144A US$ and A$ denominated securities:
| Class | Expected Rating (Fitch/Moody’s) | Size | Expected Average Life (yrs) | Coupon | Margin (Benchmark) |
|---|---|---|---|---|---|
| A-1 | F1+sf/P-1 (sf) | US$100m | 0.36 | Fixed | 0.00% (Int.LIBOR) |
| A-2a | AAAsf/Aaa (sf) | US$35m | 1.15 | Fixed | 0.90% (EDSF) |
| A-2b | AAAsf/Aaa (sf) | US$123m | 1.15 | Floating | LIBOR + 0.90% |
| A-3a | AAAsf/Aaa (sf) | US$25m | 2.35 | Fixed | 1.10% (Int. Swap) |
| A-3b | AAAsf/Aaa (sf) | US$136m | 2.35 | Floating | LIBOR + 1.10% |
| A-4a | AAAsf/Aaa (sf) | US$30m | 3.55 | Fixed | 1.35% (Int. Swap) |
| A-4b | AAAsf/Aaa (sf) | US$51m | 3.55 | Floating | LIBOR + 1.35% |
| B* | AAsf/Aa3 (sf) | A$11.075m | 2.65 | Not disclosed | |
| C* | Asf/A2 (sf) | A$15.229m | 2.65 | Not disclosed | |
| D* | BBBsf/Baa2 (sf) | A$13.844m | 2.65 | Not disclosed | |
| E* | BBsf/Ba2 | A$12.46m | 2.65 | Not disclosed | |
| Seller Notes* | Not Rated | A$8.307m | 2.65 | Not disclosed | |
* The Class B, C, D, E & Seller Notes were retained
Macquarie Leasing Pty Limited, a subsidiary of the Macquarie Group, is the originator of the assets and will also be the servicer of the portfolio. The trustee of the SMART Series 2011-4US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.
SMART Series 2011-4US Trust is the thirteenth transaction issued under the SMART programme and the fourth issued into the US Rule 144A investor market. This transaction follows an A$900 million issue in October 2011. Building on the success of previous transactions, the SMART program continues to attract new investors. US Rule 144A issuance under the SMART program year-to-date 2011 totals US$1.85 billion.
RBS is Arranger of the transaction. JPMorgan Securities Inc, Macquarie Capital (USA) Inc and RBS Securities Inc are the Joint Lead Managers for the US$ notes and ANZ is the Co-Manager for the US$ notes.
The issue is due to settle on 16 November 2011.
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