Press Release

SMART Series 2011-4US Trust auto backed securitisation issue price

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:

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ClassExpected Rating (Fitch/Moody’s)SizeExpected Average Life (yrs)CouponMargin (Benchmark)
A-1 F1+sf/P-1 (sf)US$100m0.36Fixed0.00% (Int.LIBOR)
A-2aAAAsf/Aaa (sf)US$35m1.15Fixed0.90% (EDSF)
A-2bAAAsf/Aaa (sf)US$123m1.15FloatingLIBOR + 0.90%
A-3aAAAsf/Aaa (sf)US$25m2.35Fixed1.10% (Int. Swap)
A-3bAAAsf/Aaa (sf)US$136m2.35FloatingLIBOR + 1.10%
A-4aAAAsf/Aaa (sf)US$30m3.55Fixed1.35% (Int. Swap)
A-4bAAAsf/Aaa (sf)US$51m3.55FloatingLIBOR + 1.35%
B*AAsf/Aa3 (sf)A$11.075m2.65Not disclosed
C*Asf/A2 (sf)A$15.229m2.65Not disclosed
D*BBBsf/Baa2 (sf)A$13.844m2.65Not disclosed
E*BBsf/Ba2A$12.46m2.65Not disclosed
Seller Notes*Not RatedA$8.307m2.65Not 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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