Smart Series 2011-2US Trust auto backed securitisation issue priced

18 July 2011

Macquarie Group Limited today announced that the SMART Series 2011-2US Trust, a securitisation issue of automobile receivables, priced on Friday 15 July (New York).

The $A633.0 million equivalent SMART Series 2011-2US Trust issue comprises the following Rule 144A $US and $A denominated securities:

Class Expected Rating (Fitch/Moody's) Size Expected Average Life
Coupon Margin (Benchmark)
A-1 F1+sf/P-1 (sf) US$108m 0.36 Fixed 0.05% (Int. LIBOR)
A-2a AAAsf/Aaa (sf) US$84m 1.15 Fixed 0.75% (EDSF)
A-2b AAAsf/Aaa (sf) US$84m 1.15 Floating LIBOR + 0.75%
A-3a AAAsf/Aaa (sf) US$74.4m 2.20 Fixed 0.85% (Int. Swap)
A-3b AAAsf/Aaa (sf) US$96m 2.20 Floating LIBOR + 0.85%
A-4a AAAsf/Aaa (sf) US$153.6m 3.51 Fixed 1.15% (Int. Swap)
B* AAsf/Aa2 (sf) A$14.243m 2.85 Not Disclosed
C* Asf/A2 (sf) A$17.408m 2.85 Not Disclosed
D* BBBsf/Baa2 (sf) $15.825m 2.85 Not Disclosed
E* BBsf/Ba2 $15.825m 2.85 Not Disclosed
Seller Notes* Not Rated $6.331m 2.85 Not Disclosed

 * The Class B, C, D, E and Seller Notes were retained

Macquarie Leasing Pty Limited, a subsidiary of Macquarie Group, is the originator of the assets and will also be the servicer of the portfolio.  The trustee of the SMART Series 2011-2US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.

SMART Series 2011-2US Trust is the eleventh transaction issued under the SMART programme and the third issued into the US Rule 144A investor market. Building on the success of the previous transactions, the SMART program continues to attract new investors. Participating in this issue were 22 investors, including five new investors to the program. All offered tranches were oversubscribed which allowed the deal to be upsized by 20 per cent.

JPMorgan 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 20 July 2011.


For further information, please contact:

Adrian Bentley, Group Treasury (61 2) 8232 8584
Navleen Prasad, Corporate Communications (61 2) 8232 6472