Press Release

SMART Series 2011-3 Trust auto and equipment

Sydney, 07 October 2011

Macquarie Group Limited today announced that the SMART Series 2011-3 Trust, a securitisation issue of automobile and equipment receivables, closed oversubscribed and was priced on Friday, 7 October.

The $A900 million SMART Series 2011-3 Trust issue comprises the following securities denominated in Australian dollars and Sterling:

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Class Expected Rating (Fitch/Moody’s) Size Expected Average Life (yrs) Margin (Benchmark)
A-1  F1+sf / P-1 (sf) $A144m 0.37 0.60% (BBSW)
A-2A AAAsf / Aaa (sf) $A473.4m 2.26 1.60% (BBSW)
A-2G AAAsf / Aaa (sf) GBP110m 2.26 1.20% (GBP LIBOR)
B* AAsf / Aa3 (sf) $A20.5m 2.82 Not Disclosed
C* Asf / A3 (sf) $A24.8m 2.82 Not Disclosed
D* BBBsf / Baa3 (sf) $A22.5m 2.82 Not Disclosed
E* BBsf / Ba2 $A22.5m 2.82 Not Disclosed
Seller Notes* Not Rated $18.0m 2.82 Not Disclosed

* The Class B, C, D, E and 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 2011-3 Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.

This transaction is the first Australian-dollar issue by SMART since November 2010 and follows two successful US-dollar 144A issues earlier in 2011. Launched at $A350 million, the transaction was upsized to $A900 million due to strong investor demand. 14 investors participated in the Class A tranches. The addition for the first time of a Sterling tranche and offshore investor participation in Australian dollars is a pleasing development and recognition of the programme’s strong profile amongst international investors. 60% of the Class A tranches were placed to offshore investors.

Macquarie Bank Limited, Australia and New Zealand Banking Group Limited, JP Morgan Australia Limited and The Royal Bank of Scotland Plc are the Joint Lead Managers.

The issue is due to settle on 14 October 2011.


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