Overview

SMART series 2010-2 trust auto and equipment backed securitisation issue upsized and priced

11 November 2010

Macquarie Fixed Income & Currencies (“Macquarie”) today announced that the SMART Series 2010-2 Trust, a securitisation issue of automobile and equipment receivables, was upsized and priced today.

The A$500 million SMART Series 2010-2 Trust issue comprises the following securities: 

Class Expected Fitch/Moody’s Rating Size Expected Average Life (yrs) Margin (over 1mth BBSW)
A-1 F1+/P-1 A$80.00m 0.36 0.60%
A-2 AAA/Aaa A$360.00m 2.20 1.55%
B AA/Aa2 A$11.25m 2.74 Not Disclosed
C A/A2 A$13.75m 2.74 Not Disclosed
D BBB/Baa1 A$12.50m 2.74 Not Disclosed
E BB/Ba2 A$12.50m 2.74 Not Disclosed
Seller Notes Not Rated A$10.00m 2.74 Not Disclosed

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 2010-2 Trust, Perpetual Trustee Company Limited, is the issuer of the asset backed securities.

Launched at A$300 million, the transaction was upsized to A$500 million due to strong investor demand. The transaction was supported by 13 domestic and offshore investors and further diversifies the investor base for the SMART programme. The issue is a return to the A$ market following SMART’s  US$ and A$ denominated SMART Series 2010-1 US Trust completed in July this year.

Macquarie is Arranger of the transaction.

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

The issue is due to settle on 15 November 2010.

For further information, please contact:  

Adrian Bentley, Executive Director, Group Treasury (61 2) 8232 8584
Kevin Lee, Division Director, Fixed Income & Currencies (61 2) 8232 8577
Paula Hannaford, Communication Director (61 2) 8232 4102