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|
|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.