Sydney, 17 January 2013
Macquarie Group Limited today announced that the SMART Series 2013-1US Trust, a securitisation issue of automobile receivables, priced overnight (New York time).
The $A533 million equivalent SMART Series 2013-1US Trust issue comprises the following SEC Reg AB $US and $A denominated securities:
|Class||Expected Rating (Fitch/Moody's)||Size||Expected Average Life (yrs)||Coupon||Margin (Benchmark)|
|A-1||F1+sf / P-1 (sf)||$US100m||0.37||Fixed||-0.15% (Int. LIBOR)|
|A-2a||AAAsf/ Aaa (sf)||$US60m||1.15||Fixed||0.27% (EDSF)|
|A-2b||AAAsf/ Aaa (sf)||$US70m||1.15||Floating||LIBOR + 0.27%|
|A-3a||AAAsf/ Aaa (sf)||$US50m||2.20||Fixed||0.45% (Int. Swap)|
|A-3b||AAAsf / Aaa (sf)||$US89m||2.20||Floating||LIBOR+ 0.45%|
|A-4a||AAAsf / Aaa (sf)||$US106m||3.51||Fixed||0.50% (Int. Swap)|
|A-4b||AAAsf/ Aaa (sf)||$US25m||3.51||Floating||LIBOR+ 0.50%|
|B*||AAsf / Aa2 (sf)||$A5.858m||2.86||Not disclosed|
|C*||AAsf / A2 (sf)||$A19.437m||2.86||Not disclosed|
|D*||BBBsf / Baaa2 (sf)||$A13.312m||2.86||Not disclosed|
|E*||BBsf/ Ba2 (sf)||$A11.982m||2.86||Not disclosed|
|Seller Notes*||Not Rated||$A7.988m||2.86||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 2013-1US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.
RBS Securities is the 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 23 January 2013.