Sydney, 06 March 2014
Macquarie Group Limited today announced that the SMART Series 2014-1US Trust, a securitisation issue of automobile receivables, priced overnight (New York time).
The $A632 million equivalent SMART Series 2014-1US Trust issue comprises the following SEC Reg AB $US and $A denominated securities:
|Class||Expected Rating (Fitch/Moody's)||Size||Expected Average Life (yrs)||Coupon||Margin (Benchmark)|
|A-1||F1+sf / P-1 (sf)||$US90m||0.35||Fixed||0.22% (Int. LIBOR)|
|A-2a||AAAsf / Aaa (sf)||$US94m||1.10||Fixed||0.30% (EDSF)|
|A-2b||AAAsf / Aaa (sf)||$US40m||1.10||Floating||LIBOR + 0.30%|
|A-3a||AAAsf / Aaa (sf)||$US70m||2.25||Fixed||0.40% (Int. Swap)|
|A-3b||AAAsf / Aaa (sf)||$US96m||2.25||Floating||LIBOR + 0.40%|
|A-4a||AAAsf / Aaa (sf)||$US50m||3.64||Fixed||0.60% (Int. Swap)|
|A-4b||AAAsf / Aaa (sf)||$US60m||3.64||Floating||LIBOR + 0.60%|
|B*||AAsf / Aa3 (sf)||$A9.486m||2.74||Not disclosed|
|C*||Asf / A2 (sf)||$A17.390m||2.74||Not disclosed|
|D*||BBBsf / Baa3 (sf)||$A17.390m||2.74||Not disclosed|
|E*||BBsf / Ba2 (sf)||$A15.809m||2.74||Not disclosed|
|Seller notes*||Not rated||$A15.810m||2.74||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 2014-1US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.
The issue is due to settle on 14 March 2014.