Press Release
Sydney, 08 June 2012
Macquarie Group Limited today announced that the SMART Series 2012-1US Trust, a securitisation issue of automobile receivables, priced overnight (New York time).
The $A566.3 million equivalent SMART Series 2012-2US Trust issue comprises the following Rule 144A US$ 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 | 0.41 | Fixed | -0.22% (Int. LIBOR) |
| A-2a | AAAsf / Aaa (sf) | US$32m | 1.33 | Fixed | 0.55% (EDSF) |
| A-2b | AAAsf / Aaa (sf) | US$133m | 1.33 | Floating | LIBOR + 0.55% |
| A-3a | AAAsf / Aaa (sf) | US$66m | 2.65 | Fixed | 0.95% (Int. Swap) |
| A-3b | AAAsf / Aaa (sf) | US$91m | 2.65 | Floating | LIBOR + 0.95% |
| A-4a | AAAsf / Aaa (sf) | US$27m | 3.88 | Fixed | 1.25% (Int. Swap) |
| A-4b | AAAsf / Aaa (sf) | US$51m | 3.88 | Floating | LIBOR + 1.25% |
| B* | AAsf / Aa2 (sf) | $A11.327m | 2.92 | Not Disclosed | |
| C* | Asf / A2 (sf) | $A15.574m | 2.92 | Not Disclosed | |
| D* | BBBsf / Baa2 (sf) | $A14.158m | 2.92 | Not Disclosed | |
| E* | BBsf / Ba2 (sf) | $A12.743m | 2.92 | Not Disclosed | |
| Seller Notes* | Not Rated | $A8.495m | 2.92 | 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 2012-2US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.
SMART Series 2012-2US Trust is the fifteenth transaction issued under the SMART programme and the sixth issued into the US Rule 144A market. This transaction is the second for 2012 under the programme now totalling $US1 billion into the US Rule 144A market for the first half of 2012. Building on the success of previous transactions, the SMART program continues to attract new investors.
JP Morgan 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-dollar notes and ANZ is the Co-Manager for the US-dollar notes.
The issue is due to settle on 14 June 2012.
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