Press Release
Sydney, 09 March 2012
Macquarie Group Limited today announced that the SMART Series 2012-1US Trust, a securitisation issue of automobile receivables, priced earlier today (New York time).
The A$531.5 million equivalent SMART Series 2012-1US Trust issue comprises the following Rule 144A US$ 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 | -0.18% (Int. LIBOR) |
| A-2a | AAAsf/Aaa (sf) | US$65m | 1.25 | Fixed | 0.55% (EDSF) |
| A-2b | AAAsf/Aaa (sf) | US$80m | 1.25 | Floating | IBOR + 0.55% |
| A-3a | AAAsf/Aaa (sf) | US$60m | 2.48 | Fixed | 0.90% (Int. Swap) |
| A-3b | AAAsf/Aaa (sf) | US$105m | 2.48 | Floating | LIBOR +0.90% |
| A-4a | AAAsf/Aaa (sf) | US$90m | 3.76 | Fixed | 1.20% (Int. Swap) |
| B* | AAsf/Aa2 (sf) | A$10.63m | 2.89 | Not Disclosed | |
| C* | Asf/A2 (sf) | A$14.617m | 2.89 | Not Disclosed | |
| D* | BBBsf/Baa2 (sf) | A$13.287m | 2.89 | Not Disclosed | |
| E* | BBsf/Ba2 (sf) | A$11.959m | 2.89 | Not Disclosed | |
| Seller Notes* | Not Rated | A$7.973m | 2.89 | 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 2012-1US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.
SMART Series 2012-1US Trust is the fourteenth transaction issued under the SMART programme and the fifth issued into the US Rule 144A market. This transaction is the first for 2012 under the programme and follows the successful placement in 2011 of US$1.85 billion into the US Rule 144A market. Building on the success of previous transactions, the SMART program continues to attract new investors.
JP Morgan is the Arranger of the transaction. JPMorgan Securities Inc, Macquarie Capital (USA) Inc and RBS Securities Inc are the Joint Lead Managers for the US$ notes and ANZ is the Co-Manager for the US$ notes.
The issue is due to settle on 14 March 2012.
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