Press Release
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.
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