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Smart Series 2007-1 Trust A$1 billion auto and equipment receivables backed securitisation issue

26 February 2007

Macquarie Debt Markets today announced the SMART Programme launch of a $1 billion automobile and equipment receivables backed securitisation issue.  This is the third issue of the SMART Programme.

Macquarie is the Lead Manager, Arranger and Bookrunner for the transaction.
 
Macquarie Leasing Pty Limited is the originator of the assets and will also be the servicer of the portfolio.  The trustee of the SMART Series 2007-1 Trust, Perpetual Trustee Company Limited, is the issuer of the asset backed securities. Standard & Poor’s and Moody’s will both assign ratings to the issued securities.

The SMART Series 2007-1 Trust issue comprises the following securities with a final maturity date of 14 March 2008 (for Class A1 Notes) and 14 March 2014 (for all other classes):

Class

Expected S&P/Moody’s Rating

$M

Expected Average Life

A-1

A1+/P-1

241.5

0.34

A-2

AAA/Aaa

696

1.71

B

A/A1

33

2.18

C

BBB/Baa2

12

2.18

D*

BB/Ba2

4.5

2.98

E*

B/B2

2.8

2.98

Seller Notes*

Not Rated

10.2

2.98

* The Class D, E & SellerNotes are not for sale

As at 31 January 2007, the portfolio had the following characteristics:

Total portfolio value

$1,009,663,733.93

Number of contracts

33,971

Average contract balance

$29,721.34

Maximum loan balance

$1,081,501.42

Weighted average balloon payment

16.8%

Weighted average term to maturity

32.9 months

Weighted average seasoning

15.8 months


Tim Nallaiah, Division Director Debt Finance, at Macquarie said: “We are delighted to be acting as arranger and lead manager for the SMART programme. This is the third issue from the SMART programme and the first fully funded deal with Macquarie Leasing as originator and servicer.  The SMART Series 2007-1 is the largest auto and equipment backed issue to date, in the Australian market.   Particularly attractive features of the underlying asset portfolio include a large proportion of motor vehicles, a diverse range of obligor industries, a portfolio originated and serviced by a subsidiary of a bank, a well seasoned pool, low average contract size and zero consumer contracts.  The issue offers investors the opportunity to diversify their investment portfolios away from mortgage backed securities and mortgage insurer risk.  Accordingly, we expect the SMART Series 2007-1 Trust issue to be well received by investors.” 

The issue is expected to price on or about 19 March 2007.

For more information, please contact:

Tim Nallaiah
Macquarie Bank Debt Markets
Tel: (612) 8232 5343


Kevin Lee
Division Director, Debt Markets
Macquarie Bank Limited
Tel: (612) 8232 8577
Mobile: (614) 0485 7206
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