Smart Series 2007-1 Trust A$1.7 Billion auto and equipment receivables backed securitisation issue

16 March 2007

Macquarie Debt Markets today announced that the SMART Series 2007-1 Trust, a securitisation issue of automobile and equipment receivables, has been priced.

Originally launched with an issue size of A$1 billion, due to strong investor demand the transaction was increased in size to A$1.7billion.

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):

* The Class D, E & Seller Notes were not offered for sale

Macquarie Leasing Pty Limited, a subsidiary of Macquarie Bank 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.

Tim Nallaiah, Division Director Debt Finance, at Macquarie said: “We are delighted with how well the SMART 2007-1 transaction has been received by the market.   The combination of a quality issuer, strong collateral, large transaction volume and the opportunity for investors to diversify risk away from mortgage collateral attracted a very solid investor book, allowing us to significantly increase the transaction size”.

The SMART Series 2007-1 is both the largest auto and equipment backed issue to date in the Australian market and the largest securitisation issue wholly denominated in Australian dollars.

The marketing of the transaction included a roadshow across Europe, Asia and Australia, drawing a high level of investor subscription across all regions and attracting a number of offshore investors who had not previously participated in Australian auto and equipment backed transactions.  Over 30 investors participated in the transaction.  All tranches were well oversubscribed at the clearing levels. 

This is the first fully funded deal from the SMART programme with Macquarie Leasing as originator and servicer, with future issues expected as Macquarie Leasing utilises securitisation as a core component of its funding platform. 

The issue is due to settle on 22 March 2007.

Macquarie is the Lead Manager, Arranger and Bookrunner for the transaction.

For further information, please contact:

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