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Smart Series 2007-2 Trust A$1 Billion auto and equipment backed securitisation issue launched |
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12 June 2007 Macquarie Debt Markets today announced the SMART Programme launch of a $1 billion automobile and equipment receivables backed securitisation issue. This is the fourth 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 2007-2 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 2007-2 Trust issue comprises the following securities with a final maturity date of 14 June 2008 (for Class A-1 Notes) and 14 June 2014 (for all other classes of notes):
* The Class D, E & Seller Notes are not for sale As at 31 May 2007, the portfolio had the following characteristics:
Jamie Darwen, Associate Director Debt Finance at Macquarie said: "We are delighted to be acting as arranger and lead manager for the second issue from the SMART programme for 2007, following on from the very successful $1.7 billion SMART 2007-1 transaction which priced in March. The SMART Series 2007-2 transaction is very similar to the previous deal in respect of both the transaction structure and the underlying portfolio of assets. Particularly attractive features of the auto and equipment receivable portfolio include a high percentage 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." Mr Darwen said "the issue is the next step in Macquarie Leasing’s move to incorporate securitisation as a core part of its future funding strategy. 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 2007-2 Trust issue to be well received by investors." The issue is expected to price on or before 21 June 2007. For further information, please contact:
Kevin Lee |
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policy Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
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obligations of that subsidiary, unless noted otherwise. |
