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Smart Series 2007-3E Trust A$500 million motor vehicle backed securitisation issue launched

09 November 2007

Macquarie Bank Debt Markets today announced the SMART Programme launch of a A$500 million multi-currency securitisation issue backed by motor vehicle receivables.  This is the fifth issue under the SMART Programme.

Macquarie is the Sole 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 2007-3E 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 2007-3E Trust issue comprises the following securities with a final maturity date of 14 November 2008 (for Class A-1 Notes) and 14 November 2014 (for all other classes of notes):
 

Class

Expected S&P/Moody’s Rating

Millions

Expected Average Life (years)

A-1

A1+/P-1

A$91

0.32

A-2A**

AAA/Aaa

A$ tbd

1.95

A-2E**

AAA/Aaa

€ tbd

1.95

B

A/A1

A$16.2

2.59

C

BBB/Baa2

A$5

2.59

D*

BB/Ba2

A$2.5

3.49

E*

B/B2

A$2.3

3.49

Seller Notes*

Not Rated

A$4

3.49

* The Class D, E & Seller Notes are not for sale
** The final allocation of A$379m between Class A-2A and Class A-2E will be made on the pricing date dependant on final demand

As at 31 October September 2007, the portfolio had the following characteristics:

Total portfolio value

$494,999,985.98

Number of contracts

16,030

Average contract balance

$30,879.60

Maximum loan balance

$509,425.28

Weighted average balloon payment

29.43%

Weighted average term to maturity

38.08 months

Weighted average seasoning

10.69 months

Adrian Bentley, Executive Director Debt Finance at Macquarie said: “The structure of the issue is very similar to the previous two SMART transactions, with two major distinctions.  The receivable portfolio for this transaction will be limited to motor vehicles where as the previous transactions also contained commercial equipment.  This new issue also contains provision for a  a euro denominated Class A-2E tranche, a first for the SMART program. The allocation between the Australian dollar Class A2-A Notes and the euro denominated Class A2-E Notes will be determined on the pricing date based on investor demand.”

“The SMART Series 2007-3E issue presents investors with an opportunity for diversification from RMBS and represents another step in the stabilisation of the ABS market.”

The issue is expected to price on or before 16 November 2007.

For further information, please contact:

Adrian Bentley
Macquarie Bank
Treasury & Commodities Group
Tel: +61 2 8232 8584
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