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Smart Series 2008-1E Trust A$1.2 billion equivalent auto and equipment backed securitisation issue priced |
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06 June 2008 Macquarie Debt Markets today announced that the SMART Series 2008-1E Trust, a securitisation issue of automobile and equipment receivables, has been priced. The SMART Series 2008-1E Trust issue comprises the following securities with a final maturity date of 14 May 2009 (for Class A-1 Notes) and 14 June 2015 (for all other classes):
* The Class B, C, D, E & Seller Notes were not offered for sale 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 2008-1E Trust, Perpetual Trustee Company Limited, is the issuer of the asset backed securities. "We received strong support from investors for the auto and equipment collateral, reflecting recent improvements in market sentiment, especially in Europe. This enabled the deal to be upsized from A$650 million to A$1.2 billion" said Adrian Bentley, Head of Debt Finance at Macquarie, the Arranger to the transaction. "We believe this makes SMART 2008-1E the largest publicly placed securitisation in the Asia Pacific region since the start of the credit crisis, and the second largest deal of its kind from Australia". The issue created a further benchmark for Australian ABS with the utilisation of the ARC Funding Limited repackaging vehicle. Investors in the euro denominated tranches elected to purchase the notes in repackaged form from ARC Funding. The transaction is the third internationally placed ABS issue arranged by Macquarie since March 2008. Twenty one banks and institutional investors participated in the transaction, a number of who have not previously invested in the SMART programme. Macquarie is Arranger of the transaction. JPMorgan, Macquarie and Royal Bank of Scotland Plc are the Joint Lead Managers and Joint Bookrunners for the transaction. The issue is due to settle on 16 June 2008. Contacts:
Adrian Bentley
Jamie Darwen |
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