National Australia Bank, owner of the ill-fated HomeSide mortgage finance business in the United States, is entering the U.S. asset-backed commercial paper market with its A$5 billion Titan multi-seller program, launched in Australia three years ago. The move comes as NAB launches a second multi-seller program in the domestic market, Quasar, with an initial issuance ceiling of A$3 billion. Both are "black box" structures.
Titan is rated A-1+ and P-1 respectively by Standard & Poor's and Moody's Investors Service, and securitizes a broad range of assets including loans and leases. Although the bank refuses to divulge the exact nature of the assets or the identity of the originators, all assets are sourced from third-party corporates, mainly the bank's own clients.