Australian lender Members Equity is bringing an RMBS deal incorporating a U.S. dollar-denominated tranche through its SMHL securitization program.
The deal is expected to begin marketing this week. According to market reports, this is the first Australian RMBS deal done since the crisis to sell a U.S. dollar-denominated piece, and the first SMHL deal since May 2007 to offer U.S. dollar donominated bonds.
The $282 million triple-A offering will be offered as Reg S, while the Australian dollar-denominated tranches will be placed domestically for a total deal size of around A$1 billion ($852 million).
Meanwhile, Macquarie is bringing a deal backed by Australian auto lease collateral. This is the first issue under its SMART shelf to be sold with U.S. dollar-denominated tranches.
Societe Generale analysts said that at this point, there will be four senior U.S. denominated tranches, while subordinate classes rated down to double-B will be structured as Australian dollar-denominated pieces and will be sold domestically. The deal size is A$661million.
Preliminary details on these deals are available via the link below from the ASR Scorecards database.