Australia's Macquarie Bank plans to issue a $500 million auto lease securitization targeting U.S. investors, according a prospectus filed with Securities and Exchange Commission.
The deal, SMART ABS Series 2014-1 US, is backed by a pool of lease contracts, hire purchase contracts and loan contracts in relation to motor vehicle assets located in Australia.
The class A-1, A-2a, A-3a and A-4a notes are fixed rate. The class A-2b, A-3b and A-4b notes are floating rate.
In addition to the US dollar-denominated notes, the structure will also issue class B, C, D and E notes, which are denominated in Australian dollars. These notes will be initially retained by Macquarie Bank.
J.P. Morgan and RBS are joint lead managers on the US dollar portion of the deal.
Macquarie Leasing established the SMART securitization program in March 2002.