Macquarie Bank is marketing $500 million of notes targeting the U.S. investor base under its Australian auto securitization deal, SMART ABS Series 2013-1US Trust, according to a deal prospectus the bank filed with the U.S. Securities and Exchange Commission.
The deal is also structured with $100million of class A-1 notes; $130 million of class A-2 notes; $139 million of class A-3 notes and $131 million of class A-4 notes. Each trache will issue a portion of fixed rate notes and floating rate notes. The issuer will also issue five classes of Australian dollar denominated notes that will initially be retained by the sponsor.
The notes will be backed by a pool of lease contracts, hire purchase contracts and loan contracts in relation to motor vehicle assets (including cars, trucks, buses, trailers, forklifts and motorcycles) located in Australia. Macquarie Bank along with RBS and JP Morgan are joint lead managers on the US$ portion of the deal.
The transaction is slated to close on Jan.23.