Macquarie Bank priced $500 million of auto lease-backed notes targeting U.S. investors.
The deal, SMART ABS Series 2013-1US Trust, includes $100 million of Class A-1 notes maturing in January 2014 that priced at 0.23%, according to a final prospectus filed with the Securities and Exchange Commission today.
Three longer-dated tranches each consist of both fixed-rate and floating-rate notes:
The Class A-2 tranche maturing in May 2015 includes $60 million of notes priced at 0.58% and $70 million of notes priced at one-month Libor plus 27 basis points.
The Class A-3 tranche maturing in September 2016 includes $50 million of notes priced at 0.84% and $80 million of notes priced at Libor plus 45 basis points.
The Class A-4 tranche maturing in October 2018 consists of $106 million of notes priced at 1.05% and $25 million of notes priced at Libor plus 50 basis points.
The issuer will also issue five classes of Australian dollar denominated notes that will initially be retained by the sponsor.
The receivables consist of lease contracts, hire purchase contracts and loan contracts in relation to motor vehicle assets, including cars, trucks, buses, trailers, forklifts and motorcycles, all domiciled in Australia.