Perpetual Trustee Co. is in the market with the first Australian ABS for this year.

The AUD 517.2 million ($551.9mn) SMART Series 2012-1 U.S. Trust deal securitizes a portfolio of Australian auto leases, commercial hire purchase agreements, chattel mortgages and finance leases secured by motor vehicles originated by Macquarie Leasing Pty Limited.

The capital structure includes four U.S. dollar denominated tranches that have been rated a preliminary 'Aaa' rating by Moody's Investors Service.

"This is the first Australian ABS transaction issued in 2012," said Treasa Boyle, Moody's lead analyst for the transaction. "As with Macquarie's more recent transactions, this transaction is continuing the
trend of targeting offshore markets by issuing U.S. dollar-denominated class A notes."

Moody's rated the class B Australian dollar denominated tranche, 'Aa2'. The class C, D and E notes which are all issued in Australian dollars have been rated 'A2', 'Baa2' and 'Ba2' respectively.

The Class A-1 Notes will be fixed rate notes. The Class A-2, Class A-3 and Class A-4 Notes may be offered as either fixed or floating rate notes. Where the Class A-2, Class A-3 and Class A-4 fixed and floating rate notes are offered, the notes will be issued as Class A-2a, Class A-2b, Class A-3a, Class A-3b, Class A-4a and Class A-4b respectively, according to a Moody's presale report.

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