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Liberty Financial has priced an Auto ABS issue at $150 million, taking total group issuance to over $1 billion for the calendar year.
The Liberty Series 2013-1 Auto Trust is Liberty’s seventh securitisation of Australian auto loans with NAB acting as arranger and lead manager for the transaction.
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The $112.50 million Class A notes, rated Aaa by Moody’s with a weighted average life of about 1.6 years, are priced at a margin of 120 basis points over one month BBSW.
The pricing of the Class B, C and D notes, rated A1, Baa1 and Ba2, are not disclosed. Further, the issuer has retained the $3.75 million unrated Class E notes.
Lionel Koe, director of securitisation at NAB, said the level of institutional investor participation across the capital structure and their willingness to support the transaction was extremely pleasing.
“Liberty has again confirmed it is a leading non-bank benchmark issuer of asset-backed securities in the Australian market,” he said.
Peter Riedel, chief financial officer at Liberty, said the lender is an active participant in the motor finance market.
“Liberty provides consumers and small businesses with the freedom to choose from a wide range of motor vehicle finance products and services to meet their financial needs”.
Liberty has a Standard & Poor’s rating of “STRONG” for the servicing of consumer motor vehicle loans.
