People's Choice to meet investors ahead of Light Trust 2019-1 RMBS

Tuesday, 09 July 2019

On 9 July, People’s Choice Credit Union (People's Choice) revealed plans for a new residential mortgage-backed securities (RMBS) deal, Light Trust 2019-1. The forthcoming transaction has indicative total volume of A$500 million (US$347.8 million). A series of investor meetings will be organised in London in the week commencing 15 July and Sydney in the week commencing 22 July. National Australia Bank is the arranger, and is also joint lead manager alongside ANZ, Macquarie Bank and Westpac Institutional Bank.

Light Trust 2019-1 initial deal structure

Tranche	Indicative volume (A$m)	Expected ratings (S/F)	Initial credit support (per cent)	Weighted-average life (no. of years)
A	460	AAA/AAA	8	2.8
AB	22.5	AAA/NR	3.5	6.2
B	6.25	AA/NR	2.25	6.2
C	5.75	A/NR	1.1	6.2
D	2.25	BBB/NR	0.65	6.2
E	3.25	NR/NR	N/A	6.2

Source: National Australia Bank 9 July 2019