Thinktank launches A$500 million Commercial Series 2021-2 Trust

Monday, 22 November 2021

On 22 November, Thinktank Group launched its A$500 million (US$361.9 million) small ticket commercial and residential mortgage-backed securities deal, Commercial Series 2021-2 Trust. The transaction is anticipated to price by 25 November. Westpac Institutional Bank is arranger and lead manager alongside Commonwealth Bank of Australia, Deutsche Bank and Macquarie Bank.

Commercial Series 2021-2 Trust structure and indicative price guidance

Tranche	Indicative volume (A$m)	Expected rating (S&P)	Weighted-average life (no. of years)	Initial credit support (per cent)	Indicative price guidance (bp/1m BBSW)
A1	300	AAA	2	40	100-105 area
A2	83	AAA	2	23.4	120 area
B	32.5	AA	3	16.9	140 area
C	32.5	A	3	10.4	175 area
D	22.5	BBB	3	5.9	270 area
E	12	BB	3	3.5	ND
F	8.5	B	3	1.8	ND
G	4	NR	3	1	ND
H	5	NR	3	N/A	ND

Source: Westpac Institutional Bank 22 November 2021

Tranches E and F are no longer available, while A2-D have 50 per cent availability. Tranches G and H are retained by the borrower.