Pepper prints A$725 million auto and equipment ABS

Thursday, 17 August 2023

Issue name: SPARKZ Trust 7
Sponsor: Pepper Money
Pricing date: 17 August 2023
Settlement date: 23 August 2023
Arranger and lead manager: Westpac Institutional Bank
Transaction type: asset-backed securities
Collateral type: prime auto and equipment receivables
Volume: A$724.64 million (US$426.6 million)

Pepper SPARKZ Trust 7 pricing details

Tranche	Volume (A$m)	Expected rating (Fitch)	WAL (years)	Credit support (per cent)	Margin (bp/1m BBSW)
A1-a	576.8	AAA	1.8	17.6	ND
A1-x	24.64	AAA	1.2	N/A	ND
B	32.2	AA	3.2	13	240
C	23.8	A	3.2	9.6	300
D	19.6	BBB	3.2	6.8	370
E	15.4	BB	3.2	4.6	675
F	9.1	B	3.2	3.3	825
G1	11.55	NR	3.7	N/A	ND
G2	11.55	NR	3.7	N/A	ND

Source: Westpac Institutional Bank 17 August 2023