Eclipx Turbo Series 2017-1 Trust ABS progresses to launch

On 2 November, Eclipx Group (Eclipx) launched its new asset-backed securities (ABS) transaction, Turbo Series 2017-1 Trust. The forthcoming deal has indicative volume of A$351.5 million (US$271.2 million) and is expected to price on or before 8 November. ANZ is arranger, with National Australia Bank and Westpac Institutional Bank as additional lead managers.

Turbo Series 2017-1 Trust indicative price guidance and structure:

Class Indicative volume (A$m)  Expected rating Weighted-average life (years) Credit enhancement (per cent) Indicative price guidance (bp/1m BBSW) 
A1 60 P-1/F1+ 0.24 24 60-70 area
A2 207.13 Aaa/AAA 1.58 24 95-100 area
B 14.42 Aa2/AA 2.06 19.9 180-190 area
C 18.62 A2/NR 2.06 14.6 230-250 area
D 5.63 Baa1/NR 2.06 13 320 area
E 14.42 Ba1/NR 2.06 8.9 mid-high 500s 
F 9.14 B1/NR 2.53 6.3 800 area
G 4.57 NR/NR 2.53 5 ND
Seller notes 17.57 NR/NR 2.53 N/A ND

Source: Arranger 2 November 2017

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