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