Investors in Macquarie Groupís latest SMART securitisation have accepted payment of less than the Libor rate for the A1 tranche of the deal, which means they are taking less than banks charge each other for funds.
The bulk of SMART Series 2012-2US was denominated in US dollars and sold to US money market investors in the 144A market.
Notes issued in the SMART Series (this is the 15th, and the sixth denominated in US dollars) are backed by vehicle lease receivables.
The US$100 million A1 tranche, which has an expected life of 0.4 years, was priced at International Libor...
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