Liberty prices its twelfth and largest ever auto securitisation

04 Feb 2022 |

Liberty Financial Pty Ltd (Liberty) today priced the A$350 million Liberty Series 2022-1 Auto ABS transaction, its sixty-ninth term securitisation. The Liberty Series 2022-1 Auto Trust is Liberty’s twelfth and largest ever securitisation of Australian auto loans bringing Liberty’s total auto loan securitisation issuance to over A$2.2 billion.

National Australia Bank (NAB) is the sole Arranger as well as a Joint Lead Manager along with BofA Securities. The transaction comprises A$350 million of notes rated by Moody’s Investors Service (Moody’s) and attracted strong interest from investors across all offered tranches.

  • The A0262.5 million Class A notes to be rated Aaa(sf), with a weighted average life of about 1.6 years, priced at a margin of 85 basis points over one-month BBSW.

The Class B, C, D, E, F and G notes are expected to be rated Aa2(sf), A2(sf), Baa2(sf), Ba2(sf) B1(sf) and NR, respectively, with pricing undisclosed.

"NAB is extremely pleased with the level of investor participation across the capital structure and their willingness to support the transaction. The success of this transaction continues Liberty’s position as a leading non-bank issuer of asset backed securities in the Australian market," Craig Stevens, Director Securitisation NAB, said.

Peter Riedel, Chief Financial Officer at Liberty, said: “Liberty is a leader in providing households and small businesses with the freedom to choose from a wide range of products and services to meet their financial needs. We are grateful for the support investors have extended to our business.”

Liberty has a rating of “STRONG” from Standard & Poor’s for servicing auto loans as well as prime and non-prime residential and commercial mortgages. Liberty is also Australia’s only investment grade rated non-bank issuer (BBB- outlook positive by S&P) and one of only a few lenders with an unblemished capital markets record with no ratings downgrades or charge-offs ever experienced by the Liberty securitisation program.

© Liberty Financial Group Limited (ACN 125 611 574) and Liberty Fiduciary Ltd (ACN 119 884 623).