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Non-bank prices securities

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Liberty Financial has today priced its second issue of securities.

The issue is backed by a portfolio of the lender’s small to medium enterprises loans.

According to a company statement, Credit Suisse and Westpac were the joint arrangers for the $240 million transaction, which was recently upsized on the back of strong investor demand.

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The $144 million Class A1 notes will be given a AAA rating, with a weighted average life of about one year, priced at a margin of 215 basis points over one month BBSW.

The $28 million Class A2 notes to be rated AAA, with a weighted average life of about one year, priced at a margin of 265 basis points over one month BBSW.

"We are extremely pleased to see investor participation and interest across the capital structure, which is a positive for the market and a strong endorsement of Liberty," Credit Suisse’s Will Farrant said.

The issue consists of a pool of SME mortgages with a weighted average loan-to-value ratio of approximately 63 per cent. In addition, the collateral is well seasoned at over 32 months.

The Liberty Series 2011-1 SME transaction will settle on 27 July 2011.

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