Instos shown a range of securitisation deals
Several non-bank financial players launched securitisation deals into the Australian market this week, all of them still in pre-sale mode.The A$400 million Liberty Series 2018-1 SME Trust has launched with A$388 million of debt securities. According to a Moody's pre-sale note, the transaction is a securitisation of mortgage loans to self-managed superannuation funds, small-to-medium-sized enterprises and individuals, originated by Liberty Financial.Moody's stated that the collateral backing the transaction comprises first-ranking property loans to SMSFs (60.8 per cent), companies (30.3 per cent) and individuals (8.8 per cent). The loans are secured by residential and commercial properties in Australia and denominated in Australian dollars. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories (1.8 per cent); or made on an alternative documentation (7.1 per cent) or no documentation (18.3 per cent) basis.Moody's also assigned provisional ratings to Resimac's first non-conforming RMBS transaction for 2018, the Resimac Bastille Trust Series 2018-1NC, which includes A$350 million of debt securities.This transaction is a securitisation of a portfolio of Australian non-conforming and prime housing loans originated by Resimac, featuring one US$131.25 million tranche of Class A1 Notes, which have been assigned a Moody's rating of (P)Aaa (sf).Investment and interest-only loans represent 34.1 per cent and 27.9 per cent of the pool, respectively.Agricultural and construction equipment manufacturer CNH has also launched a securitisation deal, to be known as CNH 2018-1. The arranger and the sole bookrunner is ANZ.Joint lead managers are ANZ and RBC Capital Markets. Pricing is expected on or before 10 August 2018, with the top-rated A1 and A2 notes indicated the range of 70 to75 basis points and 105 to 100 bps over 3-month bank bill swap rate, respectively.