Investec prices ABS
Investec Bank (Australia) has finalised the pricing of its third issue of asset-backed securities since entering the ABS market in 2010.The bank announced on Friday that it would pay 65 basis points over the one-month bank bill swap rate for the A$50 million A1 tranche of Impala Trust No.1 - Sub Series 2012-1. The A1 tranche has a weighted average life of 0.4 years.Pricing on the $163 million A2 tranche, which has a weighted average life of 2.1 years, was 165 basis points over the swap rate.Pricing on the B, C, D, E and F tranches, worth a total of $11.7 million, was not disclosed.Investec raised a total of $232.5 million. The transaction involves the securitisation of vehicle and equipment leases, commercial hire purchase agreements, goods' mortgages and professional practice loans.ANZ was the sole arranger and the lead manager.