Liberty prices auto ABS
Liberty Financial completed its largest ever issue of auto loan securities last week, raising A$200 million of funds.Liberty Series 2015-1 Auto Trust was Liberty's eighth asset-backed securitisation, with total funds of more than $1 billion raised through the program.Pricing on the $28 million of A1 notes, which have a weighted average life of 0.3 years, was 65 basis points over the one-month bank bill swap rate.Pricing on the $118 million of A2 notes, which have a weighted average life of 1.8 years, was 140 bps over BBSW.Pricing on the B, C, D and E notes was not undisclosed. Liberty retained $10 million of unrated F notes.The notes are backed by a portfolio of prime and non-prime auto loans.