Westpac ABS hits A$1 billion
Westpac has doubled the size of its asset-backed securities issue, the Crusade ABS 2013-1 Trust, raising A$1 billion in funds.The bank will pay 80 basis points over the one-month bank bill swap rate on the $840 million A tranche, which has a weighted average life of 2.5 years.Pricing on the B, C, D and E tranches and the seller notes was not disclosed.The issue is backed by a pool of auto receivables originated by a Westpac subsidiary, St George Auto Finance. An unusual feature of the issue is the inclusion of a substitution period. Capital repayments can be used to acquire new assets for the trust for 12 months after the first payment date.