Firms: Norton Rose (ME Portfolio Management Limited), KWM (arranger and domestic lead), Henry Davis York (trustee and security trustee), Mayer Brown (US lead managers), Sidley Austin (US counsel to ME Bank)
Deal: USD/AUD securitisation
Key players: The Norton Rose team was led by Scott Millar, together with Petar Kuessner, Peter Norman, Andrew Spalding, Claire Falkner, Vittorio Casamento and Clare Neal
Deal significance: This is one of the few public issues of Australian residential mortgage-backed securities by a non big four bank into the US market since the onset of the global financial crisis. In addition to several A$ tranches of bonds, SMHL Series Securitisation Fund 2012-1 will include US $420 million of Bonds being offered into the US market. The transaction structure includes a fixed-rate tranche and an innovative redemption facility structured to support the redemption in full of both the initial most senior US$ tranche and a potential subsequent US$ A1 tranche, each of which is structured with a short one year maturity.
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