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Five firms act in on landmark dual-currency deal
Norton Rose, King & Wood Malleson, Henry Davis York, Mayer Brown and Sidley Austin have acted in a landmark securitisation deal for ME Bank
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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)
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Deal: USD/AUD securitisation
Area: Corporate
Value: $1,000,000,000
Key players: The Norton Rose team was led by Scott Millar, together with Petar Kuessner, Peter Norman, Andrew Spalding, Claire Falkner, Vittorio Casamento and Clare Neal
Deal significance: This is one of the few public issues of Australian residential mortgage-backed securities by a non big four bank into the US market since the onset of the global financial crisis. In addition to several A$ 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.
