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A&O advises on ground-breaking deal

A&O advises on ground-breaking deal

Allen & Overy has advised on the first-ever, US SEC-registered auto-backed securitisation to come out of Australia.

Allen & Overy has advised on the first-ever, US SEC-registered auto-backed securitisation to come out of Australia.

Firms: Allen & Overy (Macquarie Leasing)

Deal: Auto finance-backed securitisation

Area: Corporate

Value: $US750 million

Key players: The A&O team on the SMART ABS Series 2012-4US Trust offering was led by Sydney-based partner Karolina Popic (pictured), with support from Sydney-based senior associate Jamie Taylor

Deal significance: The US-dollar-denominated notes issued through the SMART ABS Series 2012-4US Trust were publicly offered to US investors on 11 October 2012 and were registered with the US Securities and Exchange Commission (SEC) in accordance with Regulation AB.

This transaction was the first-ever foray into the SEC-registered, auto-backed securitisation market by an Australian issuer.  This most recent issuance under Macquarie's SMART ABS securitisation programme follows on from six previous US transactions completed over the past two years.  The first such transaction took place in 2010 and was in fact the first-ever 144A auto-backed securitisation transaction by an Australian issuer.

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A&O advises on ground-breaking deal
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