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On 30 June, Metro Finance launched a capped A$300 million (US$205.5 million) auto and equipment asset-backed securities (ABS) transaction, Metro Finance 2020-1 Trust. The forthcoming deal is expected to price on or before 2 July, according to arranger National Australia Bank, which is also joint lead manager with Deutsche Bank.
Metro Finance 2020-1 Trust
| Tranche | Indicative volume (A$m) | Expected ratings (M) | Weighted-average life (no. of years) | Initial credit enhancement (per cent) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|---|
| A-S | 109 | Aaa | 0.7 | 17.6 | 105-110 area |
| A-L | 138.2 | Aaa | 2.9 | 17.6 | 170-175 area |
| B | 18.6 | Aa2 | 3.1 | 11.4 | 275-280 area |
| C | 11.1 | A2 | 3.1 | 7.7 | 340-350 area |
| D | 5.1 | Baa2 | 3.1 | 6 | 440-450 area |
| E | 9.3 | Ba2 | 3.1 | 2.9 | ND |
| GA | 4.95 | NR | 3.1 | N/A | ND |
| GB | 3.75 | NR | 3.1 | N/A | ND |
Source: National Australia Bank 30 June 2020
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