Thinktank launches A$500 million Commercial Series 2021-2 Trust
- Monday, 22 November 2021
On 22 November, Thinktank Group launched its A$500 million (US$361.9 million) small ticket commercial and residential mortgage-backed securities deal, Commercial Series 2021-2 Trust. The transaction is anticipated to price by 25 November. Westpac Institutional Bank is arranger and lead manager alongside Commonwealth Bank of Australia, Deutsche Bank and Macquarie Bank.
Commercial Series 2021-2 Trust structure and indicative price guidance
| Tranche | Indicative volume (A$m) | Expected rating (S&P) | Weighted-average life (no. of years) | Initial credit support (per cent) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|---|
| A1 | 300 | AAA | 2 | 40 | 100-105 area |
| A2 | 83 | AAA | 2 | 23.4 | 120 area |
| B | 32.5 | AA | 3 | 16.9 | 140 area |
| C | 32.5 | A | 3 | 10.4 | 175 area |
| D | 22.5 | BBB | 3 | 5.9 | 270 area |
| E | 12 | BB | 3 | 3.5 | ND |
| F | 8.5 | B | 3 | 1.8 | ND |
| G | 4 | NR | 3 | 1 | ND |
| H | 5 | NR | 3 | N/A | ND |
Source: Westpac Institutional Bank 22 November 2021
Tranches E and F are no longer available, while A2-D have 50 per cent availability. Tranches G and H are retained by the borrower.
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