MTF launches NZ$280 million ABS deal

Disclosure type: launch
Issue name: MTF Opala Trust 2023
Sponsor: Motor Trade Finance
Announcement date: 21 February 2023
Expected pricing date: 22 February 2023
Lead managers: Commonwealth Bank of Australia, Westpac New Zealand
Collateral type: consumer and commercial auto finance receivables
Indicative volume: NZ$280 million (US$175.1 million)

MTF Opala Trust 2023 indicative structure and price guidance

TrancheIndicative volume (NZ$m)Expected rating (F)Weighted-average life (no. of years)Initial credit support (per cent)Price guidance (bp/1m BKBM)
A 246.4 AAA 2.3 12 160 - 165 
B 9.1 AA 2.9 8.75 ND
C 9.2 A 2.9 5.46 ND
D 6.4 BBB 2.9 3.18 ND
E 4.8 BB 2.9 1.46 ND
F 1.6 B 2.9 0.89 ND
Seller note 2.5 NR 2.9 ND ND

Source: Commonwealth Bank of Australia 21 February 2023

The class A tranche is 96 per cent available. Tranches B to F are not available.