Angle Asset launches A$400 million auto ABS
- Friday, 10 March 2023
Disclosure type: launch
Issue name: Radian Trust 2023-1
Sponsor: Angle Asset Finance
Announcement date: 10 March 2023
Pricing date: 10 March 2023
Arranger: Citi
Lead managers: Citi, Deutsche Bank, National Australia Bank, Westpac Institutional Bank
Collateral type: auto and equipment receivables
Currency: AUD
Indicative volume: A$400 million
Radian Trust 2023-1 indicative structure and price guidance
| Tranche | Indicative volume (A$m) | Expected rating | Weighted-average life (no. of years) | Initial credit support (per cent) | Price guidance (bp/1m BBSW) |
|---|---|---|---|---|---|
| A | 306.8 | Aaa | 1.7 | 23.3 | 170 |
| B | 35.6 | Aa2 | 2.4 | 14.4 | 340 |
| C | 12.8 | A2 | 2.4 | 11.2 | 380 |
| D | 10.8 | Baa2 | 2.4 | 8.5 | 450 |
| E | 14 | Ba2 | 2.4 | 5 | 680 |
| F (Retained) | 4 | B2 | 2.4 | 4 | ND |
| Seller | 16 | NR | 3 | N/A | ND |
Source: Citi 10 March 2023
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