Capital Finance, an Australian unit of British banking group Lloyds, is planning to sell $524m of debt backed auto-loans.
The issue, called Bella Trust Series 2010-1, is jointly led by Bank of Scotland, JPMorgan and National Australia Bank (NAB). JPMorgan and NAB are joint book runners of the issuer, reported the Reuters.
February 2017 is said to be the final maturity of the offer, while the expected maturity is in February 2014.
Bella Trust Series 2010-1 is the fifth offer backed by Australian auto-loans in 2010. It follows Macquarie Bank which sold on $500m of debt backed by car loans in the US last week.
The offer comprises six top-rated ranches secured by motor vehicles originated by Capital Finance. The loan pool is exclusively made up of motor vehicle loans, predominantly cars; and have a seasoning, or time since issued, of 15 months, reported the news agency.
Asset-backed bond issuance in Australia, including mortgage-backed notes, has been severely affected in the wake of the US subprime mortgage crisis.