Pioneering Liberty A$100 million auto securitisation issue priced today

10 August 2005

Macquarie Debt Markets announces that the Liberty Series 2005-1 Auto Trust issue that launched on Friday 5 August has priced today.

The issue, an A$100 million securitisation backed by a mixed pool of prime and non-conforming auto loans originated by Liberty Financial, represents the securitisation of a brand new asset class in the Australian capital markets.

The issue was more than two times oversubscribed (amongst more than ten domestic investors) and pricing was as follows:

Class Indicative S&P Rating $M Expected Average Life @ 8% CPR (Yrs) Margin (%) over 30 day BBSW
A AAA 79 1.5 0.25
B BBB+ 13 3.3 Undisclosed
C BB 5 3.3 Undisclosed
D Unrated 3 3.3 Undisclosed

Kevin Lee, Division Director Debt Finance, at Macquarie said: “This is an outstanding result. Liberty Financial continues to pioneer the Australian specialty finance market and we are pleased to have worked with them again to successfully complete this landmark transaction. The fact that this is the first term securitisation of this asset class in Australia, coupled with the very strong demand from investors, highlights the significance of this deal.”

The issue will settle on 12 August 2005.

For further information, please contact:

Kevin Lee
Division Director, Debt Markets
Macquarie Bank Limited
Tel: (612) 8232 8577
Mobile: (614) 0485 7206

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