The transaction includes $1.25bn of notes rated by Moody’s Investors Service and Fitch Ratings (AAA notes only).
The Class A1 notes, totaling $937.5m, are rated Aaa(sf)/AAAsf with a weighted average life of approximately 1.6 years, priced at a margin of 150 basis points over one-month BBSW.
The Class A2 notes, amounting to $220m, are rated Aaa(sf)/AAAsf with a weighted average life of about 3.3 years, priced at a margin of 195bp over one-month BBSW.
The issue also includes Class B, C, D, E, and F notes with undisclosed ratings.
The pool of residential mortgages carries a weighted average LVR of 63% and is seasoned at 16 months. The settlement for the Liberty Series 2023-4 transaction is set for Dec. 5.
Peter Riedel (pictured above), Liberty’s CFO, expressed gratitude for the investor support.
“Liberty is a leader in providing households and small businesses with the freedom to choose from a wide range of products and services to meet their financial needs,” Riedel said in a media release. “We are grateful for the support investors have extended to our business.”
Liberty holds a “strong” rating from Standard & Poor’s for servicing prime and non-prime residential mortgages, commercial mortgages, and auto loans. As Australia’s only investment-grade rated non-bank issuer (BBB-, outlook positive by S&P), Liberty maintains an unblemished capital markets record with no ratings downgrades or charge-offs in its securitization program's history.
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