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National Australia Bank Limited will launch the United States funding arm of Titan Securitisation Limited, called TSL (USA) Inc., this month. TSL (USA) Inc is a wholly owned subsidiary of Titan Securitisation Limited ("Titan") and is registered in Delaware, USA. The first issue of US$ Asset Backed Commercial Paper ("ABCP") from TSL (USA) Inc. takes place today (20 March 2002). The ABCP issued will be rated Prime-1 by Moody's Investors Service, Inc. ("Moody's") and A-1+ by Standard & Poor's Ratings Services ("S&P"). TSL (USA) Inc. enables Titan Securitisation Limited to fund in the US ABCP market adding funding diversity to the existing A$5 billion Titan program, which currently funds through the Australian ABCP market and has A$1.26 billion in ABCP on issue. The dealer panel that has been selected to support the program is Deutsche Bank, Merrill Lynch and Morgan Stanley. The Bank of New York is the Note Trustee, Issuing and Paying Agent and program management and administration activities will be performed by National Australia Managers Limited (NAML). Corporate services for TSL (USA) Inc. will be provided by Lord Securities Corporation. The launch of TSL (USA) Inc. continues to enhance the National's capability in securitised investment programs. Over the last 12 months, the National has launched a multi-seller securitisation program, Quasar, with a $3 billion funding limit and a repackaging securitisation program, SCRIPT. David Carmody, the National's Director Securitisation said the US funding of Australian assets was key to providing funding diversity to the Nationals clients. "Access to the deepest and most liquid ABCP market in the world allows for the future growth of the Titan program," said David. "The creation of the US funding arm of Titan Securitisation is a welcomed development for our wholesale client base," David added.
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