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Medfin Series 2003-1 Trust, a special purpose securitisation vehicle arranged by National Australia Bank, yesterday settled on a $151.5m Medium Term Note issue backed by automobile and equipment loans, leases and hire purchase agreements to medical practitioners.
Medfin is a wholly owned subsidiary of MLC Limited ("MLC") and has operated in this specialised finance area since 1996, originating over $1.3bn of loans, leases and hire purchase agreements.
Cathy Houston, Director Securitisation at National Australia Bank, said: "The $151.5m issue was heavily oversubscribed. There was very strong appetite for this issue due to the extremely low historical losses on the entire pool of receivables originated by Medfin over the last 7 years.
"Feedback from investors during the roadshow indicated a level of comfort with the Medfin name, particularly as this is Medfin's second public issue and it has publicly stated that it intends to issue twice a year going forward.
The Medium Term Notes issued by Medfin Series 2003-1 Trust consisted of:
| Amount |
Class |
S&P Rating |
Pricing |
WAL |
| $144.0 m Class A AAA 34bp /30 day BBSW 1.8 years |
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| $3.0 m Class B A 75bp /30 day BBSW 1.8 years |
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| $3.0 m |
Class C |
BB |
Private Placement |
2.6 years |
| $1.5 m |
Class D |
Unrated |
Private Placement |
2.6 years |
Consistent with the last public issue of Medfin originated receivables by Medical Finance Series 2002-1 Trust, this issue has the same tranching and amortisation structure. The $106.1 million issue last August won the Insto Structured Deal of the Year due to its innovative nature, being the first public issue of automobile and specialised equipment receivables in the Australian market.
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