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Medfin Trust Series 2003-2, a special purpose securitisation vehicle arranged by National Australia Bank, has settled on a $151.5m Medium Term Note issue backed by automobile and equipment loans, leases and hire purchase agreements to medical practitioners. This is the third public debt issue for Medfin, the other issues being Medfin Series 2003-1 Trust ($151.5m) and Medical Finance Series 2002-1 Trust ($106.32m).
Medfin is a wholly owned subsidiary of MLC Limited ("MLC") and has been servicing receivables in this specialised finance area since 1996. Medfin now services more than $677m of assets.
Cathy Houston, Director Securitisation at National Australia Bank, said: "This issue, similar to the last issue, was heavily oversubscribed. There has been continued strong appetite for this issue, due to the extremely low historical losses on the entire pool of receivables originated by Medfin."
"Investors continue to indicate a level of comfort with the Medfin name, particularly as this is Medfin's third public issue. Medfin has delivered on its stated objective of undertaking term issuance twice a year.
The Medium Term Notes issued by Medfin Trust Series 2003-2 consisted of:
| Amount |
Class |
S&P Rating |
Pricing |
WAL (est) |
| $144.0m |
Class A |
AAA |
30bp/30 day BBSW |
1.7 years
|
| $3.0m |
Class B |
A |
69bp/30 day BBSW |
1.7 years
|
| $3.0m |
Class C |
BB |
Private Placement |
2.5 years
|
| $1.5m |
Class D |
Unrated |
Private Placement |
2.5 years |
This issue has the same tranching and amortisation structure as the previous two issues.
The Medical Finance Series 2002-1 Trust $106.1 million issue in August 2002 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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