Press releases
14 January 2008 - Liberty announces $400 million Liberty Sirius CP program
Liberty Financial today announced the launch of its third commercial paper (“CP”) program, the $400 million Liberty Sirius Trust. The program will issue CP that is rated A-1+/P-1 by S&P’s and Moody’s, and is backed by insured and non-insured mortgages advanced to prime borrowers originated by Liberty.
This new CP program bolsters Liberty’s two existing CP programs by enabling investors to invest in A-1+/P-1 rated CP backed by prime residential mortgages originated by Liberty. Liberty will be issuing through all three of its CP programs which collectively offer asset diversification to investors.
The Liberty Sirius Trust is supported by structured liquidity provided by National Australia Bank. “This program marks a further milestone in our continuing support of Liberty’s business. nabCapital and Liberty have worked closely to execute a number of transactions that have been well received by investors,” said John Barry, Head of Securitisation Australasia - nabCapital. “Liberty’s ability to execute multiple issues in the current market reflects its leading industry position and the quality of its risk assessment and servicing competencies.”
Today’s announcement follows the successful completion of Liberty’s third issue of ABS backed by a $100m mixed pool of auto receivables in December 2007, its third securitisation of A$170 equivalent NZ residential mortgages in November 2007 and its inaugural $235m SME/CMBS securitisation in October 2007.
“In the past three months, Liberty has worked with capital markets participants to complete three public issues and one private placement across four different asset classes in addition to launching two new CP programs,” said Sherman Ma, Liberty’s Managing Director. “While market conditions have been uncertain and volatile, our conservative business model has produced a consistent track record of favourable performance.”
In addition to arranging the facility and providing liquidity facilities, nabCapital will act as primary dealer for this program.
Liberty Financial is one of Australasia’s leading specialty finance groups. Its businesses include residential and commercial mortgages, business finance and motor vehicle finance in Australia and New Zealand. It employs over 250 professionals and has raised more than $10 billion from domestic and international capital markets. In the past 10 years, it has helped more than 100,000 customers achieve their financial goals.
To organise an interview or for more information, please contact::
Ana Maria Rivera, Head of Communications, Liberty Financial
Email arivera@liberty.com.au
