Crusade ABS Series 2017-1: 08 March 2017
The Notes are multi-class, asset backed, secured, limited recourse, amortising, floating rate debt securities and are issued with the benefit of, and subject to, the Master Trust Deed, the Security Trust Deed, the General Security Deed, the Issue Supplement, the Note Deed Poll and the other Transaction Documents.
Eligibility criteria (includes): is denominated and payable only in Australian dollars; the Receivable relates to the financing of an asset which is a new or used car, station wagon, utility vehicle or van and does not include a truck, bus, motorcycle, aircraft or an asset which is specialised commercial or agricultural equipment; requires the relevant obligor to make payments (including any final balloon payment) which will amortise the outstanding principal balance of the Receivable to zero over the remaining term of the receivable; is not more than 31 days in arrears; at least one payment made by the obligor in respect of it; the relevant financed property to be kept in good repair and order at that obligor's own expense.
The pool consists of 74,514 receivables, with an average balance of A$26,786 and the largest current balance is A$280,626. Product Type (by current value): Consumer Finance 57.22%, Goods Loan 30.80%, Finance Lease 11.77% and Commercial Hire Purchase 0.21%. By Industry Type: Property and Business Services 19.17%, Construction 17.26%, Health and Community Services 12.76% and Retail Trade 7.64%. WA seasoning is 10.12 months. Regional concentration: NSW 28.39%, Queensland 27.64%, Victoria 18.59% and Western Australia 13.94%.
CRR 405: Westpac Banking Corporation explicitly discloses it will retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of the securitisation by retaining the Seller Notes (being the first loss tranche) and/or the Class E Notes, Class D Notes, Class C Notes and Class B Notes (being tranches having a more severe risk profile and maturing no earlier than the Class A Notes). That material net economic interest will not be credit hedged or sold.
Compare/contrast: Crusade ABS Series 2016-1