Lloyds unit to sell A$621 mln auto-loan backed debt

KUALA LUMPUR, Nov 5 (Reuters) - A unit of British group
Lloyd's (LLOY.L) plans to sell A$621.3 million ($566 million)
of debt backed by auto-loans, a joint lead manager said on
Thursday.

The issue debut, called Bella Trust Series 2009-1, is
jointly led by Bank of Scotland, JPMorgan and Macquarie Bank,
the joint lead said.

Roadshows are scheduled next week with pricing by Nov. 17,
the lead said.

The offer will consist of six tranches backed by car loans
originated by Capital Finance, an Australian unit of Lloyds.

The issue would be Australia's second offer backed by car
loans this year, following a A$675 million issue sold in
October by a unit of Macquarie Bank. [ID:nSYD214353]

The offer would also be Capital Land's debut issue.

Asset-backed bond issuance in Australia has been hit hard
in the wake of the U.S. subprime mortgage crisis.

Around A$10 billion worth of residential mortgage-backed
securities have been issued this year, almost all of which has
been bought by the Australian government under a programme to
help revive the market.

Deal details are as follows:

Class AMOUNT AVERAGE LIFE RATINGS
(mln) (years) S&P/Moody's

A-2 A$500 1.3 AAA/Aaa

B A$51 2 A/Aa2

C A$23 2 BBB/A2

D A$8.1 3.2 BB/A3

E A$8.1 3.2 B/Baa2

Seller A$31.1 3.2 unrated
(Reporting by Cecile Lefort)