ANZ launches A$3 bln asset-backed debt programme

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SYDNEY, March 4 (Reuters) - ANZ Bank said on Tuesday it has
launched a A$3 billion ($2.8 billion) asset-backed commercial
paper programme.

The programme will include different types of asset,
ranging from trade receivables to rural loans and auto-loans.

The first series of commercial paper, called Aurora Avalon,
Series, is likely to start selling 30-day paper and is expected
to be launched in the next few weeks.

The size of the first series will be determined by demand
and include assets rated at least AA- by S&P.

The programme is rated A-1+ by S&P.

The first series will disclose to investors the identity of
the assets' sellers in response to investors growing need for
full disclosure.

"The Australian commercial paper market will become more
transparent and our clients will see increased liquidity
benefits from disclosing their programmes," said Ali Gray,
global head of securitisation at ANZ.

Australia's A$54 billion asset-backed commercial paper
market has favoured bond structures with blind pools where
investors don't know the names of the companies behind the
assets backing the transaction, according to Gray.

But since the U.S. subprime mortgage crisis, investors are
a lot more cautious and now require more transparency.

Typical buyers of Australian asset-backed commercial paper
are domestic fund managers, Gray said.
($1=A$1.07)
(Reporting by Cecile Lefort)