The Australian unit of Investec PLC (INVP.LN) has launched a A$214.8 million offering of asset-backed securities, lead manager ANZ Bank said Tuesday.

The offering marks the second ABS deal for Investec in Australia. While offerings of residential mortgage-backed securities have picked up significantly in the past 18 months in Australia, partly helped by a government buying program, issuance of other ABS has been slow.

In the Impala Trust No. 1 Series 2011-1 transaction, Investec is offering A$196.1 million in Class A notes that have a weighted average life of 1.49 years. Price guidance on the Class A notes was set at 135 basis points over swap. Investec is also offering A$4.4 million in Class B notes, A$3.2 million in Class C notes, A$2.5 million in Class D notes, A$2.8 million in Class E notes and more than A$5 million in seller notes. The Class A notes are rated AAA by Standard & Poor's.

The securities are backed by auto and equipment finance leases, as well as certain receivables from health and accounting industry professionals. Investec priced A$240 million of medical equipment-backed receivables in May of 2010.

 
   -By Geoffrey Rogow, Dow Jones Newswires; +61-2-8272-4686; geoffrey.rogow@dowjones.com
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