|SECURITISATION PROGRAMME NAME||FLEXI ABS TRUST|
USE OF SECURITISATION
|TYPE OF SECURITISATION ISSUED||ABS|
|PROPORTION OF OUTSTANDING WHOLESALE FUNDING SOURCED VIA SECURITISATION||38%|
|NUMBER OF SECURITISATIONS ISSUED||3|
|TOTAL VOLUME ISSUED||A$424M|
|TOTAL DOMESTIC VS OFFSHORE ISSUANCE||94% DOMESTIC|
|OUTSTANDING VOLUME OF SECURITISED ISSUES||A$285M|
An ASX200 Australian public company, FlexiGroup is a leading provider of vendor and retail point-of-sale finance and telecommunication services.
FlexiGroup’s diversified business streams offer a broad set of products and services that can adapt to the specific needs of vendor partners from small-ticket, highly transactional activities through to larger commercial transactions. Broadly, these products and services include lease, interest-free, mobile broadband, cheque guarantee and lay-by.
The company operates within a diverse range of commercial and consumer industries including IT and electrical, telecommunications, home improvement, solar systems, medical, furnishings, and travel.
Throughout its history FlexiGroup has diversified – through acquisition, product innovation and funding diversity – to deliver strong volume and profit growth while maintaining stable credit quality. The company remains focused on preserving its unique, fast-paced culture with a team of talented people who challenge themselves to make it easy for customers, retailers, funders and shareholders to interact with all levels of the business.
Securitisation and funding strategy
FlexiGroup has pursued a simple and conservative funding strategy, based around its goals to:
Grow and maintain a diversity of funding sources.
Maintain strong, open relationships with all funding partners.
Maintain adequate committed facilities to accommodate the group’s continued strong growth.
Match fund for term and rate to minimise risk.
Having completed issuances in each year since its 2010 financial year, FlexiGroup sees securitisation as an important part of its ongoing funding strategy.
SUMMARY SECURITISED PORTFOLIO STATISTICS
|NUMBER OF CONTRACTS||148,000|
|AVERAGE CONTRACT SIZE||A$1,920|
|CONTRACTS BY FINANCE TYPE|
|NO INTEREST PAYMENT PLANS||100%|
SOURCE: FlexiGroup August 2012
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