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FlexiGroup launches ABS deal including green tranches

Tuesday, 01 May 2018

On 1 May, FlexiGroup launched its asset-backed securities (ABS) transaction, Flexi ABS Trust 2018-1, for an indicative A$300 million (US$226 million). KangaNews understands the structure includes two green tranches, Class A2-G and Class B-G notes, which have a combined indicative volume of A$81.3 million.

Flexi ABS 2018-1 indicative price guidance and structure

TrancheIndicative volume (A$m)Expected rating (Moody's/Fitch)Credit enhancement (per cent)Weighted-average life (no. of years)Indicative price guidance (bp/1m BBSW)
A1 100 P-1/F1+ 22.5 0.3 65-70 area
A2 66.5 Aaa/AAA 22.5 1.5 110-115 area
A2-G 66 Aaa/AAA 22.5 1.5 110-115 area
B-G 15.3 Aa2/AA 17.4 1.6 170-180 area
C 17.7 A2/A 11.5 1.6 200-210 area
D 12 Baa2/BBB 7.5 1.6 290-300 area
E 7.5 Ba1/BB+ 5 1.6 500-510 area
F 15 NR/NR N/A 1.6 ND

Source: National Australia Bank 1 May 2018

Pricing is expected on or before 4 May, according National Australia Bank which is arranging the transaction and leading alongside Commonwealth Bank of Australia.

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