FlexiGroup prints A$300 million ABS deal including green tranches

Issue name: Flexi ABS Trust 2018-1
Sponsor: FlexiGroup
Deal type: asset-backed securities
Pricing date: 3 May 2018
Settlement date: 9 May 2018
Total deal volume: A$300 million (US$226.4 million)
Arranger: National Australia Bank
Lead managers: Commonwealth Bank of Australia, National Australia Bank

Note class: A1
Tranche volume: A$100 million
Tranche rating: F1+/P-1
WAL: 0.3 years
Margin to swap: 65bp/1m BBSW
Initial credit support: 22.5 per cent

Note class: A2
Tranche volume: A$66.5 million
Tranche rating: AAA/Aaa
WAL: 1.5 years
Margin to swap: 107bp/1m BBSW
Initial credit support: 22.5 per cent

Note class: A2-G
Tranche volume: A$66 million
Tranche rating: AAA/Aaa
WAL: 1.5 years
Margin to swap: 107bp/1m BBSW
Initial credit support: 22.5 per cent

Note class: B-G
Tranche volume: A$15.3 million
Tranche rating: AA/Aa2
WAL: 1.6 years
Margin to swap: 165bp/1m BBSW
Initial credit support: 17.4 per cent

Note class: C
Tranche volume: A$17.7 million
Tranche rating: A/A2
WAL: 1.6 years
Margin to swap: 195bp/1m BBSW
Initial credit support: 11.5 per cent

Note class: D
Tranche volume: A$12 million
Tranche rating: BBB/Baa2
WAL: 1.6 years
Margin to swap: 280bp/1m BBSW
Initial credit support: 7.5 per cent

Note class: E
Tranche volume: A$7.5 million
Tranche rating: BB+/Ba1
WAL: 1.6 years
Margin to swap: 490bp/1m BBSW
Initial credit support: 5 per cent

Note class: F
Tranche volume: A$15 million
Tranche rating: NR
WAL: 1.6 years
Margin to swap: ND
Initial credit support: N/A