FlexiGroup launches Flexi 2019-1 ABS deal
- Tuesday, 19 March 2019
On 19 March, FlexiGroup launched its capped A$300 million (US$213.2 million) asset-backed securities (ABS) transaction, Flexi ABS Trust 2019-1 (Flexi 2019-1). The forthcoming deal is expected to price on or before 22 March, according to Commonwealth Bank of Australia, which is arranger and lead manager alongside National Australia Bank.
Flexi 2019-1 structure and indicative price guidance
Tranche | Indicative volume (A$m) | Expected ratings (M/F) | Credit enhancement (per cent) | Weighted-average life (no. of years) | Indicative price guidance (bp/1m BBSW) |
---|---|---|---|---|---|
A1 | 100 | P-1/F1+ | 24.2 | 0.3 | 85 area |
A2 | 72.5 | Aaa/AAA | 24.2 | 1.7 | 115-120 area |
A2-G | 54.9 | Aaa/AAA | 24.2 | 1.7 | 115-120 area |
B-G | 19.2 | Aa2/AA+ | 17.8 | 1.8 | 180-190 area |
C-G | 16.8 | A2/A+ | 12.2 | 1.8 | 215-225 area |
D | 11.1 | Baa2/BBB+ | 8.5 | 1.8 | 300 area |
E | 10.5 | Ba2/BB+ | 5 | 1.8 | 500-510 area |
F | 15 | NR/NR | N/A | 1.8 | ND |
Source: Commonwealth Bank of Australia 19 March 2019
nonbank Yearbook 2023
KangaNews's eighth annual guide to the business and funding trends in Australia's nonbank financial-institution sector.