FlexiGroup launches Flexi 2019-1 ABS deal

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

TrancheIndicative 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