Plenti prices automative ABS
Released
Released
Announcement PDF
5 JUNE 2023
ASX RELEASE
Plenti prices automotive loan ABS
Plenti Group Limited (Plenti) announces the pricing of a $406 million asset-backed securities
(ABS) transaction covering automotive loan receivables (the Plenti Auto ABS 2023-1).
The ABS structure was rated by Moody’s and Fitch, with the strength of the credit performance
and credit profile of the underlying borrowers reflected in the credit support required for each
tranche.
ABS transaction structure
Note class
Amount
A
A-X
B1
B2
C
D
E
F
G1
G2
Total
$338.0m
$6.0m
$19.0m
$8.0m
$10.0m
$4.0m
$7.6m
$6.6m
$2.8m
$4.0m
$406.0m
Initial credit
support1
15.5%
n/a
8.75%
8.75%
6.25%
5.25%
3.35%
1.7%
1.0%
-
Ratings
(Moody’s/ Fitch)
Aaa / AAA
Aaa / AAA
Aa2 / NR
Aa2 / NR
A2 / NR
Baa2 / NR
Ba1 / NR
B2 / NR
NR
NR
Margin over
1-month BBSW
155bps
155bps
275bps
Undisclosed
330bps
410bps
700bps
900bps
Undisclosed
n/a
1. Credit support refers to the proportion of total notes which are subordinated to the relevant class of notes
Commenting on the transaction, Miles Drury, Plenti’s Chief Financial Officer, said:
“We are delighted to have completed this $406 million automotive loan ABS
transaction, which takes Plenti’s total ABS issuance to over $1.7 billion.
“The transaction was well oversubscribed and priced attractively relative to comparable
ABS transactions in recent weeks, reflecting strong support from a broad range of
investors, both domestic and offshore.
The transaction is expected to settle on or around 9 June 2023, subject to satisfaction of
customary conditions precedent.
National Australia Bank acted as arranger and National Australia Bank, Deutsche Bank, Westpac
Banking Corporation and Standard Chartered Bank acted as joint-lead managers.
Plenti Group Limited ABN 11 643 435 492
This release was approved by the CEO. For more information please contact:
Miles Drury
Chief Financial Officer
shareholders@plenti.com.au
Paolo Luzzani
Treasurer
About Plenti
Plenti is a fintech lender. We provide faster, fairer loans by leveraging our smart technology.
We offer award-winning automotive, renewable energy and personal loans, delivered by our proprietary technology,
to help creditworthy borrowers bring their big ideas to life.
Since our establishment in 2014, our loan originations have grown consistently, supported by diversified loan
products, distribution channels and funding, and underpinned by our exceptional credit performance and continual
innovation.
For more information visit plenti.com.au/shareholders.
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