Avanti plots lending growth
The Avanti Finance Group has announced it will soon be considering an issuance of automotive asset-backed securities (ABS) in New Zealand following the growth of its business here and in Australia.
The development comes as the company reveals it has completed its first automotive ABS issuance in Australia.
Avanti says the A$250 million (about NZ$270m) issuance is a key part of its funding strategy and reflects the diversity of its lending portfolio.
It notes that through its subsidiary, Branded Financial Services, it has capitalised on the growth of the automotive lending market in Australia and reached more customers by opening up its service proposition to more dealers and brokers.
Paul Jamieson, pictured, the group’s treasurer, says: “Our auto lending side of the business has been growing well on both sides of the Tasman, particularly since Covid.
“The strength of our book, along with our expanded distribution platform and service proposition will enable us to continue that growth.
“The success of our ABS issuance shows the confidence our investors have in us. It also means that our dealers can trust that we’ll continue financing their customers now and far into the future.
“We’ll also soon be exploring an ABS issuance in New Zealand to further strengthen our position.”
