First for Avanti in NZ

Avanti Finance Group has completed its first New Zealand automotive loan asset-backed securities (ABS) issuance, with the deal coming in at $200 million.

It comes on the back of a similar transaction in Australia in August, which securitised loans from Avanti Finance subsidiary Branded Financial Services.

Paul Jamieson, group treasurer, says: “Having two successful ABS issuances, one on either side of the Tasman, within a matter of months is a testament to the growth in our auto lending portfolio and the confidence our investors have in us.”

He adds the issuances, alongside five previous residential mortgage-backed security (RMBS) issuances, are a key part of Avanti’s funding strategy. 

“This recent ABS issuance also makes Avanti the first non-bank to issue both RMBS and ABS in the New Zealand market, reflecting the growth and diversity of the business,” adds Jamieson, pictured.

"The investor support we receive assists us to continually improve and grow our business. On that front, we will soon be introducing product and system innovations that will further improve our service proposition for our dealers, brokers and, of course, customers.”