MTF wins industry award
Staff at MTF Finance are celebrating after the company picked up a gong in an annual Australasian competition for the debt market where the winners are decided by votes from hundreds of market participants.
The business won the 2023 KangaNews New Zealand Securitisation Deal of the Year Award for its $280 million MTF Opala Trust transaction.
The MTF Opala Trust 2023 issued six classes of asset-backed securities, rated by Fitch Australia Pty Ltd from AAAsf to Bsf, accommodating a range of investment mandates.
Chris Lamers, MTF’s chief executive officer, says: “The Opala Trust 2023 stands out as a noteworthy milestone, as it was a pivotal securitisation transaction in the New Zealand market.
“Issued by the MTF Finance team in March 2023, just before the market turbulence caused by the collapse of multiple banks in the United States, the team had to make adept adjustments, showcasing resilience in MTF Finance's business model.
“Adapting to significant shifts in market conditions, we innovated and implemented structural changes in response to investor feedback.
“Notably, we reduced the revolving period to 18 months, shortening the tenor of the securities.”
Lamers adds the new trust means the company has now issued $1.58 billion in asset-backed securities since 2012.
KangaNews, a fixed-income information service for Australia and New Zealand, recently announced the winners in the institutional and deal categories of its annual awards.
It acknowledged MTF Finance for the success of its issuance programme and, more specifically, the MTF Opala Trust 2023.
Fraser Wilson, head of treasury and funding at MTF Finance, notes making the structural changes for the trust deal reflects its “dedication to meeting market demands and signals our intention to issue securities on a more regular basis”.
Taking out the award caps a successful 2023 for the company after it also reported a 40 per cent increase in lending growth and a 38 per cent rise in profitability this year.
