Shift completes $200 million Business Overdraft 2025-1 Securitisation

Shift, a leading provider of credit and payment products to Australian businesses, today announced the completion of the Shift Overdraft 2025-1 Securitisation, a $200 million ABS.

Issued to a range of new and repeat investors, this is Shift’s first issuance backed by its Business Overdraft product and the first 100 per cent Business Overdraft securitisation globally.

National Australia Bank acted as the Arranger and Joint Lead Manager (JLM) for the transaction, with Westpac Institutional Bank also acting as JLM and Ashurst acting as counsel for Shift.

The transaction was rated by Moody’s with notes sold ranging from Class A (rated Aa2(sf)) to Class E (rated B2 (sf)), with a cap on the transaction due to this being a new product in the market.

Shift retained the unrated Class F and G Notes.

The Australian Office of Financial Management (AOFM) provided a partial underwrite on the Class A Notes through its Australian Business Securitisation Fund. This was scaled by approximately two thirds on pricing.

This transaction is Shift’s fourth ABS issuance and the company’s inaugural Business Overdraft issuance.

Jamie Osborn, CEO of Shift, said the unique nature of this securitisation is indicative of the company’s maturing capital structure and differentiated approach to the business market.

“As always, we thank our current investors for their continued support, including the AOFM for their assistance in expanding the funding market for our overdraft product.

“It is also pleasing to welcome new investors as we continue to provide financial solutions built to support Australian businesses.”