ASX-listed Plenti prices $406 million automotive loan ABS

Plenti have announced the pricing of a $406 million asset-backed securities (ABS) transaction covering automotive loan receivables.

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.

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.