Shift completes $230 million Asset Backed Securitisation (ABS)

Shift, a leading provider of credit and payment products to Australian businesses, today announced the completion of the Shift 2024-1 Trust, a $230 million Asset Backed Securitisation (ABS), upsized from an original $200 million offer.

Issued to a range of Australian and international institutional investors, the ABS is supported by a pool of asset finance contracts originated by Shift.

Shift welcomes three new international investors and two new Australian investors as part of this transaction.

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

The Australian Office of Financial Management (AOFM) also provided a partial underwrite of $125m for the Class A notes, but was entirely scaled out by investor demand.

The transaction was rated by Moody’s with Notes sold ranging from Class A (rated Aaa) to Class F (rated B2). Shift retained the unrated Class G Notes.

The transaction follows Shift’s successful inaugural public deal in March 2023, which was a $200 million ABS.

Jamie Osborn, CEO of Shift, said that this latest securitisation is further recognition of Shift’s approach to business finance.

“We are grateful to our current investors and the AOFM for their ongoing support, while welcoming several new investors as we continue to provide financial solutions tailor-made for Australian businesses.”