Wisr prices $250 million of asset-backed securities

Non-bank lender Wisr has priced $250 million of asset-backed securities (ABS), the Wisr Freedom Trust 2022-1, the second ABS transaction for the company.

The $250 million priced ABS is supported by a pool of fully amortising unsecured consumer personal loans, with a weighted average margin of 2.23% over one-month BBSW achieved

The transaction comprises 8 tranches, with 61% being AAA-rated and the senior tranche (A1) having a margin of 1.40% above the one-month BBSW. National Australia Bank was the arranger and lead manager for this transaction.

Andrew Goodwin (pictured), Chief Financial Officer of Wisr, said, “With the current market uncertainty, continuing to originate credit assets of the highest quality is paramount, as is broad support of the debt market. Wisr’s second term transaction gives us the funding to scale past our target of a wholly-owned $1 billion loan book in the near term, building on our 23 consecutive quarters of growth and Q3FY22 originations of $158 million (up 63% compared to the prior corresponding period). Wisr Freedom Trust 2022-1 will substantially reduce Wisr’s costs of funds whilst also freeing up $250M of capacity in the $450 million Wisr Warehouse.”

“The transaction is supported by high-quality investors, both domestic and offshore, and we’re extremely pleased with the market appetite and pricing, given the current conditions. It’s a significant testament to the quality of our prime loan book and the high-quality assets Wisr has originated. With this second transaction, we’re in a prime position to aggressively grow our revenue to deliver a highly profitable business that is well capitalised and with market-leading metrics,” Goodwin added.