ASX-listed Plenti Group have introduced the pricing of a $330 million asset-backed securities (ABS) transaction backed by private and renewable vitality receivables (the Plenti PL & Inexperienced ABS 2024-2). That is Plenti’s third ABS transaction for 2024, taking complete issuance for the yr to $1.16 billion.
The ABS construction was rated by Moody’s, with the power of the credit score efficiency and credit score profile of the underlying debtors mirrored within the credit score help required for every tranche.
The sturdy pricing outcomes achieved noticed the weighted common margin on notes issued at 1.44%, down from 1.87% on the PL & Inexperienced 2024-1 ABS executed in February this yr.
Commenting on the transaction, Miles Drury, Plenti’s Chief Monetary Officer, stated, “We’re delighted to have accomplished this $330 million renewable vitality and private mortgage ABS transaction, the third transaction this yr and our eighth total, which takes Plenti’s complete ABS issuance to over $2.8 billion.
“The transaction priced at very engaging margins relative to comparable ABS transactions, reflecting sturdy help from Plenti relationship traders, vital new investor curiosity and wholesome debt capital market situations.
“We’re delighted to be introducing new traders to our ABS program and thank current traders for his or her ongoing help.”
The transaction is anticipated to decide on or round 1 November 2024, topic to satisfaction of customary situations precedent.