Harmoney (NZX:HMY) announces pricing of an inaugural ABS transaction

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Harmoney (NZX:HMY) announces pricing of an inaugural ABS transaction

 Harmoney (NZX:HMY) announces pricing of an inaugural ABS transaction
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  • Harmoney Group declared pricing of an inaugural asset-backed securitisation transaction.
  • The transaction will bolster further growth.

Harmoney Corp Limited (NZX:HMY) announced the pricing of A$105 million inaugural asset-backed securitisation (ABS). The transaction is supported by a pool of fully amortising unsecured consumer personal loans in Australia.

Inaugural securitisation permitted Harmoney to assess its lending model and systems to step into the ABS market. Results achieved by the Group provide evidence of the quality of HMY’s Australian loan book while also providing validation of lower funding costs, a considerable release of capital and diversification of funding sources.

Source: Copyright © 2021 Kalkine Media

The Group has launched its first ABS and is the beginning of ABS program across Australia and New Zealand.

After reporting a historic performance in the September quarter, Harmoney has also been identified as the top 10 finalists in the esteemed Australian Financial Review Boss 2021 awards for its innovative Libra™ automated real-time credit scoring platform. 

The Group secured 4thposition in the Banking, Superannuation & Financial Services category.

David Stevens, Harmoney’s CEO & Managing Director, stated that it was a big achievement for the Group’s engineering and data science teams. The Group obtained 10th position and then 4th position for the most innovative companies in Australia.

He also added that there have also been substantially big companies added to the list and, it has been pleasing to look at the innovation attempts by companies in Australia and New Zealand.

Bottom Line

New Zealand securitisation is likely to occur in early 2022


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