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The diversified finance company has announced its 81st term securitisation.
Liberty Financial Pty Ltd (Liberty) has priced the $850 million Liberty Series 2024-1 Auto ABS transaction on 20 June 2024.
The Liberty Series 2024-1 Auto Trust has marked Liberty’s 81st term securitisation and 14th securitisation of auto loans bringing Liberty’s total auto loan securitisation issuance to $4 billion.
Major bank NAB was the sole arranger as well as joint lead manager along with BofA Securities and Deutsche Bank.
The transaction was comprised of $850 million of notes rated by Fitch Ratings and Moody’s Investors Service (Class A Notes).
Chief financial officer at Liberty, Peter Riedel, said: “Liberty is a leader in providing households and small businesses with the freedom to choose from a wide range of products and services to meet their financial needs. We are grateful for the support investors have extended to our business.”
$14bn surpassed in financial assets
Preceding the securitisation pricing, Liberty Financial revealed in its financial results for 1H24 an increase of 4 per cent in its overall loan book, accumulating $14 billion in financial assets.
Liberty Financial’s residential loan portfolio decreased from $8.3 billion in 1H23 to $7.9 billion in 1H24. This was due to “higher than trend discharges and amortisation”, according to the bank.
The downward trend was also evident in 2H23 that reported $8.1 billion, a $255 million drop from the previous period.
However, financial service loans with the bank, particularly personal loans, increased significantly, rising to $759 million from $496 million in 1H23.
The bank reported that its overall loan portfolio is continuing to swing toward “higher yielding secured and financial services assets”.
Aggregation arm founder retires
In early May 2024, the founder and managing director of boutique aggregator Liberty Network Services (LNS), Brendan O’Donnell, announced his retirement after almost 20 years in the mortgage broking industry.
O’Donnell, who founded the aggregation arm of Liberty Financial in 2011 after having been the CEO of Choice Aggregation Services for five years, is set to be succeeded by LNS state manager Daniel Marsi, who will take on the role of LNS CEO in the new financial year.
On his decision to enter retirement, O’Donnell said: “It has been an honour to work with so many passionate professionals at LNS, who work tirelessly to support our advisers and help more people get financial.
“It has been a career high to watch LNS grow into the strong, dedicated network it is today.”
[RELATED: Liberty Network Services founder announces retirement, new leader appointed]
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