F&P preps first antipodean credit card ABS

Credit cards 230x150
By Tom Porter
04 Aug 2014

Fisher & Paykel Finance is preparing a NZ$283.25m credit card ABS which arranger Westpac New Zealand says is the first ever term securitization of credit card receivables in either New Zealand or Australia.

The issuer’s Q Card Trust is offering investors three separate NZ$58m senior tranches rated triple-A by Fitch on top of four junior tranches rated double-A through double-B, while there are also two unrated tranches propping up the stack.

F&P Finance is the consumer lending arm of white goods ...

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