FIIG - The Fixed Income Experts
Zip Money and FIIG Debt Capital Management

Warehouse Funding: access debt markets to build your securitisation capabilities

Zip Co Limited (ASX: Z1P) and its subsidiaries (collectively “zipMoney”) offer point-of-sale credit and digital payment services to consumers and merchants. It is targeting a $100bn market opportunity across the retail, heath, education and travel sectors. zipMoney has developed a scalable technology platform that is disrupting the consumer finance space with a fully digital offering. Its success to date is evidenced by the origination of over $550m of receivables from more than 7,750 merchants and 500,000 customers.

To fund its ongoing growth, zipMoney established a $390m asset backed securitisation warehouse program (upsized in 2018 from $260m the previous year), which provides the option to refinance the facility through the rated securitisation market. To complete the program FIIG Securities arranged $60m of Class B mezzanine notes to complement $300m in senior bank funding and $30m in junior notes and equity. The Class B mezzanine notes were issued in two tranches ($40m in May 2017 and $20m in March 2018). The program is the next step in establishing a diversified funding program for zipMoney that provides headroom for growth and lowers its average cost of funds.

zipMoney is the latest non-bank financial services business to utilise the bond market to broaden its capital base. FIIG has provided a range of funding solutions to the sector, including:

  • Traditional securitisation structures;
  • Corporate style senior facilities, including acquisition of loan books;
  • Funding diversification including refinancing and/or expansion of existing funding lines; and
  • Optimising capital structure through a range of terms including terms of greater than 4 years, fixed or floating rate, secured and unsecured.
Talk to us
James Vance Director, Debt Capital Markets
James Vance
Director, Debt Capital Markets

(02) 9697 8741
James.Vance@fiig.com.au

FIIG Debt Capital Markets

FIIG has a proven track record of opening the Australian bond markets, having raised over $2.6bn of predominantly unrated bond funding across 65 issues.

The Debt Capital Markets team arranges long term, flexible AUD bond financing for rated and unrated Australian and New Zealand corporates. The DCM team also provides debt advisory services focused on optimising capital structures and diversifying funding options.

Financial Services Debt  Issues

StockCo Agrifinance - FIIG Debt Capital Markets

$30m

October 2016
Subordinated Notes
Sole Lead Arranger

View the case study

Liberty Finance - Fiig Debt Capital Markets

$29m

June 2017
Senior Unsecured Notes
Placement

zipmoney-fiig-debt-capital-markets

$40m

May 2017
Class B Notes
Sole Lead Arranger

View the case study

Axsesstoday - FIIG Debt Capital Markets

$30m

April 2017
Series II Notes
Sole Lead Arranger

Capitol Health - FIIG Debt Capital Markets

$40m

April 2017
Senior Secured Notes
Sole Lead Arranger

View the case study

StockCo Agrifinance - FIIG Debt Capital Markets

$17m

March 2017
Subordinated Notes
Sole Lead Arranger

View the case study

Axsesstoday - FIIG Debt Capital Markets

$10m

December 2016
Subordinated Notes
Sole Lead Arranger

View the case study

Axsesstoday - FIIG Debt Capital Markets

$20m

September 2016
Subordinated Notes
Sole Lead Arranger

View the case study

Eric Insurance Limited - FIIG Debt Capital Markets

$22m

August 2016
Tier 2 Capital Notes
Sole Lead Arranger

CML Group - FIIG Debt Capital Markets

$15m

May 2016
Senior Secured Notes
Sole Lead Arranger

Capitol Health - FIIG Debt Capital Markets

$32m

April 2016
Senior Secured Notes
Sole Lead Arranger

View the case study

CML Group - FIIG Debt Capital Markets

$25m

March 2016
Senior Secured Notes
Sole Lead Arranger

Axsesstoday - FIIG Debt Capital Markets

$20m

October 2015
Subordinated Notes
Sole Lead Arranger

View the case study

CML Group - FIIG Debt Capital Markets

$25m

May 2015
Senior Secured Notes
Sole Lead Arranger

Moneytech - FIIG Debt Capital Markets

$25m

April 2015
Subordinated Notes
Sole Lead Arranger

View the case study

CBL Insurance - FIIG Debt Capital Markets

$55m

April 2014
Senior Secured Notes
Sole Lead Arranger

View the case study

Cash Converters - FIIG Debt Capital Markets

$60m

September 2013
Senior Unsecured Notes
Sole Lead Arranger

View the case study

Silver Chef - FIIG Debt Capital Markets

$30m

September 2012
Senior Unsecured Notes
Sole Lead Arranger

View the case study

If you would like to learn more about how FIIG can assist in the growth of your business...

  Contact James Vance on
(02) 9697 8741

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