Metro Finance prices record $860M securitisation as demand runs hot

What's the deal? Australian non-bank lender Metro FinanceDealroom has a profile for this one. Try Dealroom → has priced a A$1.2 billion (roughly $860 million) asset-backed securitisation, its largest ever and $200 million above its previous record. The deal launched at A$750 million before investor demand pushed it well past that target.

Why now? Appetite for the AAA-rated senior notes, which priced at 96 basis points, drew 30 investors across Australia, the UK, Japan, Europe, the US, Asia ex-Japan, and New Zealand. It marks Metro's 15th term ABS deal since it launched its securitisation program in 2018, taking lifetime term issuance past A$9 billion.

What's the endgame? Chief executive officer David Albest tied the raise to origination growth across Metro's commercial, consumer, and novated lending lines. "This result gives us the funding capacity to support Metro's ongoing origination growth across our commercial, consumer and novated products," he said.

Why it matters: The deal reinforces Metro's 2026 move into dealer finance, a channel it entered to widen distribution beyond its existing introducer network. Since its 2011 founding, the lender has written more than A$14 billion in loans for upwards of 120,000 customers.

The signal: The breadth of the investor base points to rising international demand for Australian-originated asset finance debt. "Thirty investors across seven regions, and pricing inside our expectations for a AAA-rated tranche, shows just how far Metro's reputation in capital markets has come," treasurer George Pappas said. The round ranks among the largest debt raises for an Australian fintech, sitting near the 97th percentile of comparable deals on record.

Read more: mpamag.com