FleetPartners completes A$400m securitisation as tenth ABS senior notes price at BBSW + 0.98%
FleetPartners Group has completed its tenth Australian asset-backed securitisation (ABS), the FP Turbo Series 2026-1 Trust, an A$400 million transaction backed by Australian operating, finance and novated finance lease receivables originated by the Group.
The deal priced on 2 July 2026 and settled on 15 July 2026. It reinforces the company’s funding capacity and points to continued investor confidence in its securitisation programme amid a challenging macroeconomic backdrop.
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Inside the A$400m FP Turbo Series 2026-1 Trust
The transaction was structured across multiple note classes, ranging from senior Aaa(sf)-rated notes down to lower-rated subordinated tranches. The headline pricing saw the senior Aaa(sf)-rated notes price at 1-month BBSW + 0.98%.
Chief Financial Officer James Owens described this as “a strong outcome in the current macroeconomic environment.” Australia and New Zealand Banking Group, Commonwealth Bank of Australia and Westpac Banking Corporation acted as Joint Lead Managers for the transaction.
| Class | Rating (Moody’s) | Amount (A$m) | Margin over 1m BBSW |
|---|---|---|---|
| A1 | Aaa(sf) | 246.4 | 0.98% |
| A1-G | Aaa(sf) | 100.0 | 0.98% |
| B | Aa2(sf) | 15.2 | 1.40% |
| C | A2(sf) | 13.6 | 1.60% |
| D | Baa2(sf) | 4.3 | 1.80% |
| E | Baa3(sf) | 0.5 | 3.00% |
| Seller | Not rated | 20.0 | Retained |
| TOTAL | — | 400.0 | — |
Green tranche extends the EV funding commitment
As part of the transaction, FleetPartners issued a green ABS tranche, aligned with the International Capital Market Association (ICMA) Green Bond Principles. The tranche exclusively funds leases for electric vehicles.
The tranche has been certified as a “Climate Bond” by the Climate Bonds Initiative, described by the company as the globally recognised authority for green bond certification. The green structure opens the door to ESG-mandated investors, broadening the funding base available to the Group.
James Owens, Chief Financial Officer
“The green tranche reinforces our commitment to supporting the transition to lower-emission vehicles and provides additional opportunities for investors with ESG-focused mandates.”
What asset-backed securitisation means for FleetPartners investors
Investment significance: a A$4.4 billion programme milestone
The transaction brings FleetPartners’ total ABS issuance to approximately A$4.4 billion equivalent across the Australian and New Zealand markets, and according to the company reflects continued strong support from both existing and new investors.
Owens said the pricing “demonstrates ongoing confidence in FleetPartners’ ABS programme, credit quality and asset performance.” Consistent access to diversified, competitively priced funding underpins the Group’s business model.
The FleetPartners class action settlement, reached in-principle in May 2026 for $27 million and fully covered by insurance, removed a key overhang from the company’s balance sheet position ahead of this latest capital markets transaction.
Key details of the transaction include:
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Tenth Australian ABS completed by FleetPartners
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Total programme now approximately A$4.4 billion equivalent across Australia and New Zealand
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Priced 2 July 2026, settled 15 July 2026
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Green tranche funds EV leases only and is Climate Bond certified
Administrative note: ASX Listing Rule contact change
In accordance with ASX Listing Rule 12.6, FleetPartners advised that Alexandra Payne has been appointed as the person responsible for communication with the ASX in relation to Listing Rule matters, effective 22 July 2026.
The transaction was authorised by Chief Executive Officer and Managing Director Damien Berrell, with investor enquiries directed to Chief Financial Officer James Owens.
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