Wisr prices $304M ABS, its seventh transaction
Wisr Limited (ASX: WZR) has priced the $304M Wisr Momentum Trust 2026-2, its seventh asset-backed securities (ABS) transaction, announced on 28 October 2026. The Wisr ABS transaction carries a weighted average margin of 1.72% over one-month BBSW.
Total ABS issuance now reaches $1.78B across seven transactions. Florian Ruff, Head of Funding and Treasury at Wisr, commented on the result.
Florian Ruff, Head of Funding and Treasury
“We are very pleased with the investor support received for Wisr’s seventh ABS transaction, our second for 2026…”
The pricing points to continued investor appetite for Wisr’s funding programme.
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Lower funding costs and $6.5M cash release
The company described the transaction as a “significant improvement on current Wisr warehouse cost of funds”. Key outcomes include:
- Release of approximately $6.5M cash due to a lower equity requirement for the ABS
- $304M additional warehouse capacity
- Support for the continued scaling of Wisr’s $1.2B loan book (Sep-26)
Cheaper funding and freed-up cash support margin and growth capacity for the lender.
Record quarterly originations of $253.8M in Q1 FY27 lifted the loan book to $1.21B, and Wisr upgraded its Cash NPAT guidance to at least $7.0M, underlining the growth the new funding is meant to support.
Credit quality of the structure
This is Wisr’s second combined asset ABS, pairing prime quality secured vehicle and personal loan assets. Class A and Class A-x notes ($240M, 78.9% of the structure) achieved a AAA Moody’s rating.
| Metric | Detail | Why it matters |
|---|---|---|
| Size | $304M Wisr Momentum Trust 2026-2 | Adds $304M additional warehouse capacity |
| Margin | 1.72% weighted average over one-month BBSW | Sets the cost of the term funding |
| AAA-rated notes | Class A and Class A-x, $240M (78.9% of the structure) | Rated AAA by Moody’s |
| Cash release | Approximately $6.5M | Result of a lower equity requirement for the ABS |
What is an ABS and why it matters for lenders
An asset-backed securities (ABS) transaction bundles loans into notes that are sold to institutional investors. This funding is term-based and sits alongside the warehouse facility, which is the borrowing line a lender uses to fund loans before they are bundled.
A lower margin over BBSW, the benchmark bank bill swap rate, means a lower cost of funds. Freeing up warehouse capacity lets a lender write more loans.
Broader investor base through EU and UK risk retention compliance
This is Wisr’s second ABS structured to satisfy EU and UK risk retention requirements, supporting participation from UK and European institutional investors. The transaction drew new and existing domestic and international investors.
The sixth ABS transaction, the $354M Wisr Momentum Trust 2026-1, was the first Wisr structure built to meet EU and UK risk retention rules, and the latest deal builds directly on that offshore investor groundwork.
National Australia Bank (NAB) acted as Arranger and Dealer, with Barclays, Barrenjoey and NAB acting as Joint Lead Managers.
Florian Ruff, Head of Funding and Treasury
“…the transaction broadened our international investor base and supported demand from offshore institutional investors alongside continued support from existing investors…”
A wider pool of investors reduces reliance on any single source of capital.
Wisr Momentum Trust 2026-2 further diversifies the funding platform while lowering its cost of funds.
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