AOFM Quarterly SFSF Update

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AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

Jan 17 2022
The AOFM has released an update on its SFSF activities as at 31 December. As at this date, cumulative investment commitments made by the SFSF were $3.8 billion, while the total current amount invested stood at just over $1 billion.

Public Markets

The AOFM did not receive any requests for support during the quarter. As at 31 December 2021, the book value of the SFSF’s public market investments stood at $708 million, representing a reduction of $117 million for the quarter as a result of both amortisation and the exercising of call options by trustees.

Private markets

There was no SFSF investment in new private warehouse facilities approved during the quarter. Likewise, there were no limit increases approved during the period. The a cumulative total remains at circa $2.3 billion in commitments approved across 45 individual warehouses from 34 sponsors since the SFSF’s inception.

During the last quarter several sponsors replaced the SFSF with private sector investment, and, in one case, investment by the Australian Business Securitisation Fund (ABSF), reducing SFSF commitments by around $320 million since the end of September.

As at 31 December, the SFSF had commitments in 12 warehouses from 11 sponsors, and the approved SFSF limits within these facilities totalled around $490 million, while the total drawn amount across these facilities stood at circa $265 million.

The AOFM remains in active discussions with sponsors regarding the potential for replacement of the SFSF in warehouse investments.

Forbearance SPV

On the 31st March 2021, the Forbearance SPV availability period ceased and the Forbearance SPV moved into amortisation in April 2021 as planned.

As at 31 December 2021, the balance of the Forbearance SPV stood at circa $32 million across five remaining participating originators. This represents a reduction in the balance from the previous quarter of $4m.