AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

Apr 11 2022
The AOFM has released an update on its SFSF activities as at 31 March. 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
No requests were received by the AOFM to support public transactions during the last quarter.

As at 31 March 2022, the book value of the SFSF’s public market investments stood at $646 million, representing a reduction of around $65 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, reducing SFSF commitments by around $193 million since the end of December. As at 31 March, the SFSF had commitments in six warehouses from six sponsors, and the approved SFSF limits within these facilities totalled $300 million, while the total drawn amount across these facilities stood at circa $161 million.

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

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

As at 31 March 2022, the balance of the Forbearance SPV stood at around $29 million across five remaining participating originators.

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SFSF Investment Reporting >