AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

Jul 15 2021

The AOFM has released an update on its SFSF activities as at 30 June 2021. As at this date, total funds invested or committed by the SFSF remain unchanged from the March 31 update and were $3.8 billion.

Public Markets

The AOFM did not receive any requests for support during the quarter. The book value of the SFSF’s public market investments stood at around $946 million as at 30 June 2021, down from a cumulative investment of around $1.36 billion undertaken between late March 2020 and early July 2020.

Private markets

There was no SFSF investment in new private warehouse facilities approved during the quarter. There were however two limit increases approved in return for improved commercial terms. A cumulative total of circa $2.3 billion in commitments have been approved across 45 individual warehouses from 34 sponsors.

The quarter saw a considerable increase in the number of sponsors replacing the AOFM’s positions with private sector commitments. As at 30 June, the SFSF had been fully replaced by other investors in ten warehouses across eight sponsors and partially replaced in a further three warehouses from as many sponsors leaving the SFSF with active investments in 26 warehouses across 21 sponsors. The approved SFSF limits within these facilities totalled ~$1.1 billion and the total drawn amount across these facilities stood at ~$770 million.

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

Forbearance SPV

On the 31st March, the Forbearance SPV availability period ceased and the Forbearance SPV moved into amortisation in April 2021 as planned. During the last quarter, one participating originator repaid all amounts owing and exited the scheme.

As at 30 June 2021, the balance of the Forbearance SPV stood at circa $39 million across all remaining participating originators.

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