AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

AOFM Quarterly SFSF Update

Apr 15 2021
The AOFM has released an update on its SFSF activities as at 31 March 2021. As at this date, total funds invested or committed by the SFSF were $3.8 billion.

Public Markets

The AOFM reported that no requests for support in public transactions were received during the quarter. This is attributed to continued improvement in public securitisation market conditions reducing the need for SFSF support for primary and secondary markets. 

Cumulative public market investments made since the SFSF’s inception stood at around $1.36 billion as at 31 March 2021.

Private markets

The AOFM did not receive any expressions of interest for the SFSF to invest in private warehouse facilities throughout the quarter, however one limit increase was approved. As at 31 March 2021, SFSF commitments of circa $2.3 billion have supported 45 individual warehouses sponsored by 34 eligible lenders.

The AOFM reported that there has been an increase in the number of issuers expressing interest in replacing the AOFM’s positions with private sector commitments and as at 31 March, the AOFM had been replaced by other investors in two instances with active discussions with other originators continuing.

Forbearance SPV

On the 31st March, the Forbearance SPV availability period ceased on 31 March with total draws on the fSPV standing at $47 million, well below the approved limits for the fSPV of $101.6 million.  Repayments of support drawn under the fSPV are scheduled to begin in April, though the AOFM reported some originators in the fSPV program have already commenced the repayment of principal and interest ahead of their original schedule.

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