Nordax has successfully issued an asset backed securities transaction
Nordax has successfully issued SEK 1,831,000,000 of asset backed securities to further strengthen the diversified funding base of the Nordax Group.
Nordax has issued Scandinavian Consumer Loans V, a SEK 1,831,000,000 asset backed securities (“ABS”) transaction backed by a portfolio of Swedish unsecured consumer loans originated by Nordax Bank AB (publ) targeted to international investors.
Scandinavian Consumer Loans V is the fifth ABS transaction placed by Nordax under its securitisation programme. Nordax funding base consists of ABS, senior unsecured bonds, warehouse funding facilities provided by international banks in addition to deposits from customers in Sweden, Norway and Finland.
Morten Falch, CEO of Nordax Group, said: “One of Nordax’s key strengths is our diversified funding
strategy. Our funding strategy is based on four funding sources and makes it possible for us to continue our balanced growth.”
Citigroup acted as arranger and lead manager.
Issuer: Nordax Sverige 4 AB (publ)
Ratings: Fitch and DBRS
Step-up: x2 from November 2018
First Interest Payment Date: December 15, 2015
End of Revolving Period: November 15, 2017
Final Maturity Date: December 15, 2038
Minimum denomination: SEK 1,000,000
Listing: Irish Stock Exchange
For further information please contact:
Åse Lindskog, Media and Investor Relations, Nordax
Tel: +46 730 24 48 72
Nordax is a leading niche bank in the Nordic region providing unsecured consumer loans and deposit accounts to about 100,000 customers in Sweden, Norway, Finland, Denmark and Germany. Nordax employs about 200 people, all working in its office in Stockholm. Nordax was founded by six entrepreneurs with extensive risk management experience. The underwriting process is Nordax’s core competency; it is thorough, sound and data driven. Nordax’s customers are financially stable people in the prime of life. As of 30 September 2015 lending to the general public amounted to SEK 10.6 billion and deposits amounted to SEK 6.3 billion. Nordax has been supervised by the Swedish Financial Supervisory Authority since 2004 and deposits are covered by the Swedish deposit guarantee scheme. Read more on www.nordaxgroup.com.
Nordax Group AB (publ) announces this information in accordance with the Securities Market Act and/or the Act on Trading in Financial Instruments and/or the Nasdaq Stockholm Rule Book. This information was submitted for announcement on 5 November 2015 at 2.00pm CET.