humm group has securitised a portfolio of receivables originated by its flexicommercial division, upsizing the transaction from A$300 million to $450 million to meet demand.

flexicommercial ABS Trust 2021-1 is backed by secured commercial auto and equipment finance receivables. It is the third flexicommercial securitisation and the biggest humm group asset-backed securitisation to date.

Pricing on the senior notes, $301.5 million of A notes was 83 basis points over the one-month bank bill swap rate.

The $43.6 million of B notes were priced and 155 bps over BBSW and the $25.2 million of C notes were priced at 190 bps over BBSW.

humm group chief financial officer said the transaction would provide a material capital release for the group.