GreatAmerica Financial Services completed a term securitization of $544.8M in privately placed bonds with institutional investors, an increase of $51.7M from its last securitization one year ago. This marked the company’s 17th term securitization.
GreatAmerica has made more than $5.6 billion in placements since 1995 and is a regular issuer of bonds on the asset-backed securities market.
“GreatAmerica is distinct from many other small-ticket leasing companies in that it has continued to grow its portfolio, even during downturns in the economic cycle, while maintaining its losses and delinquencies at relatively low and historically consistent levels,” noted S&P Global’s Presale Report.
Of the 34 investors who participated, seven were first-time buyers of GreatAmerica transactions. There was $2.7 billion in investor demand for the GreatAmerica bonds, which was more than five times the amount offered. The portfolio is predominantly office equipment and telecom assets.
“Strong bond demand goes hand in hand with strong portfolio performance, and we’ve been rewarded for this by our investors,” said GreatAmerica CEO and Chairman Tony Golobic. “I am especially pleased that the rating agencies rated 93.4% of the bonds as AAA, which is higher than last year.”
This continued Monitor column is another slice in the life of a leasing sales person. It is a fictitious sales call between a leasing sales person and a CFO prospect. This could be a face-to-face sales call or a quick... read more
Matthew Green, managing director and group head, Equipment Finance at CIBC Bank USA, joined CIBC from J.P. Morgan at the end of 2021 with more than 20 years of leasing, lending and capital markets experience to launch the company’s equipment... read more