UK equipment finance lender Propel Finance has raised £306m through its debut public securitisation.
The inaugural issue, named Velocity 2026-1, has been rated by S&P Global and Fitch. The Class A notes were AAA rated and represent 78.5 per cent of the issue.
Propel has expanded substantially, growing its lending book by 600 per cent over five years. The securitisation follows the significant upsizing of its private warehouses, forward-flow facility and mezzanine line last year.
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“It’s brilliant to be able to complete our debut securitisation, and delighted with the huge interest shown by some of the most recognised investors globally,” said Propel chief executive Mark Catton.
“The final book closed at more than £800m, around 2.7x over-subscribed, with 17 investors participating. We achieved this outcome despite the recent market volatility.”
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Bank of America and Citi acted as joint arrangers and joint lead managers on the transaction and were advised by Hogan Lovells. Simmons & Simmons and Interpath advised Propel.
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