Briefs: Lombard signs IKEA, Macquarie launches ABS
Lombard Finance, which was acquired by finance company FlexiGroup last week, has given its new owner an early dividend, with the news that it has signed an agreement with retailer IKEA to supply interest-free credit cards. It is the first time IKEA in Australia has offered its customers interest-free finance deals on purchases. IKEA will offer six months interest-free on purchases worth up to A$5000 and two years interest-free on purchases from $5000 to $20,000. Macquarie Leasing yesterday launched an issue of asset-backed securities. SMART ABS Series 2012-2US, which is backed by vehicle lease receivables, is denominated predominantly in US dollars. The US$500 million deal is the second ABS Macquarie has issued in the US market this year.