Briefs: ASIC CEO resigns, Pepper prices ABS, Butn tops up capital 16 April 2024 3:35AM John Kavanagh ASIC, Securitisation: ABS, Fintech ASIC's interim CEO Greg Yanco ASIC chief executive Warren Day is leaving the regulator to join the Commonwealth Director of Public Prosecutions. Day’s 20-year career at ASIC will end on June 1. Greg Yanco, ASIC’s executive director of regulation and supervision, has been appointed interim CEO. In another management update, ASIC announced that executive director of enforcement and compliance, Tim Mullaly, will retire at the end of July. Pepper Money has priced a A$675.9 million car and equipment asset-backed securitisation transaction, SPARKZ 8, paying a margin of 125 basis points over the one-month bank bill swap rate on the A1-x and A1-a notes. This time last year, when Pepper raised $723.3 million by issuing SPARKZ 6, the margin on the A1-a notes was 160 bps. The SPARKZ program supports Pepper’s asset finance business, which now has a portfolio size of more than $6 billion. Small business finance company Butn has launched an entitlement offer, seeking to raise A$5 million of new equity. The issue is a fully underwritten 1-for-1.9 pro rate accelerated non-renounceable entitlement offer. The company reported a loss of $3.2 million for the six months to December, compared with a loss of $2.9 million in the previous corresponding period. Revenue grew from $5.4 million to $6.8 million but expenses, most notably funding costs, grew more. Cash used in operating activities was $1.9 million.
