Fisher & Paykel Finance sees securitisation revival

The company relied on securitisation for 36%, or $207 million, of its total external funding, or debt, of $575 million in the six months ended September 30, down from 40.8% in the same six months a year earlier.

In addition it had unutilised securitisation capacity of $78 million at September 30. Fisher & Paykel Finance's commercial paper program has an "A1+" credit rating from Standard & Poor's.

The securitisation market dried up completely during the global financial crisis.

"Over the last 12 months we've started to see far greater investment appetite," Macfarlane says. "We're starting to see significantly over-bid positions when we go to the market with tenders, although it's not of the same magnitude as it was in the boom times," he says.