Sasfin Successfully Raises R600 Million in Upsized Securitisation Placement

Sasfin is pleased to announce the successful refinancing of its flagship equipment rental securitisation programme SASP Series 1, raising R600 million in an upsized placement that drew robust institutional support and reinforced confidence in the group’s post-delisting strategy.

This private placement, which originally targeted R500 million, was promisingly oversubscribed - a powerful endorsement not only of the asset class but of Sasfin’s refined strategic focus and the strength of its capital markets execution. The transaction attracted a broader base of investors than previous issuances, including participation from institutions outside the existing holders of the maturing instruments.

“This wasn’t just about funding. It was about confidence; in the structure, in our assets, and in our future,” said Dhesegan Govender, Sasfin’s Group Head of Treasury and DCM. “This deal reaffirms the strength of our platform and the clarity of our strategy. We continue to back our champion businesses and serve the market with integrity and discipline.”

A Long-Standing Platform, Scaling Further

At the core of the refinancing is one of South Africa’s most established securitisation programmes. The rental finance book underpinning the transaction is marked by its granularity, strong credit metrics, and broad sectoral representation. With no concentration risk and exposure across diverse industries, the portfolio offers investors a stable, low-volatility asset class aligned to the South African economy.

“These are real businesses funding real growth,” said Govender. “And that’s what this has always represented — steady returns, backed by activity that matters.”

The securitised portfolio continues to perform strongly, having weathered multiple economic cycles and consistently delivering value across varying market conditions. Investors benefit from multiple structural protections, a well-capitalised structure, and a track record of long-term repayment discipline.

Investor Confidence Built on Relationships

While the transaction was defined by its technical quality, Sasfin notes that investor confidence extended well beyond the metrics.

In several instances, institutional investors made the case internally for participation, citing not only the yield and structure but also the reputation of the issuer and the professionalism of the team behind it.

“What really stood out was how relationship-led this process became,” said Govender. “Investors weren’t just evaluating numbers. They were assessing our story, our direction, and our people, and choosing to show support. That kind of trust means a great deal.”

Feedback from institutional participants affirmed Sasfin’s consistent tone throughout its strategic reset. “There was appreciation for how the business had communicated -  clearly, and credibly,” added Govender.

Built for Performance

Sasfin attributes much of the success of the refinancing to the depth of its capital markets team. The structure was executed by a group that includes professionals in both the fixed income and transactional management space, many of whom have worked together for over 13 years.

“This isn’t just a transaction, it’s a product of long-standing knowledge, trust, and execution capability,” said Govender. “Our team brings not just technical skill, but continuity. And that’s what gives investors comfort.”

The dual-track strength - strong investor relationships and operational excellence - continues to underpin Sasfin’s capacity to raise capital independently, even as it sharpens its focus post-delisting.

Strategic Validation

The refinancing also marks a strategic milestone for Sasfin. As the group pivots away from its historical banking structure to focus on specialist businesses, this deal provides public validation of its repositioning.

“This is the first securitisation we’ve executed since delisting, and the result is a clear signal from the market that we’re heading in the right direction,” Govender said. “It reinforces our commitment to growing the rental finance business and to attracting capital in a sustainable, scalable way.”

With the Wealth and the Rental Finance businesses identified as the group’s “champion” verticals, this transaction helps fund ongoing expansion while allowing the business to operate with flexibility and capital strength.

Forward View

The success comes at a time when investors are increasingly focused on well-structured, yield-generating assets that carry strong fundamentals. In this context, Sasfin’s rentals platform, with its granularity, stability, and track record, offers a compelling proposition.

“For current and prospective investors, this deal stands as proof of what’s possible,” said Govender. “It’s a resilient structure, backed by deep relationships and long-term integrity. And it sets the tone for what’s next.”

Gratitude 

Sasfin extended its thanks to the institutions that supported the issuance. “We are deeply grateful for the backing we received,” Govender concluded. “This shows what can happen when trust, performance, and people align. We’re proud to stand on that foundation and to build forward.”