WZR Charts, page-4709

We could get a catalyst for price movement this week. Wisr are in the ABS market looking to sell down $225m of loans out of the NAB warehouse. Initial pricing indications point to a cost of funds less than 1.2%. This is the maiden transaction for Wisr in public capital markets. If they get this away at the guide levels we will see net interest margin increases, and that timeline to profitability compress. Expected that the deal will price this week. The deal is being marketed by NAB, so it will free up capacity in the warehouse. This will mark capital market maturity for the business, and is the same debt funding strategy ZIP have used. Will be a big move for the business if the market understand the implications of the trade on the economics of the business.