Private Credit
MA Credit Portfolio Notes
Exposure to a seasoned and diversified portfolio of private credit investments. The MA Credit Portfolio Notes (Notes) are expected to provide noteholders with regular monthly interest income of the One-Month Bank Bill Swap Rate + 3.25% p.a.¹ The initial public offer of the Notes closed on Friday, 21 November 2025. The Notes are expected to list and commence trading on the ASX on 16 December 2025.
Provide monthly interest income of the 1M BBSW + 3.25% p.a.1
Co-investment by MA Financial2 will act as a ‘Capital Buffer’ to prioritise income and capital preservation
Exposure across asset backed lending and direct corporate lending opportunities originated through proprietary channels and relationships
Notes overview
The secured, deferrable, redeemable and floating rate Notes aim to provide noteholders with regular monthly interest income by offering indirect exposure to a seasoned and diversified portfolio of Australian and global private credit investments, loans and bonds.
The investments will span a range of borrowers, industries, credit characteristics, channel partners/sponsors, and asset types across two core market segments in which the Manager has a proven track record and specialist capabilities: asset backed lending and direct corporate lending.
Capital buffer prioritising income and capital preservation
The Notes will be underpinned by a 5% co-investment by MA Financial2 – called the ‘Capital Buffer’.
Put simply, the Capital Buffer is designed to support the consistency of monthly income and provide noteholders with a degree of downside protection.
If, in any period, the monthly interest payment falls short, the shortfall will be deferred and carry forward. This means noteholders will receive the right to higher interest payments in the future to make-up the difference, with any shortfall or deferred amount paid in priority to interest payments on the Capital Buffer held by MA Financial.
The co-investment also means should the Notes experience any losses, these losses will first be absorbed by the Capital Buffer and before any noteholders are impacted. Please refer to section 4.8 of the Prospectus for a more detailed explanation of the Capital Buffer.
The listing and trading of the Notes on the ASX (ASX: MA2HA) is expected to commence on Tuesday 16 December 2025.
Notes overview with Frank Danieli
Watch this short video to hear from Head of Global Credit Solutions, Frank Danieli, as he provides an overview of and introduction to the Notes.
Fund in Focus: LiveWire interview
In this short Q&A video Frank Danieli discusses the Notes with LiveWire’s Tom Stelzer and explains our core differentiators when it comes to private credit investing.
Ausbiz interview with Andrew Geoghegan
In this interview with AusBiz’s Andrew Geoghegan Frank Danieli discusses the Notes and the growing appeal of listed private credit in the current market.
Investor profile
The Issuer has made the Target Market Determination (TMD) for the Notes in accordance with its obligations under the Design and Distribution Obligations (DDO) regime in the Corporations Act 2001 (Cth). The TMD is available below.
The TMD describes, among other things, the class of retail investors that comprises the target market for the Notes, being retail investors who, among other things:
- are seeking to acquire an investment product with capital preservation and the ability to generate income but are not seeking capital growth;
- are able to bear the risks associated with an investment in the Notes (in particular, the risk of deferral of payment of monthly interest);
- are seeking to invest for at least 6 – 7 years; and
- seek to have the ability to dispose of the Notes by sale on a licensed securities exchange at the price available on the exchange.
If you are a retail investor and you wish acquire Notes, you must seek professional advice as to whether an investment in the Notes is suitable for you in light of your particular investment objectives, financial situation and needs. As a retail investor, you can only apply for Notes if you are within the target market (as defined in the TMD) and if you have received personal advice from a qualified financial adviser in relation to the Notes.
If you have any questions about the Notes, or the target market, you should contact your broker or other professional adviser or seek personal advice from a qualified financial adviser who is licensed by ASIC to give that advice.
Note facts
Interest rate
One-Month Bank Bill Swap Rate + 3.25% p.a.
ASX code
MA2HA
Interest Payment frequency
Monthly
Fees³
0.50% p.a. management fee
Issuer
MA Credit Portfolio Holdings Limited (ACN 691 943 638)
Investment manager
MA Investment Management Pty Ltd
Note Trustee
Equity Trustees Limited (ACN 004 031 298)
Security Trustee
EQT Structured Finance Services Pty Ltd (ACN 152 197 825)
Researcher ratings
Recommended’ rating⁴
Risks
All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying assets. Generally, the higher the potential return of an investment, the greater the risk.
The risks of investing in the Notes include (this list is not exhaustive and you should refer to the Prospectus for further risks):
Risk of a shortfall on an Event of Default occurring: There is a risk that, on the occurrence of an Event of Default, there may be a shortfall of funds to pay all amounts owing on the Notes. This would result in Noteholders not receiving payment in full of amounts owed. This may be exacerbated by the Issuer issuing future Series that rank equally with the Notes and the Issuer incurring indebtedness with a Legal Preference that rank ahead of the Notes, as this would increase the quantum of debt incurred by the Issuer and the number of creditors of the Issuer that may share in the funds available on the occurrence of an Event of Default.
Risk of changes in the Interest Rate: The Interest Rate is a floating rate, equal to the sum of the BBSW plus the applicable Margin. The BBSW will fluctuate and therefore the Interest Rate will fluctuate. Over the term of the Notes, the actual Interest Rate may be lower or higher than the initial Interest Rate on the Issue Date. If the Interest Rate decreases, there is a risk that the return on the Notes may become less attractive compared to returns on other investments, including investments that carry fixed interest rates.
Notes are not guaranteed: The Notes are not guaranteed by the Issuer or any other member of the MA Financial Group or any other person. The Notes are not guaranteed or insured by any government, government agency or compensation scheme of Australia or any other jurisdiction.
Resources
Design and Distribution Obligations
Issuers and distributors of financial products must comply with the Design and Distribution Obligations (DDO) from 5 October 2021. Distributors are required to notify the product issuer of any significant dealing in a product that is not consistent with the Target Market Determination and any complaints received in relation to the Issuer. For more information regarding distributors’ reporting obligations, please refer to the Issuer’s Target Market Determination.
Templates
You can use the Financial Services Council (FSC) reporting templates, or the templates provided below to report significant dealings and complaints to the Manager.
Significant Dealings Report
Complaints Report
Any significant dealings or complaints can be reported to:
Private credit insights
Quarterly Global Credit Solutions investor letter
Our quarterly private credit investor letter, authored by our Head of Global Credit Solutions Frank Danieli, offers regular updates on our Global Credit Solutions fund suite along with expert insights into key themes shaping the private credit landscape.
Why debt restructuring experience is crucial in private credit investing
In this insight, Managing Director and private credit Portfolio Manager Elliott Etheridge explains why private credit managers with debt restructuring experience have a significant advantage across all areas of credit investing.
Video series: unlocking private credit at MA
In this video series two of our senior leaders – Joint CEO Chris Wyke and Head of Global Credit Solutions Frank Danieli – provide transparency into our detailed and diligent approach to private credit investing explaining how and why it sets us apart.
Private Credit Investment Series
Through a series of four insights our Head of Global Credit Solutions, Frank Danieli, introduces private credit, exploring the wide range of opportunities now available for Australian investors.
For more information and to arrange a discussion, please contact us.
1. For the First Interest Period, the BBSW for a period closest to the length of the period of the First Interest Period will be used. The interest rate applicable to the Notes is a benchmark rate of BBSW (1 month) + a Margin of 3.25% per annum which accrues on a daily basis. After the Call Date, the applicable Margin will increase by 1 percentage point to 4.25% per annum (if not repaid by the Call Date). Interest is deferrable (in limited circumstances) and cumulative.
2. An MA Financial Group Entity includes MA Financial, a subsidiary of MA Financial or a fund managed by the MA Financial Group.
3. The Manager, in its capacity as investment manager of the MA Credit Portfolio Trust, will be entitled to receive a management fee equal to 0.50% p.a. (inclusive of GST and less any RITC entitlement) of the Net Asset Value of the MA Credit Portfolio Trust.
4. The rating published on 11/2025 for MA2HA is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit onsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.
This website and the documents available on it relate to the invitation by MA Credit Portfolio Holdings Limited ACN 691 943 638 (the Issuer) to apply for new Notes for issue in the Issuer's public offering of Notes and admission to the official list of the Australian Securities Exchange (Offer) as an ASX Debt Listing. MA Investment Management Pty Ltd ACN 621 552 896 Australian Financial Services Representative Number 001258449 is the appointed investment manager to manage the proceeds of the Notes (Manager). Relevant documents, including the prospectus lodged with the Australian Securities and Investments Commission (ASIC) in connection with the Offer (Prospectus):
- have been prepared to comply with the requirements of the securities laws of Australia; and
- are for use only by residents of Australia from within Australia.
They must not be released or distributed in the United States or in any other jurisdiction outside of Australia where distribution may be restricted by law.
The Prospectus was lodged with ASIC on, and is dated, 18 November 2025. The Prospectus, in which the Offer of Notes is made, is available and can be obtained at this website.
Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer, a wholly owned subsidiary of MA Financial Group Limited (ACN 142 008 428).
The Issuer does not hold an Australian Financial Services Licence (AFSL) under the Corporations Act 2001 (Cth). Accordingly, to make offers to arrange for the issue of the Notes, the Issuer has appointed MAAM RE Ltd (ACN 135 855 186, AFSL 335 783) as its authorised intermediary to make offers to arrange for the issue of the Notes, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). Notes are secured, deferrable, redeemable, floating rate notes.
This material is provided for general information purposes only. It is not a prospectus, product disclosure statement, disclosure document or other offer document under Australian law or under any other law. This material is not, and does not constitute, financial product advice, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this material nor anything contained within it will form the basis of any contract or commitment. This material does not directly or indirectly contain any offer or intended offer of securities and is not intended to induce anybody to make an investment in any securities. To the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance on this information.
Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Accordingly, the performance, the repayment of capital or any particular rate of return on your investments are not guaranteed by any member of the MA Financial Group or any other person.
This information has been prepared without taking into account any person’s objectives, financial situation or needs. Investors should consider whether the information is suitable to their circumstances.
The Prospectus for the offer of the Notes and the Target Market Determination should be read in their entirety by an investor before making a decision to acquire the Notes. An investor who has received an invitation to participate from their broker and wish to apply for Notes under the broker firm offer must complete the application form that will accompany the Prospectus. Notes will only be issued on the basis of an application form. No cooling off rights will apply to an investment in Notes issued pursuant to the offer. This means that an investor would be unable to withdraw its application once it has been accepted. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, reasonableness, completeness or reliability of any statements, estimates or opinions or other information contained in this material. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.
This information may not be relied upon in connection with any offer or sale of financial products or services and to the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance on this information.
