PIONEER Secured Floating Rate Note

We’ve recently secured access to $8 million of Pioneer Credit, offering an outright yield of 14.03% and a current coupon of 14.60%, offered at $100.

This opportunity follows a strong 1HY25 result from Pioneer, driven by improved cash collections, growing profitability, and disciplined investment. The company increased its PDP investment to $29.6 million, with ERC now at $672.8 million, supported by a well-diversified portfolio and no exposure to payday or SACC loans.

Pioneer also closed a $272.5 million debt facility (including $50 million for growth), raised $10 million in equity, and implemented key technology upgrades to enhance efficiency and decision-making. It maintains a #2 market position in Australia’s PDP space, underpinned by 15 vendor relationships and a non-lending business model that supports strong alignment with banks.

With high customer satisfaction (NPS +24) and a clear outlook, Pioneer is guiding to >$9 million NPAT in FY25 and >$18 million in FY26.