Panorama Auto Trust 2023-1 Class A Notes Interest Rate Set at 5.9125% for August 2026 Payment Period

Panorama Auto Trust 2023-1 Class A Notes Rate Confirmed at 5.9125% Per Annum

Angle Auto Finance Pty Ltd, in its capacity as Trust Manager for Panorama Auto Trust 2023-1, has formally notified the market of the interest rate applicable to the Class A Notes for the current interest period. The rate of 5.9125% per annum applies to the period commencing 15 July 2026 and running through to 16 August 2026 inclusive. This disclosure is consistent with standard obligations for listed debt securities, ensuring that noteholders and market participants have timely and transparent access to payment information ahead of the scheduled distribution date.

The Class A Notes are listed on the Australian Securities Exchange under the ticker code PA1HA. The company update confirms the key dates that noteholders need to be aware of: those recorded as holding the notes on the Record Date of 10 August 2026 will be entitled to receive the interest payment scheduled for 17 August 2026. The communication was issued from Angle Auto Finance’s registered offices at Level 23, 400 George Street, Sydney NSW 2000, and was directed to the Market Announcement Office of ASX Limited.

What Angle Auto Finance Does and How Panorama Auto Trust 2023-1 Is Structured

Angle Auto Finance Pty Ltd operates as the Trust Manager for Panorama Auto Trust 2023-1, a structured finance vehicle designed to pool and securitise auto loan receivables. Securitisation trusts of this type are a common mechanism in the Australian consumer finance market, allowing originators to bundle auto loan assets and issue notes backed by those assets to investors in capital markets. The Class A Notes represent the senior-most tranche in such a structure, which typically means they carry the highest credit quality and are first in line to receive principal and interest payments from the underlying loan pool.

The Panorama Auto Trust 2023-1 structure, as indicated by its name, was established in 2023. Angle Auto Finance Pty Ltd holds the Australian Business Number 70 668 368 821 and is the entity responsible for administering the trust and making the required market disclosures on behalf of noteholders. As Trust Manager, Angle Auto Finance plays a pivotal role in overseeing the administration of the underlying auto loan receivables, ensuring distributions are made correctly, and keeping the market informed of key financial metrics such as applicable interest rates for each payment period.

How the 5.9125% Rate Compares Within the Current Australian Interest Rate Environment

The setting of the Class A Notes interest rate at 5.9125% per annum for the July-to-August 2026 period reflects the prevailing interest rate conditions in the Australian financial market. Asset-backed securities such as auto loan trusts typically price their floating-rate notes by reference to a benchmark rate — commonly the Bank Bill Swap Rate (BBSW) — plus a margin. The specific methodology used to calculate the 5.9125% rate for this period was not further detailed in the company update beyond the confirmation of the rate itself.

For context, the rate disclosed represents the cost of capital borne by the trust for this specific period, and is the rate at which interest accrues on the outstanding Class A Notes balance. Investors in senior tranches of Australian auto loan securitisation trusts generally seek stable, predictable returns with relatively low credit risk compared to subordinated tranches. The 5.9125% per annum rate will be applied to the notional outstanding balance of Class A Notes for the interest period in question, with the resulting payment to be made on 17 August 2026 to eligible noteholders of record as at 10 August 2026.

Record Date of 10 August 2026 and What It Means for PA1HA Noteholders

The Record Date for this interest payment has been set at 10 August 2026. In the context of listed debt securities, the Record Date is the cut-off date used to determine which investors are eligible to receive the upcoming interest payment. Only those noteholders whose holdings are registered on the Record Date of 10 August 2026 will be entitled to receive the interest payment scheduled for 17 August 2026. This is a standard mechanism used for listed fixed income securities on the Australian Securities Exchange to ensure clear and orderly distribution of periodic payments.

Investors who acquire the Class A Notes after the Record Date of 10 August 2026 will not be entitled to the interest payment for this period, as the entitlement will already have been established in favour of the previous holder. Conversely, noteholders who sell their holdings prior to the Record Date may forfeit their entitlement to this payment. These settlement and eligibility mechanics are consistent with market practice for listed Australian debt instruments and are governed by the operating terms of the Panorama Auto Trust 2023-1 deed and relevant ASX listing rules for debt securities.

Interest Payment Date of 17 August 2026 and the Payment Mechanics for PA1HA

The Interest Payment Date for this period has been confirmed as 17 August 2026. On this date, eligible noteholders — those recorded on the register as at the Record Date of 10 August 2026 — will receive the interest accrued at the rate of 5.9125% per annum on their respective holdings of Class A Notes for the interest period from 15 July 2026 to 16 August 2026 inclusive. The company update does not disclose the total quantum of interest to be paid across all outstanding Class A Notes for this period, nor the current outstanding face value of the notes.

The total dollar value of interest to be distributed on 17 August 2026 was not disclosed in this company update. Investors seeking to calculate their expected interest receipt can apply the 5.9125% per annum rate to their individual notional holding, pro-rated for the number of days in the interest period. The precise day count convention applicable to this calculation was not specified in the company update, and investors requiring this detail may wish to refer to the original trust documentation or contact the Trust Manager directly for further clarification.

The Role of Asset-Backed Securitisation in Australian Auto Finance and Angle Auto Finance’s Market Position

Auto loan securitisation is a well-established funding mechanism in the Australian financial services sector. By pooling individual consumer auto loans and issuing structured notes to capital market investors, originators such as Angle Auto Finance are able to access funding efficiently while transferring credit risk to investors who take on exposure to the underlying loan pool. The Class A Notes, as the senior tranche, are structured to absorb losses only after subordinated tranches have been fully eroded, providing an additional buffer for senior noteholders.

Angle Auto Finance operates within a competitive Australian auto finance market that includes major bank-owned finance companies as well as specialist non-bank lenders. The use of securitisation trusts like Panorama Auto Trust 2023-1 allows non-bank lenders to access institutional funding markets, which can be a cost-effective alternative to wholesale bank funding lines. The ongoing disclosure of interest rates and payment dates to the market is a key regulatory and investor relations obligation that helps maintain transparency and confidence in the listed notes.

Key Risks Specific to Holding Class A Notes in an Auto Loan Securitisation Trust

While the Class A Notes represent the senior tranche in the Panorama Auto Trust 2023-1 structure and therefore benefit from credit enhancement provided by subordinated tranches, investors should be aware of risks inherent to auto loan securitisation vehicles. The primary credit risk relates to the performance of the underlying pool of auto loan receivables — specifically, the rate of borrower defaults and the recovery values achieved on repossessed vehicles. A deterioration in consumer credit conditions or a decline in used vehicle values could adversely affect the trust’s ability to meet its obligations to noteholders over time.

Additionally, as the Class A Notes are floating-rate instruments whose interest payments are determined for each successive interest period, the income received by noteholders will vary from period to period in line with movements in benchmark rates. While the rate for the current period has been set at 5.9125% per annum, future periods may see higher or lower rates depending on prevailing market conditions. Liquidity risk is also relevant, as the ability to sell the notes on the secondary market at a fair price cannot be guaranteed. Investors should carefully review the trust documentation and seek independent financial advice before making investment decisions regarding the PA1HA Class A Notes.

What Investors in PA1HA Should Watch in Upcoming Periods

For investors currently holding the Panorama Auto Trust 2023-1 Class A Notes, the immediate focus will be on ensuring their holdings are correctly registered ahead of the Record Date of 10 August 2026 and that they receive their interest payment on 17 August 2026. Beyond this payment cycle, investors may wish to monitor future interest rate disclosures from Angle Auto Finance as Trust Manager, as these will reflect the evolving benchmark rate environment and will determine the income receivable in subsequent periods.

Longer-term, investors and market participants may also watch for any disclosures relating to the performance of the underlying auto loan pool, including arrears rates, prepayment speeds, and the amortisation of the outstanding note balance over time. As the trust matures and the underlying loan receivables are repaid, the outstanding principal balance of the notes will reduce, which affects the total dollar interest payable in future periods even if the applicable interest rate remains similar. The next key milestone for PA1HA noteholders is the Interest Payment Date of 17 August 2026, following the Record Date of 10 August 2026.