A$920 Million LI8HA Notes Redeemed and Suspended from ASX Trading

Redemption Marks Closure of Major Debt Instrument

On 22 September 2025, the Lion Series 2020-1 Trust successfully redeemed its A$920 million Class A1 floating rate notes, identified on the ASX as LI8HA. This significant repayment marks the conclusion of this particular tranche of debt, which had a maturity date originally set for 2051. Following the redemption, trading of these notes was suspended at the close of the market on 23 September, in line with ASX Listing Rule 17.2.

Delisting to Follow Suspension

The ASX has announced that the LI8HA notes will be removed from official quotation at the close of trading on 24 September 2025. This procedural step is standard following the full redemption of listed debt securities and signals to investors that these notes will no longer be tradable on the exchange. Importantly, the suspension and removal apply exclusively to the LI8HA notes and do not affect any other securities issued by the Lion Series 2020-1 Trust.

Implications for Investors and Market Participants

For holders of the LI8HA notes, the redemption means the return of principal and cessation of interest payments, effectively closing out their investment in this instrument. The absence of commentary on the Trust’s other securities or plans for refinancing leaves some questions open regarding the broader capital structure and future funding strategies. Market participants will be watching closely for any announcements that clarify the Trust’s next steps or potential new issuances.

Regulatory Compliance and Market Transparency

The timely suspension and removal of the LI8HA notes demonstrate adherence to ASX regulatory requirements, ensuring orderly market conduct and transparency. Such actions help maintain investor confidence by clearly signaling the lifecycle status of listed securities. While the redemption itself was anticipated, the formal delisting process now completes the transition for this debt instrument.

Looking Ahead

As the Lion Series 2020-1 Trust closes this chapter, attention will turn to how it manages its remaining obligations and capital needs. The market will be keen to see if new debt instruments emerge or if alternative funding routes are pursued. For now, the redemption and delisting of the LI8HA notes represent a significant milestone in the Trust’s financial journey.