Metro Finance 2021-1 Trust Class A Notes Suspended and Delisted After $652M Redemption

Background on the Notes

Metro Finance 2021-1 Trust issued $652 million in Class A Notes, a structured finance instrument, with maturity originally set for June 2027. These notes have been a notable fixture in the fixed income market, offering investors exposure to a tranche of securitised assets managed under the trust.

Redemption and Suspension Timeline

Although the notes were scheduled to mature in mid-2027, they were redeemed early on 20 November 2024. Following this redemption, the ASX announced the suspension of the notes from official quotation as of 23 September 2025, nearly ten months after the redemption event. This suspension is a procedural step under ASX Listing Rule 17.2, signaling that the notes are no longer available for trading.

Removal from the Official List

Subsequent to the suspension, the Metro Finance 2021-1 Trust requested removal from the ASX Official List, effective 24 September 2025. This action, governed by Listing Rule 17.11, formally concludes the notes’ presence on the exchange. The timing gap between redemption and delisting is not uncommon in structured finance, allowing for administrative and compliance processes to be completed.

Implications for Investors and Market

For investors, the suspension and removal confirm that the notes have been fully redeemed and that no further trading or payments are expected. This closure provides clarity and finality, enabling portfolio adjustments without lingering uncertainty. From a market perspective, the removal of these notes slightly reduces the volume of structured finance securities on the ASX but reflects routine lifecycle management of such instruments.

Looking Ahead

While this announcement marks the end of the road for the Metro Finance 2021-1 Trust Series 1 Class A Notes, it also highlights the ongoing evolution of structured finance products on the ASX. Investors and analysts will be watching for new issuances and how these instruments continue to fit within diversified fixed income strategies.