PrimeCredit secures finance-backed securities issuance in Hong Kong

By Naomi Neilson|14 January 2020
Hong Kong

KWM assists PrimeCredit Limited on the first public consumer finance-backed securities issuance in Hong Kong SAR.

Firm: King Wood & Mallesons (PrimeCredit Limited)

Deal: King Wood & Mallesons (KWM) has acted on first public consumer finance-backed securities issuance in Hong Kong SAR.

Value: US$200 million.

Advertisement
Advertisement

Area: Securitisation.

Key players: The team was led by partner Anne-Marie Neagle and included partners Richard Mazzochi and Paul McBride, senior associate Matt Kaminsky and solicitors Ben Wighton, Evangeline Chee and Millie Burnett.

Deal significance: The transaction is the first public term personal loan-backed securities issuance in the Hong Kong SAR market and the first public term securitisation in the Hong Kong SAR market for over a decade.

The transaction raised US$200 million to finance PrimeCredit’s growing personal loan book in Hong Kong SAR, through the issuance of AAA-rated notes by Ocean Funding 2019-1, which will be listed on the Singapore Exchange and issued to a range of international investors.

Commenting on this ground-breaking transaction, Ms Neagle said: “We are thrilled to have had the opportunity to support the further growth of PrimeCredit’s business through this new funding platform, and we congratulate the PrimeCredit team on a successful and market leading issuance.

SPONSORED CONTENT

“In addition to its successful outcomes for PrimeCredit, this transaction has the potential to open new regional opportunities for originators and investors alike, and we look forward to seeing how the foundations laid by this transaction support the further development of Hong Kong SAR, and broader Asian, securitisation markets”.

This email address is being protected from spambots. You need JavaScript enabled to view it.

PrimeCredit secures finance-backed securities issuance in Hong Kong
Intro image
lawyersweekly logo
Big Law

latest

Leading managing partner becomes NSW Law Society president

Addressing diversity in the profession

Addressing diversity in the profession (while still a student)

Law student

Law student that sought $64k in damages from admissions board loses appeal

getting along with peers

What law school should teach you about getting along with peers

FROM THE WEB
Recommended by Spike Native Network