Walkers acts on PrimeCredit Limited's inaugural ABS

Walkers Hong Kong has acted as Cayman Islands counsel to PrimeCredit Limited as the originator in connection with its inaugural issuance of US$200 million asset-backed securities.

The transaction was conducted through Ocean Funding 2019-1 and secured by consumer loans originated by PrimeCredit Limited, a leading consumer finance provider in Hong Kong focusing on origination of personal loans and credit cards.

This is the first public consumer loan asset-backed securities issuance in Hong Kong and the first Triple A rated personal loan securitisation in Asia ex-Japan.

Walkers was instructed by Linklaters and led by partner Kristen Kwok with assistance from associate Helena Chu.