Walkers Advises on the First Korean Cross-border ABS Issued by a Bermuda SPV

Walkers acted as Bermuda counsel in connection with Hyundai Card's US$290 million cross-border asset-backed securitization (ABS), which involved a Bermuda incorporated SPV as the issuer of the secured floating rate notes backed by credit-card receivables. This is the first Korean cross-border ABS issued by a Bermuda SPV since the Cayman Islands was added to the EU AML List in March 2022. BNP Paribas acted as sole arranger on this transaction.

The Walkers legal team was led by partner Kristen Kwok and supported by partner Adam Bathgate and senior associate Sonya Saxena. The Walkers Professional Services team was made up of Kirstie Krypner, April Thomas, Otelia Scott and Nic Swartz.

Adam BathgatePartnerT +1 441 242 1515adam.bathgate@walkersglobal.com
Otelia ScottDirectorT +1 441 242 1553otelia.scott@walkersglobal.com
April ThomasDirectorT +1 441 242 1539 april.thomas@walkersglobal.com

Nicholas SwartzDirectorT +1 345 814 7655 nicholas.swartz@walkersglobal.com

Sonya SaxenaSenior AssociateT +971 4 363 7939sonya.saxena@walkersglobal.com
Kirstie KrypnerSenior Vice PresidentT +971 4 363 7951kirstie.krypner@walkersglobal.com

Kristen KwokPartnerT +852 2596 3324kristen.kwok@walkersglobal.com

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