First public consumer finance-backed issuance in HK succeeds with KWM’s help

The transaction raised US$200m through AAA-rated notes

First public consumer finance-backed issuance in HK succeeds with KWM’s help

The first public consumer finance-backed securities issuance in Hong Kong has succeeded with help from King & Wood Mallesons (KWM).

The international firm acted as lead deal and documentation counsel on PrimeCredit’s first term securitisation issuance, which raised US$200m through AAA-rated notes.

In addition to being the first public term personal loan-backed securities issuance in Hong Kong, it was also the first public term securitisation in the Hong Kong market in more than a decade, KWM said.

The transaction used a dual-currency structure and provides PrimeCredit revolving funding flexibility, the firm said. Proceeds of the issuance will fund PrimeCredit’s growing personal loan book in Hong Kong.

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

“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 Special Administrative Region, and broader Asian, securitisation markets,” Neagle said.

KWM said that the firm was uniquely placed to support the successful launch of the issuance, drawing from its advantage as a global firm headquartered in Asia with expertise in securitisation in the region, Hong Kong’s regulatory framework, and industry and business knowledge.

Recent articles & video

MinterEllison lawyers set to help JWS launch in Canberra

mx51's $32.5m capital raise succeeds with HWL Ebsworth's help

Research finds hourly rates have gone above and beyond the GHR

What are organizations doing to manage turnover?

Are masking policies still valid?

Ex-Lendlease IR head pumps up Lander & Rogers' workplace relations practice

Most Read Articles

Ex-Lendlease IR head pumps up Lander & Rogers' workplace relations practice

Macpherson Kelley board gets marketing lift with new advisory board addition

SPB, Thomson Geer confirm roles in $350m off-market takeover bid

NRF admits new partner from DLA Piper