PrimeCredit’s First Public Consumer Loan Securitisation In Hong Kong SAR

PrimeCredit’s First Public Consumer Loan Securitisation In Hong Kong SAR

Linklaters advised BNP Paribas, acting through its Hong Kong branch, as sole arranger and lead manager, and Standard Chartered Bank (Hong Kong) Limited as swap counterparty, on PrimeCredit Limited’s inaugural issuance of US$200m asset-backed securities.

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

This debut 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 SAR focusing on origination of personal loans and credit cards. The securities are listed on the Singapore Exchange Limited (SGX) and are rated AAA (sf) by S&P Global Ratings Hong Kong Limited.

This transaction was led by partners Karen Lam (Picture) and Victor Wan acting for the sole arranger and lead manager, with support from managing associate Li Ling Tan. Partner Stephen Song acted as legal adviser to the swap counterparty, with support from managing associate Jasmine Chua.

Involved fees earner: Jasmine Chua – Linklaters; Karen Lam – Linklaters; Li Ling Tan – Linklaters; Stephen Song – Linklaters; Victor Wan – Linklaters;

Law Firms: Linklaters;

Clients: BNP Paribas Hong Kong Branch; Standard Chartered Bank;