Walkers (Hong Kong) is proud to have advised on a recordnumberof Korean cross-border asset-backed securitisations(ABSs) in 2022. As a top tier offshore law firm, we advised on 10 Korean cross-border ABSsthis year involving seven Bermuda and three Cayman Islandsincorporated SPVs, with an aggregate issuance amount of US$3.2 billion for the following originators:
- Hyundai Card Co., Ltd.
- KB Kookmin Card Co., Ltd.
- KEB Hana Card Co., Ltd.
- Lotte Card Co. Ltd
- Samsung Card Co., Ltd.
- Shinhan Card Co., Ltd.
- Woori Card Co., Ltd.
Since the Cayman Islands was added to the EU AML List in March 2022, Walkers and Walkers Professional Services were able to quickly switch to providing the same seamless one-stop shop legal and fiduciary services for Bermuda SPVs on affected securitisations.
These ABS transactions, backed by credit card receivables, were led by partner Kristen Kwokwho wasassisted by senior associate Sonya Saxena.