Hyundai Card’s US$290 Million ABS Issuance

Walkers Global 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.

Hyunday Card is a credit card company under Hyundai Motor Group headquartered in Seoul, South Korea. 

 

The Walkers legal team was led by partner Kristen Kwok (Picture) 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. 
 

Involved fees earner: Adam Bathgate – Walkers Global; Kristen Kwok – Walkers Global; Sonya Saxena – Walkers Global;

Law Firms: Walkers Global;

Clients: Hyundai Card;

Sonia Carcano

Author: Sonia Carcano