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HSBC Mexico’s MXN1 billion asset-backed facility to AB&C Leasing de México
Advising HSBC Mexico on an asset-backed facility to AB&C Leasing de México for an amount of MXN1 billion pesos, backed with the proceeds from all eligible loans and leases granted AB&C Leasing de México to its clients and conveyed to a trust (as borrower under the facility) whereby HSBC Mexico had a first priority beneficial interest.
This is an asset-backed non-recourse financing. AB&C Leasing de México’s obligations under the financing documents are to comply with the Borrowing Base and the Portfolio Performance Triggers. The facility may be sold on the secondary market either directly or through securitization.
The implementation of this facility involved the participation of a Master Servicer to assist AB&C Leasing de México, as servicer, on certain servicing activities and validate the reports delivered to the parties.