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Social bonds are increasingly becoming more common as businesses and investors increase their focus on ESG mandates. In 2021, we advised on two Korean ABS social bond issuances and expect to see more interest and growth in this area in 2022. We have also seen general growth and diversification in the Hong Kong securitisation market with the securitisation of more diverse asset classes such as consumer and mortgage loans.
Most recently, we have been considering the recent update to the EU AML list and its impact on securitisation vehicles incorporated in Cayman. The Cayman Islands Ministry of Finance is working towards Cayman's removal from the list and the FATF has agreed that Cayman has made positive progress having already addressed one of three action points, with the remaining two items being actively addressed. However, in the interim, for deals in the Asian market that are impacted, Walkers has been able to provide solutions in Bermuda.
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