24 June 2019 – on 29 March 2019, each of Swiss Credit Card Issuance 2015-2 AG, Swiss Credit Card Issuance 2016-1 AG and Swiss Credit Card Issuance 2018-1 AG (the Issuers) published invitations for three bondholder meetings in relation to each of its Class A Notes, Class B Notes and Class C Notes issued under Swisscard AECS GmbH’s credit card securitization transactions. All notes are listed on the SIX Swiss Exchange and have been issued by the Issuers through Swisscard’s credit card receivables securitization platform. It was proposed to each of the nine bondholder meetings that the change of trustee (at the level of each issuer) and the change of the collateral trustee (trustee at the level of the master trust) under each of the transactions be approved. The changes of trustee and collateral trustee have become necessary following receipt of Wells Fargo’s notice of resignation as trustee and collateral trustee, which was given in the context of a larger business strategy decision that was not specifically related to the issuance of the notes. The bondholder meetings have been held on 11 April 2019 and all agenda items have been approved as proposed by the board of directors of each of the Issuers.

Walder Wyss advised Swisscard and the Issuers in connection with the setting up and structuring of all nine bondholder meetings as well as in connection with the amendments of Swisscard’s credit card receivables securitization platform and the current 2015-2, 2016-1 and 2018-1 credit card securitization transactions that have become necessary as a consequence of the change of trustee and collateral trustee. The Walder Wyss team was lead by Lukas Wyss (Partner, Finance) and included Johannes A. Bürgi (Partner, Finance), Julia Lehner (Associate, Finance), Edi Bollinger (Associate, Finance), and Philipp Husi (Trainee, Finance).