The offering of China's first asset-backed securities (ABS) products launched by a foreign-funded bank concluded on Tuesday, according to China Chengxin International Credit Rating Co Ltd.

ABS products are products backed by assets; such products include car loans, consumer loans, and credit card loans, that are backed by collateral assets.

China Chengxin, who rated the offering, said in a statement that HSBC Holding Plc, the backer of the options, sold the priority securities on the interbank market for $160 million. The sale was at a 4.95 percent coupon rate. Bank of Communications International Trust Co. Ltd served as the underwriter of the sale.

This is the first time credit asset securitization has been extended to a foreign operated seller. In the past, China has only allowed ABS sales for State banks.

China's credit asset securitization started in 2005 but the growth has been slow due to strict restrictions. The market grew in 2014 as 230 ABS products worth of 282 billion yuan were sold. In 2013 just 16 products worth 15.7 billion yuan were sold, according to Wind data.