Business Services Industry
Freshfields Bruckhaus Deringer, Hong Kong, Completes Fourth Korean Securitisation Transaction for 2002
Mondaq Business Briefing, August, 2002
The securitisation team at Freshfields Bruckhaus Deringer, Hong Kong, has acted for Financial Security Assurance Inc (FSA) as monoline guarantor (issuing a note guarantee and two swap guarantees) in the securitisation of credit card receivables originated by Korea Exchange Bank Credit Service (KEBCS).
The KEBCS deal is the fourth Korean securitisation transaction completed this year, and the most recent of seven major Korean securitisations to be completed by the team in the past twelve months, with a total value of nearly US$2.5bn.
The structure used in the KEBCS deal is similar to the one used in the award-winning LG Card transaction (where we also advised FSA in wrapping the deal), although the KEBCS transaction adopted a dual SPV structure rather than...
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