Lee & Ko represented Standard Chartered First Bank in its 7th Cross Border Residential Mortgage Backed Securitization (RMBS), which marks the largest securitization (USD 1.29 Billion equivalent) ever done in Asia so far. Similar to its 6th RMBS (USD 1.26 Billion equivalent) last year, it was the unwrapped RMBS and offered in multi-currencies (USD and EUR) and in different classes of notes.
This transaction, in conjunction with 6th RMBS, has set a new standard for the securitization of residential mortgage loan assets globally both in terms of size and innovativeness. The response for this type of unwrapped RMBS in the market was overwhelming and it was multiple-times oversubscribed by Asian and other international investors.
Yong-Jae Chang, Dong Seok Woo and Jun Hee Choi of Lee & Ko advised Standard Chartered First Bank.