Structured finance has been fast-developing area since its introduction into Korea by the legislation of Asset-Backed Securitization Act in 1998 and is established as one of major funding methods for companies and, in some cases, for projects.
Since the formative stage of securitization, Lee & Ko has played key roles in most of the securitization transactions involving disposal of bulks of non-performing loans that were held by financial institutions and KAMCO (a public corporation acting as bad bank) and we advised Morgan Stanley, Lone Star, JP Morgan, Barclays Bank, Merrill Lynch and other major financial investors and deal participants.
In this area, we advise arrangers, originators, sponsors and a variety of other participants, on a wide range of asset classes, including trade receivables; train, aircraft and ships; credit cards receivables and consumer loans; and commercial properties.
We also have broad experience advising on complex infrastructure related transactions, including secondary PFI/PPP and refinancing and repackaging of infrastructure loans through funded securitization.
Our structured finance team works closely with professionals in other major practice groups, such as asset finance, project finance, capital market and tax, in order to offer the most effective structures suitable for individual asset types and at the same time, provide integrated legal service (inclusive of intensive documentation and administrative filings) with cost-efficiency.
代表性案例
- Advised Samsung Card on its cross-border securitization of future credit card receivables
- Advised Koomin Card on its cross-border securitization of future credit card receivables
- Advised Woori Card on its cross-border securitization of future credit card receivables
- Advised Lotte Capital on its cross-border securitization of future lease receivables
- Advised The Korea Development Bank on its securitization of infrastructure loans (rail-way project)
- Advised KB Securities on its securitization of infrastructure loans (light- rail-way project)
- Advised SK Shipping on its securitization of consignment receivables
- Advised Korea Line on its securitization of consignment receivables
- Advised Deutsche Financials, etc. on securitization of lease claims
- Advised Korean Air on its securitization of freight receivable
- Advised Korean Air on its securitization of future receivables from airline tickets sales – IFLR Securitization Deal of the Year (2012)
- Advised Macquarie on its securitization of infrastructure loans (highway project)
- Advised Deutsche Bank on its securitization of Soon-hwa Building
- Advised Merrill Lynch on its acquisition of NPSs from Woori Bank and related securitization transactions
- Advised Standard Chartered First Bank Korea on its cross-border issuance of RMBS
- Advised Lone Star on cross-border securitization of NPLs
- Advised Korea Exchange Card, Samsung Card and Kookmin Card, respectively, for their securitization of non-performing card receivables
- Advised JP Morgan Chase Bank on its acquisitions of loan from Industrial Bank of Korea, Hanmi Bank and Pusan Bank and related securitization transactions
- Advised Morgan Stanley on securitization of NPLs involving JV-AMC structure
- Advised KDIC on its securitization of foreign currency-denominated loan receivables
- Advised KAMCO on its securitization of NPLs – 1st overseas sale of Asset-backed securities in Korea
- Advise Dongyang Card on its securitization of credit card loans - 1st securitization transaction in Korea
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