Sidley Austin Brown & Wood advises
Banc One Capital Markets, Inc. on
US$250 million asset-backed securitisation for Kookmin Card
HONG KONG - International law firm Sidley Austin Brown & Wood
has
represented Banc One Capital Markets Inc. as global co-ordinator
and
lead manager, JPMorgan Chase Bank as Note Trustee and ING Bank N.V.
as
swap provider in relation to a US$250 million asset backed
securitisation for Kookmin Credit Card (Kookmin Card), one of Korea's
largest credit card companies.
The deal, which was completed on 12 December 2002, is Kookmin Card's
third international credit card securitisation. The floating rate
notes due 2008, were issued via a special purpose vehicle (SPV),
Kookmin Credit Card 2002-1 Limited, and were guaranteed by MBIA
Insurance Corporation.
A team of English and New York qualified lawyers from Sidley Austin
Brown & Wood's International Finance Group in Hong Kong. Neil
Campbell, assisted by Rachael Purchas, Nima Farkhondeh and Tracy
Kung
acted for Banc One Capital Markets, Inc., Arun Nigam represented
JPMorgan Chase Bank, and Balbir Bindra and Tina Tsui were counsel
to
ING Bank N.V. as swap provider.
Mr. Campbell explains: "Over the last year, South Korea has
been one
of the most active markets for cross-border asset-backed
securitisation as Korean issuers have been keen to tap into the
international markets." He
added: "Sidley's International Finance Group has been involved
in most of
these international transactions, acting on a total of nine Korean
securitisations in the last 12 months, seven of which were backed
by
credit card receivables."
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