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Sidley Austin Brown &
Wood's Singapore office advises on US$500 million asset backed securitisation
for Woori Credit Card
SINGAPORE - International law firm Sidley Austin Brown & Wood has represented
UBS Warburg as lead manager and The Bank of New York as note trustee and
principal agent, in relation to a US$500 million asset-backed securitisation for
Woori Credit Card Co. Ltd., (Woori Card), in Korea.
Completed on 9 October 2002, the transaction, backed by credit card receivables,
was Woori Card's first off-shore securitisation. The floating rate notes, due
2008, are guaranteed by Financial Security Assurance Inc., acting through its
Singapore branch.
A team of English and New York qualified lawyers from Sidley Austin
Brown & Wood's Singapore office, led by partner, Tod Eddy, and
counsel, Seok Yam Chew, along with lawyers from the firm's London,
Hong Kong and Los Angeles offices, have been working on the transaction.
Mr. Eddy explains: "Sidley Austin Brown & Wood has a sizeable Korea Practice and
our lawyers have been involved in a number of Korean securitisations in the last
couple of years. Woori Card is part of one of Korea's largest banking and
financial groups and this is its first international securitisation. We are
pleased that despite market uncertainties, the deal was well received by
investors. "
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