Sidley
Austin Brown & Wood advises on US$400 million asset-backed
securitisation for Samsung Card
Hong Kong - International law firm Sidley Austin
Brown & Wood has
represented XL Capital Assurance Inc. (XLCA) as guarantor in relation
to a
US$400 million credit card securitisation for Samsung Card Co.,
Ltd.
(Samsung Card).
Completed on 31 October 2002, the US$400 million
floating rate bond, backed
by credit card receivables, is Samsung Card's third cross-border
credit card
securitisation. The transaction has been assigned an Aaa rating
by Moody's
Investors Service and an AAA by Standard & Poor's Rating Service.
A team of English and New York qualified lawyers
from Sidley Austin Brown &
Wood's International Finance Group in Hong Kong and Tokyo, led by
partner,
Neil Campbell, including Michelle Taylor, James Robertson and Tracy
Kung,
worked on the transaction.
Mr. Campbell explains: "Sidley Austin Brown
& Wood's experience in credit
card securitisations in Asia as well as globally has meant that
we've been
involved in most of the recent Korean cross-border credit card
securitisations. We've acted on Samsung Card's two recent credit
card
transactions, as well as the recent securitisations for KEB Card
and Woori
Card. We are currently working on a number of upcoming credit card
transactions in Korea."
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