Simmons & Simmons advises Samsung
Life on the first cross-border MBS transaction from Korea
Simmons & Simmons has advised Samsung Life Insurance
Co., Ltd. (“Samsung Life”), the largest insurance company
in Korea in respect of its US$299,600,000 mortgage-backed securitisation.
The transaction represents the first cross-border residential mortgage-backed
securitisation transaction originating from Korea.
The transaction structure followed the double special purpose vehicle
(“SPV”) structure whereby Samsung Life sold a portfolio
of mortgage loan assets to a Korean SPV, Bichumi Korea 1 Limited,
and Bichumi Korea 1 Limited issued US$299,600,000 notes to Bichumi
Global 1 Limited, the Cayman Islands SPV in order to fund the purchase
of the portfolio. Bichumi Global 1 Limited in turn issued US$299,600,000
mortgage-backed notes (the “Notes”) guaranteed by Ambac
Assurance Corporation. The Notes have been rated AAA and Aaa by
Standard & Poors and Moody’s respectively.
The Notes were sold in the U.S. by way of private placement in
reliance of Rule 144A and outside the U.S. pursuant to Regulation
S. The issue was arranged by Morgan Stanley.
Simmons & Simmons was legal adviser to Samsung Life as to English
law. Simmons & Simmons’ team was led by Sean Bulmer and
Jae Chul (JC) Lee and assisted by Sewon Kang and Peter Kwon, senior
lawyers in the Financial Market Group in Hong Kong.
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