Korean Air prices biggest ever securitisation

South KoreaÆs national airline secures the tightest ever pricing with its third yen future-flow deal.

Korean Air has closed its biggest ever securitisation with record tight pricing. The Ñ40 billion deal is backed by the airlineÆs yen-denominated ticket sales and was in such demand that the joint bookrunners, HSBC and Korea Development Bank, were able to sell the deal without even holding a roadshow.

Although the deal didnÆt require much innovation and came swaddled in a guarantee from Korea Development Bank, it required good execution to achieve the 25bp over yen-Libor pricing.

ItÆs a fantastic...

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