Korea: non-performing loans securitization

KAMCO''s recent securitization of NPLs is a ground breaking deal. Simmons & Simmons'' Partner, International Finance Group, examines some of the legal issues.

Korea Asset Management Corporation KAMCO recently completed its first international securitization of non-performing loans NPLs. This transaction is one of the few international securitizations to have emerged from Korea. It is the first securitization of non-performing assets by a Korean Government agency. We outline some of the key features of this important transaction, which was arranged by Deutsche Bank and UBS Warburg as joint lead managers. Simmons Simmons advised KAMCO.

Summary

The transaction involved the establishment of two special purpose vehicles SPVs, one in Korea and the other in the Cayman Islands. KAMCO sold a static portfolio of NP...

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