New trends in Asian securitization

Paul Hastings examines the use of whole business securitization and adoption of master trusts in Korea.

Introduction

As the securitisation markets in Asia continue to develop, structures and techniques which have gained prominence in other jurisdictions (especially the United States and European countries) may have application in Asia

This article will examine two particular securitisation techniques which are popular in other parts of the world and examines their potential impact in Asia

Whole Business Securitisation

Whole business securitisation ("WBS") - sometimes called "operating company securitisation" - falls somewhere between a secured loan and a future flow transaction It is essentially a securitisation of cash flow without any actual assignment of that cash flow, often because the cash flow is literally "cash" and there is therefore no receivable to assign The technique has been...

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