O'Melveny Represents Standard Chartered Bank on ¥40 Billion Korean Air Issue

December 02, 2010



Andrea Rodeschini
O'Melveny & Myers LLP

Sonja Steptoe
O'Melveny & Myers LLP

HONG KONG ─ DECEMBER 2, 2010 ─ O’Melveny & Myers LLP recently represented Standard Chartered Bank, as sole arranger in the ¥40 billion (US$481 million) securitization of Korean Air’s ticket sales on routes between Japan and Korea.  Korea Finance Corporation provided extra protection in the form of a ¥41.22 billion credit facility and Korea Development Bank provided an interest rate swap.


The securitization is a re-issuing of the 2007 Korean Air transaction and is the largest Asian airline receivables securitization to date.  The transaction was well received by investors and is further evidence of a returning demand for ABS.


"We are delighted to have represented Standard Chartered Bank and BNY Mellon in its capacity as Note Trustee, Security Agent, Transaction Administrator, Bond Issuer Administrator, Registrar, and Account Bank, in this transaction and to have once again assisted Korean Air in their financing activities.  The two-month execution timeframe is a record for a transaction of this complexity," said O’Melveny & Myers partner Neil Campbell who led the deal. 


Campbell has advised on all six of the Yen airline receivables securitizations ever completed in Asia. 


About O’Melveny & Myers LLP

With approximately 900 lawyers in 14 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession.


About O’Melveny & Myers LLP Asia Practice 

O'Melveny began its practice in Asia nearly 25 years ago, and over this time we have become one of the most respected and full service legal service providers in the region.  The firm maintains large offices in the most important political and commercial centers of Beijing, Shanghai, Hong Kong, Singapore, and Tokyo.  Most of our lawyers are native to the region, understand the local law and business practices, speak the local languages and, most importantly, function as an integrated team that taps the firm's vast resources in Asia and globally, delivering value and expediency to its clients.  The China practice is widely and frequently recognized as one of the strongest on the market.  The Japan practice has been recommended by The Legal 500 and Chambers Global for corporate, mergers and acquisitions, and dispute resolution work.  Our newest office in Singapore, opened in 2008, has grown rapidly and is a hub for corporate, finance and private equity work for the entire South and Southeast Asia region. 


For more information, please visit www.omm.com.