Standard Chartered (Hong Kong) has completed Korean Air Lines Japanese yen (JPY)40bn securitisation transaction, the largest asset-backed security (ABS) deal in Asia so far this year.
Standard Chartered HK was the sole lead arranger for the deal, while Korea Finance Corp (KoFC) was the credit facility provider and Korea Development Bank was the interest rate swap provider.
The underlying transaction is backed by existing and future passenger ticket bookings on Korean Air flights between Japan and Korea, and KoFC provided a JPY41.22bn credit facility. The deal was priced at one-month JPY LIBOR+0.95%.
Warren Lee, global head of structured financing solutions at Standard Chartered, said: “Standard Chartered is pleased to play a lead role in Korean Air’s securitisation transaction. The size and rarity of this landmark transaction reiterates our commitment to supporting our clients’ growth across our footprint.”
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