Cayman Islands: Walkers acts on the winner of the Securitisation Deal of the Year at the IFLR Asian Awards 2003
Last Updated: 24 March 2004

Leading Cayman Islands based law firm Walkers is pleased to have acted on the KAL ABS 1 transaction, the winning deal in the Securitisation category of the International Financial Law Review (IFLR) Asian Awards for 2003. The awards were announced by IFLR at a ceremony held at the Ritz-Carlton hotel in Hong Kong on 11 March 2004.

Walkers was the only offshore law firm to have acted on any of the winning transactions.

The IFLR Asian Securitisation Deal of the Year 2003 was KAL Japan ABS I, the issue of ¥27,000,000,000 Secured Floating Rate Notes due 2006, lead managed by Nomura International plc, and originated by Korean Airlines. This was the first ever transaction to issue asset-backed securities denominated in Yen and the first to securitise future flows in Japan. It was the biggest ticket receivables deal ever completed and the first to securitise receivables from the International Air Transport Association's billing and payment unit - the global system that handles air ticket purchases.

Both Walkers and Walkers SPV, the firm's licenced trust company acted on the transaction.

Other law firms involved in the deal included Paul Hastings Janofsky & Walker, Anderson Mori, Lee & Ko, Shin & Kim, Woo Yun Kang Jeong & Han, Dillon Eustace, Clifford Chance, Blake Cassels & Graydon and Jones Day.

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