Sidley Austin Brown & Wood has represented Banc One Capital Markets Inc. as global co-ordinator and lead manager, JPMorgan Chase Bank as Note Trustee and ING Bank N.V. as swap provider in relation to a US$250 million asset backed securitisation for Kookmin Credit Card (Kookmin Card), one of Korea's largest credit card companies.

The deal, which was completed on 12 December 2002, is Kookmin Card's third international credit card securitisation. The floating rate notes due 2008, were issued via a special purpose vehicle (SPV), Kookmin Credit Card 2002-1 Limited, and were guaranteed by MBIA Insurance Corporation.

A team of English and New York qualified lawyers from Sidley Austin Brown & Wood's International Finance Group in Hong Kong. Neil Campbell, assisted by Rachael Purchas, Nima Farkhondeh and Tracy Kung acted for Banc One Capital Markets, Inc., Arun Nigam represented JPMorgan Chase Bank, and Balbir Bindra and Tina Tsui were counsel to ING Bank N.V. as swap provider.

Mr. Campbell explains: "Over the last year, South Korea has been one of the most active markets for cross-border asset-backed securitisation as Korean issuers have been keen to tap into the international markets."

He added: "Sidley's International Finance Group has been involved in most of these international transactions, acting on a total of nine Korean securitisations in the last 12 months, seven of which were backed by credit card receivables."