Jones Day has acted on the first cross-border residential mortgage-backed securities offering for a Taiwanese bank - Hsinchu International Bank.

Jeff Chen, a partner in the firm's Hong Kong office, advised on the deal which he said "sets a new framework for the legal structure as well as for documentation for all future wrapped cross border transactions out of Taiwan".

Jones Day represented AMBAC Assurance Corporation which acted as the guarantor on Hsinchu's offering.

Linklaters advised lead manager Calyon while international firm Russin & Vecchi advised Deutsche Bank as the trustee. Local firm Lee and Li advised the bank.