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11 Oct 2016

Successfully Advised Korea Housing Finance Corporation on Fifth Cross-border Covered Bonds Issuance

Yulchon’s Financial Institution Group successfully represented the Korea Housing Finance Corporation (“KHFC”) in connection with its fifth issuance of cross-border covered bonds in November 2016.

 

Covered bonds are a type of debt obligation which provides the holders with dual recourse – first to a pool of public sector loans or mortgage loans owned by KHFC and second to the KHFC itself if the pool of assets is insufficient to meet all of the bond obligations. This issuance was significant due to the fact that KHFC was able to raise funds at the lowest spread among all cross border bonds issued by it to date.

 

Yulchon advised KHFC on all aspects of the transaction, from reviewing draft transaction documents and drafting parts of the disclosure sections, as well as guiding the client on its negotiations with various parties through to successful issuance. The transaction posed a number of new issues related to the recent introduction of new Korean and international laws and regulations and required Yulchon to undertake complex analysis of novel issues at challenging timescales.

 

KHFC showed their appreciation to Yulchon on the professional and efficient manner in which the matter was handled from start to successful completion.

 

Kyu Sik KimBin Hee Shon, and Kyu Hwan Choi advised on this deal. 

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