Paul Hastings Advises Standard Chartered Bank on Two Landmark Cross-border Securisations in Korea

December 11, 2006

Paul Hastings Advises Standard Chartered Bank on Two Landmark Cross-border Securisations in Korea

Hong Kong (December 11, 2006) -- Paul, Hastings, Janofsky & Walker (Paul Hastings), a leading international law fim, has advised Standard Chartered Bank on the largest cross-border residential mortgage backed securitisation in Asia to date, worth US$1.26 billion and on Samsung Card Company Limited's ("Samsung") ninth cross-border credit card securitsation, worth US$300 million.
Details of the two securitisations are as follows:

Korea First Mortgage No.6 Limited

Paul Hastings advised Standard Chartered Bank, the arranger and swap provider and HSBC, the trustee and transaction administrator, on a US$1.26 billion cross-border residential mortgage backed securitisation (RMBS) transaction in Korea. The deal was closed on 9 November, 2006.

Korea First Mortgage No.6 Limited, a special purpose vehicle incorporated in the Cayman Islands, issued the notes, which are ultimately backed by residential mortgate loan assets originated by Standard Chartered First Bank Korea Limited ("SCFB").

Korea First Mortgages No. 6 is SCFB's sixth cross-border RMBS deal and the larges RMBS to emerge in Asia ex-Japan and Australia. The deal is also the most innovative and sophisticated structure employed in the Asian market with offerings in EUR and USD and credit tranching from AAA/Aaa down to BBB/Baa2.

The Paul Hastings team was led by partners Neil Campbell and Michelle Taylor, together with Donna Healy, Connie Cheung and Heidi Pang.

Froniter IX Limited

Paul Hastings advised Standard Chartered Bank, the arranger and HSBC, the trustee and transaction administrator, in the sale of US$300 million of notes for Samsung. The deal, which closed on 15 November 2006, is Samsung's ninth cross-border credit card securitisation, making it the most frequent repeat issuer in Asia ex-Japan.

The floating rate secured notes issued by Frontier IX Limited are due in 2010 and rated AAA by Fitch Ratings and Aaa by Moody's Investors Service.

The Paul Hastings team was led by partners Neil Campbell, Michelle Taylor together with Erika Wan and Connie Cheung.

Commenting on the deals, Neil Campbell, Partner and Head of the Asian Structured Finance and Securitisation Group at Paul Hastings, said, "We are delighted to be involved in these ground-breaking securitisation deals in Korea and continue to support Standard Chartered Bank and Samsung. This has been a great year for Paul Hastings' Asian Securitisation team which has been involved in a number of landmark transactions including China's first cross-border CMBS".

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,100 lawyers in 18 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M&A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.