Rajah & Tann advises on $250m BMW Korea securitisation deal

Advising both DBS Bank and SCB.

Rajah & Tann Singapore announced that they advised the joint lead managers (DBS Bank Ltd. and Standard Chartered Bank) on an auto loan and finance lease receivables securitisation transaction originated by BMW Financial Services Korea Co. Ltd.

The structure of this transaction is a typical Korean cross border securitisation structure which has been in existence since the enactment of the Korean ABS Act in 1998.

However, this is the first time that the ultimate purchaser and issuer of the notes is incorporated in Singapore with the notes listed on the main board of the SGX-ST and falling within the criteria as qualifying debt securities under the Singapore Income Tax Act.

In addition, we have applied for and obtained approval from the Monetary Authority of Singapore (MAS) for the notes issuer to be approved under the MAS' Tax Incentive Scheme for Approved Special Purpose Vehicle, which is a first time in Singapore for a transaction of such novel nature.

The deal was completed on 10 December 2013.

Rajah & Tann Singapore partners Abdul Jabbar bin Karan Din and Lee Xin Mei led the deal, along with Kaveeta Sandhu.

Jones Day served as instructing counsel while Shin & Kim acted as Korean counsel.

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