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Capital Markets

Bae, Kim & Lee LLC has for more than 20 years played a highly active role in advising Korean issuers and underwriters in public offerings and private placements on a variety of equity and debt instruments, in both the local and overseas capital markets. BKL’s expertise spans the full spectrum of capital market transactions in Korea or by Korean issuers, involving stock, depositary receipts, convertible and other equity-linked bonds, straight bonds and notes, and other instruments, in a variety of transaction structures.

For financial institutions as well as industrial clients, we have handled many debenture and note issues, such as note programs for Korea Development Bank, Hana Bank and Korea Exchange Bank, and foreign currency-denominated convertible debentures for Hynix Semiconductor and Daehan Electric Cable. We have advised in ADR and GDR issues for clients ranging from Hana Bank to Korea Telecom. We have advised KEPCO and its subsidiaries in its various Euro, Yankee and Samurai bond issues. As testament to our standing in the area of capital markets, we have regularly been selected as legal advisor to the Korean government in connection with its international sovereign bond offerings. At the same time, we have been closely involved in several of the major NASDAQ and London Stock Exchange listings by fast-growing Korean companies such as Gmarket, SK Broadband, Hana Tour and Taewoong.

In one of our practice group’s most active areas of work, our cutting-edge structured finance team is often engaged to advise in overseas as well as domestic asset-backed securitizations, and enjoys region-wide regard in the area of underperforming assets in particular. Our expertise is grounded in the close involvement of our team—led by the well-known capital markets expert Hyoung Don Kim—in many of the key advances in Korea. The team played a lead role in designing and setting up the earliest collateralized bond obligation (CBO) program, asset-backed commercial paper program and asset-backed loan program in Korea. Since then, we have been involved in nearly all of the CBOs and primary CBOs issued by Korean securities investment trust companies since 2000.

For Korea Asset Management Corporation (KAMCO), one of the largest sources of structured finance deals in Korea, we handled a Bellwether US$ 367,000,000 NPL-backed securities program, and have advised in the structuring and issuance of numerous bond issues. A number of our structured finance deals were deals “of first impression” in Korea. For example, we handled the Korean Export-Import Bank’s US$ 230,000,000 securitization backed by export financing loans, and we advised Samsung Capital in its US$ 200,000,000 auto-loan receivables securitization. BKL also handled the first asset-backed commercial paper program in Korea, a Hyundai Merchant Marine issue using freight receivables.

In the area of financial derivatives, we offer expert advice on a diverse array of products, from more basic futures contracts to sophisticated currency and commodity-linked swaps, total return swaps and credit linked notes. Having advised many local and overseas clients in the structuring of derivative trades, our capital markets team offers an unsurpassed understanding of the regulatory environment, including evolving policy among administrative and enforcement bodies with which the team enjoys longstanding professional relationships.

The Firm has also played a major role in the development of efficient corporate and deal structuring by means of domestic and overseas investment vehicles. In addition to Korean financial institutions, BKL has advised foreign investors, including several of the leading securities, private equity and real estate development firms in the Asian region, in tax-efficient structures utilizing special purpose vehicles and tiered holding arrangements.

BKL’s recent capital market clients including the following institutions, most of whom the Firm is proud to have advised on a frequent basis for more than 10 years:

• BNP Paribas
• Export-Import Bank of Korea
• Gmarket
• Hana Financial Group
• Hana Tour
• Hynix
• JPMorgan
• KAMCO
• KEPCO
• Korea Deposit Insurance Corporation
• Korea Development Bank
• Korea Exchange Bank
• Macquarie Bank/Macquarie Securities
• Shinhan Financial Group
• SK Telecom
• Taewoong
• UBS
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