Shipping success for Allen & Overy
27 March 2015
A&O has been recognised for advising on the world’s first export credit agency backed shipping bond.
The firm has won IFLR Americas Structured Finance and Securitisation Deal of the Year and Marine Money Most Innovative Deal of the Year for advising The Export Import Bank of Korea (KEXIM) on the world’s first export credit agency backed shipping bond.
The deal, led by asset finance partner Paul Nelson, represents the latest market first in A&O’s expanding transportation capital markets practice.
Paul commented: “It was great to work with KEXIM and JPMorgan to develop this innovative product for the ship finance market. This has cemented our relationship with KEXIM and raised considerable interest amongst the financing community. It is the latest in a line of transportation capital markets issuances where the London and New York teams have collaborated.”
The securitisation and asset finance teams have also seen their cross practice expertise rewarded with the HSH Nordbank USD700 million shipping loan deal (led by ICM partner Sally Onions and asset finance partner Kevin Young) and the Alpha Bank USD500m shipping loan deal (led by asset finance partner Kevin Young, supported by Stefan Henkelmann, ICM counsel), winning Marine Money’s Joint Securitisation Deal of the Year award 2014.
Paul Nelson added: “This award recognition underlines how our shipping finance and securitisation teams continue to work at the cutting edge of the market on the biggest and most complex and innovative deals.”
Alongside Paul on the KEXIM deal were New York securitisation partner John Hwang, London securitisation partner Tim Conduit, and New York banking partner Joe Stefano. They were assisted by senior associate Jeremy Feist in New York and associate Luke Elliott in London.