In addition to providing account bank services, BNY Mellon will act as Note Trustee, Principal Paying Agent, Reference Agent, Note Registrar, Principal Transfer Agent, Irish Stock Exchange Listing & Paying Agent under English law; Japanese Trustee under Japan law, and Transaction Administrator, Security Agent, and Bond Issuer Servicer under Korean law.
The KAL ABS Note is backed by future receivables, which are the proceeds of passenger tickets bookings of KAL flights between Japan and Korea sold in Japan, excluding any on-line booking revenue.
BNY Mellon head of Corporate Trust for Asia (ex-Japan) Gary Lew said this sort of multiple jurisdiction deal is an interesting approach to how BNY Mellon predicted domestic corporations would diversify funding.
"Issuers and investor interaction like this is a healthy formula for growth in the Asia-Pacific region, and we are well-placed to serve on these complex transactions as they emerge," Lew said.
