Ambac Assurance serves as guarantor in issuance of notes by Hsinchu International Mortgage Loan 1 Limited
Clients Ambac Assurance Corporation
Jones Day represented Ambac Assurance Corporation as guarantor on the issuance by Hsinchu International Mortgage Loan 1 Limited of $302.6 million Guaranteed Secured Floating Rate Notes due 2027, originated by Hsinchu International Bank Co., Ltd. on a pool of residential mortgage loans in Taiwan. This transaction was the first-ever cross-border mortgage-backed securities offering out of Taiwan. It was also the first-ever wrapped securitization out of Taiwan. The transaction involved a 20-year cross-currency interest rate swap with Calyon Taipei Branch, in respect of which Ambac issued an unconditional 20-year swap guarantee in additional to its note guarantee on the mortgage-backed securities. Calyon acted as sole lead manager with Deutsche Bank Taipei Branch as trustee.