A&O scores instruction from Korean Eximbank

Allen & Overy’s (A&O) London office has advised on its first deal for the Export-Import Bank of Korea (Eximbank).

A team, led by London partner David Smith and Hong Kong-based Simon Black, has advised the bank on its first structured ship financing for international customers in relation to nine container vessels, totalling $431m (£257.9m).

A&O had previously only advised the bank on project finance work through its Hong Kong office. “They’ve expressed the intention of raising their profile to help the Korean shipbuilding industry,” said Smith, who has been instructed on a second Eximbank deal for a European customer. He will also be involved in a restructuring of the first deal.

Practices such as A&O’s, Watson Farley & Williams’ and Norton Rose’s are benefiting from the shipping industry’s shift towards more sophisticated deal structures.