Korean Airlines future flow Cargo receivables securitisation

2005: "Payments on the [Yen 20bn floating rate] notes are backed by future revenues from the sale of cargo services [cargo receivables] on KAL’s routes from Japan." The Notes are over-collateralised

The SPV (KAL Japan ABS 2 Ireland) was incorporated in Ireland (DAC) and the Notes are rated and listed on Irish Stock Exchange.