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Paul Francis Kruger 

Partner, Finance, New York and Abu Dhabi 

Paul Kruger


Abu Dhabi


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Country of Admission
Hong Kong, New Zealand, United Kingdom

Barrister and Solicitor of the High Court of New Zealand
Solicitor of the Supreme Court of Hong Kong Special Administrative Region
Solicitor of the Senior Courts of England and Wales


Paul Kruger relocated to New York in 2010, having been based in Tokyo since 2004 and prior to that in Hong Kong from 1992.  In Tokyo, he was head of the Tokyo Finance Group and led our Asia securitization and real estate practice. He is widely recognized as one of the leading finance and real estate lawyers in the region.

In their 15 years’ Celebration of Excellence, Euroweek noted him in the Top 25 personalities in the Asia Pacific capital markets - the only lawyer included in the list.  Chambers has ranked Paul as one of the top 100 lawyers in the world.  He was the only lawyer on the group established by The Hong Kong Monetary Authority to comment on the secondary mortgage market in Hong Kong (the report prepared by this group led to the formation of the Hong Kong Mortgage Corporation).

Paul has a broad-based finance practice, including assisting international banks in optimizing and managing balance sheet usage and developing supply chain and outsourcing platforms for their customers.  He has also acted on numerous asset-based financing transactions, including transactions involving the financing of aircraft and infrastructure projects, and has advised some of the world’s leading real estate investors and financiers.

Paul’s finance experience includes advising:

  • Citibank, N.A. in relation to the establishment of a cross-border medium term note issue program known as the “CABS Program”, under which notes, backed by pools of trade assets originated by various local branches and affiliates of Citibank, N.A., can be issued. The deal won “Structured Finance and Securitisation Deal of the Year” at the Asian Legal Business Awards 2007.
  • UBS Warburg and Deutsche Securities as lead managers on a US$367 million securitisation of non-performing loans held by Korea Asset Management Corporation. This was the first international securitisation of non-performing loans executed in reliance on the Korean ABS law.
  • Morgan Stanley in relation to the JPY128.9bn acquisition bond issued by Nuclear Energy Holdings L.L.C.  The deal won IFR Yen Bond of the Year 2006.
  • HSBC and Citigroup on the HK$6 billion securitisation of the toll revenues generated by the Hong Kong SAR Government-owned bridges and tunnels. The Issuer, which is a Hong Kong incorporated company wholly owned on behalf of the Hong Kong SAR Government, issued three tranches of Hong Kong dollar denominated Retail Bonds and two classes of Hong Kong dollar denominated Institutional Notes all of which are listed on the Hong Kong Stock Exchange. This was the first transaction of its kind in Hong Kong, the first retail offering of a securitisation in Asia, the first toll revenue securitisation in Non-Japan Asia, the first securitisation of sovereign assets in Asia, the first securitisation listed on HKSE and the largest securitisation in Non-Japan Asia to date.
  • Calyon on the €255 million cross-border securitisation by Hsinchu International Mortgage Loan 1 Limited of Taiwanese residential mortgages originated by Hsinchu International Bank. The notes were guaranteed by Ambac Assurance Corporation. This was the first cross-border RMBS out of Taiwan, the first monoline wrapped securitisation out of Taiwan, the first “AAA” cross-border securitisation out of Taiwan and the first Irish Stock Exchange listed securitisation wrapped by a US monoline after the EU Prospectus Directive came into effect.

Paul’s real estate experience includes advising:

  • St Martins Property Corporation, the UK-based real estate investment vehicle of the State of Kuwait, on its purchase of a residential tower in Tokyo from a fund managed by KK daVinci Advisors.
  • The Royal Bank of Scotland in a series of financing transactions involving TMK Bond Issuances and BVI Loans in respect of various properties owned by multiple property funds.
  • Commerz Real AG, one of the world’s largest real estate asset managers, on their property acquisitions in Japan.
  • Deka Immobilien Investment GmbH,  the largest operator of open-ended property funds in Germany, on their property acquisitions and asset management in Japan.
  • a global investment management company on its acquisition of a real estate asset management company in Japan.

Professional experience

2010 - Partner, Linklaters New York
2005 - 2010 Partner, Linklaters, Tokyo
1997 - 2005 Partner, Clifford Chance Hong Kong/Tokyo
1992 - 1997 Solicitor, Clifford Chance Hong Kong
1990 - 1992 Solicitor, Buddle Findlay, Auckland, New Zealand
1988 - 1990 Citibank, N.A., Auckland, New Zealand
1986 - 1988 Articled Clerk/Solicitor, Buddle Findlay, Auckland


The University of Auckland, LL.B.