Asiana Airlines of Korea is in the process of issuing asset-backed securities worth up to $100 million. The bonds are being sold to international investors by Chase, which is aiming to close the deal by the end of the week. Bankers from Chase are said to be in the US marketing the deal.
Sources suggest that the bonds are being sold at 300 basis points over Libor and will carry a five-year maturity. The bond issue is being backed by the future flow of receivables the company receives from US credit card sales. This will make Asiana the first Korean company to issue bonds backed by overseas receivables since the government approved such...
