ING Barings has just completed an unusual - for Asia at least - securitization of auto loans receivables originated by Samsung Capital, the Korean consumer finance company. However, in a move that is becoming less unusual in an era of greater transparency, lead manager ING Barings would not release full pricing details of the $200 million transaction.
Samsung was able to pierce the sovereign ceiling with its the deal because it is guaranteed by Financial Security Assurance FSA, rated triple-A by both agencies. As a monoline insurer, whose sole business is to guarantee timeliness of interest payments for bond deals, FSA was brought in to provide extra security...
