LG Card, one of Korea's biggest credit card companies with around 18 million cardholders, looks set to be the first Korean entity to complete a cross-border securitization in 2003. Bank of America is arranging the $300 million deal - LG's second international offering following a $500 million transaction in December 2001.
According to bankers, LG's latest deal is still waiting for approval from Korean regulators but the company hopes to get everything signed off by the end of January. Reports suggest the transaction will not be wrapped by a monoline insurer or be rated by credit rating agencies and the bonds are likely to be sold into a conduit via private...
