Samsung Capital, the Korean consumer finance company, has completed its third international, but first publicly offered, asset-backed securitization ABS with a $296 million deal backed by auto loans. Merrill Lynch acted as sole lead manager on the transaction, which priced on Wednesday in New York.
Launched out of the Samsung-Capital Auto 2002-1 special purpose vehicle, registered in the Cayman Islands, the underlying portfolio consists of 47,839 loans amounting to W467.7 billion $353.3 million. The weighted average interest of the loans is 10.03%, while the average seasoning is five months.
In common with most cross-border Korean securitizations, the deal comes complete with a monoline wrap, in this case from Financial Security Assurance, to bring it...
