samsung-card-reopens-crossborder-abs-market

Samsung Card re-opens cross-border ABS market

INGÆs $300 million credit card deal for Samsung Card offers hope for asset-backed originators.
December 05, 2007
Samsung Card has closed the region's first cross-border securitisation since the summer credit turmoil. ING acted as the arranger and swap provider for the $300 million deal, and placed the bonds into its asset-backed commercial paper conduit.

The pricing of the deal, at 43bp over one-month Libor, represents a significant hike in spreads. Before the summer, investors were willing to pick up Korean cross-border deals for around 12bp over Libor. Even so, a source close to the transaction says that Samsung Card is still getting relatively cheap funding thanks to the favourable swap rate back into won.

Indeed, LG Card also has a $500 million deal in the pipeline, led by BNP Paribas and JP...
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