Samsung Card, Korea's biggest credit card company with assets of over $5 billion, is this week expected to close its third international securitization, according to a source familiar with the deal. HSBC is acting as sole lead manager on the $400 million issue, which has been placed privately.
When HSBC was mandated in April, it was rumoured that the deal could be for as much as $750 million, which would have made it the largest ever cross-border deal from the ex-Japan Asia region. In the end, both bank and client have settled for $400 million now, with one observer telling FinanceAsia there is every chance we may see a further transaction of these assets...
