Samsung Card, one of the largest credit card companies in Korea, has returned to the international markets with an ABS deal backed by credit cards receivables.
ING acted as sole arranger, structuring agent and lead manager for the $300 million transaction, while ING's Seoul-based Financial Markets division will be the main swap provider. Shinhan Bank will act as both trustee and back-up servicer.
The bonds were privately placed at 30bp over Libor to a conduit of ING and will be sold on later. This has become the norm for Korean card deals since the fallout of the consumer finance crisis two years ago. A lack of...
