Shinhan Card has raised 300 million through the sale of bonds backed by a revolving pool of credit card receiveables, marking the first time that a Korean issuer has tapped the euro market. The bonds are arranged by BNP Paribas and placed privately through its Thesee conduit, which issues short-term asset-backed commercial paper in France.
The bonds have an expected maturity of five years, comprising a four-year revolving period and a 12-month controlled amortization period. They are rated AA- by Standard Poor's, Aa3 by Moody's and AA- by Fitch based on a credit-enhancing 28% subordinated seller interest retained by Shinhan Card.
BNP Paribas acted as the swap counterparty for...
