Taishin International Bank has launch Taiwan's first publicly offered credit card receivables securitization with a four tranche NT$10 billion $320 million deal from ABN AMRO and a group of seven other joint underwriters.
The deal, launch via Taishin International Bank Credit Card Receivables Special Purpose Trust 2005-1, comprises primarily triple-A notes, totaling NT$8.7 billion, which were priced flat to the 90-day Taiwanese primary commercial paper and have a 13% credit enhancement.
There are two, lower rated tranches and a NT$400 million subordinated tranche.
The NT$500 million class-B bonds are rated Atwn by Fitch and A2.tw by Moody's and...
