Kookmin Card launches $500 million ABS

Issuer secures highest ratings for unwrapped cross-border securitization out of Korea

Kookmin Card, one of Korea's biggest credit card companies, has launched the first of two planned international securitizations this year with a $500 million deal via ING. Bank One is arranging the second transaction, also for $500 million.

The deal follows hot on the heals of a $400 million transaction led by HSBC for Samsung Card, launched earlier this week, and like that issue, Kookmin's offering will be placed privately.

Kookmin's deal was launched through Plus One Ltd,...

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