Morgan Stanley has set a second precedent for the Korean asset backed securitization ABS market this week, with the launch of a first deal backed by non-performing real estate loans.
The W174.94 billion $134 million offering follows on the heels of a W280 billion transaction for Hanvit Bank led by ABN Amro, which used documents against acceptance - short-term revolving credit lines provided by banks to manufacturing companies - being securitized for the first time.
Morgan Stanley's deal, issued through...