KEB sets new Korean card ABS benchmark

CSFB-led $500 million issue prices 6bp inside last year''s offering from LG Card.

Korea Exchange Bank KEB, which has the fifth largest credit card business in Korea, priced its first cross-border securitization with a deal backed by credit card receivables in New York on Monday.

Credit Suisse First Boston acted as sole lead manager and bookrunner for the $500 million transaction and also acted as the main swap provider, with BNP Paribas in support.

The company's deal was launched through KEB Card International ABS 2002-1, a Cayman Islands-registered special purpose vehicle, and...

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