Citi wins Taiwan's first credit card ABS

AnShin Card mandate is bank''s third in Taiwan.

Citigroup has won another securitization mandate in Taiwan, this time for Bank SinoPac's credit card business, AnShin Card. The deal is expected to be for as much as NT$4 billion $137 million and will be the island's first credit card deal.

Securitization got a slow start in Taiwan but the technique is now being used to sell a much wider variety of assets than in any other market in the region at the moment. Residential mortgages have been the most common and are expected to remain so, with Chinatrust Commercial, Taishin International and First Commercial all having sold mortgage deals recently.

But originators have...

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