Cosmos secures first cross border securitization

Cash card becomes inaugural offshore issuer after marathon run up.

UBS and HVB have priced Taiwan's first cross-border securitization. The $230 million deal securitizes Taiwanese dollar receiveables from Cosmos Bank's George Mary cash cards.

Bankers involved on the deal breathed a collective sigh of relief when the deal finally priced on Tuesday night after a year of work. At times it seemed the deal would never close. At the last minute Taiwanese authorities dithered over tax treatment on the NT dollar piece, edging the timetable further and further back.

And the book-build was hard work too. Offshore investors got the jitters when cross-strait tensions hit the fornt pages around the world following Taiwanese president Chen Shui-bian's controversial referendum proposal. At the...

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