Despite the scepticism of some bankers on the ex-Japan Asia securitization scene, recent mutterings of potential activity in Indonesia have gained further credence with reports that Bank Internasional Indonesia BII has mandated CSFB to arrange a deal backed by credit card receivables.
Although bankers at CSFB would not comment, a source in Jakarta insisted that BII is the first Indonesian entity to select a foreign arranger for securitization, adding that the deal would be issued domestically and that CSFB would work alongside a local securities house.
BII has already completed a securitization deal in June 1997, interestingly enough backed by credit card receivables. The bank issued $140 million of ten-year bonds...
