Whoever first uttered the phrase all good things come to those who wait could well have had the Taiwanese securitization market in mind. But after a year in the making, the country's first ever ABS deal has finally been launched.
The Industrial Bank of Taiwan IBT and SG signed a cooperation agreement in September 2001 to jointly develop the securitization market in Taiwan. In January 2002, the two parties announced they were moving ahead with plans for a collateralized loan obligation CLO backed by IBT originated receivables.
At that time, the final touches were still being put to the regulatory legislation for securitization that at that stage had not been passed....
