Kamco does go

Korean asset management company launches Asia''s first cross-border securitization of non-performing loans.

Korea Asset Management Company Kamco launched a $367 million deal earlier this week on an issue price of par to yield 200bp over Libor. The deal, led by Deutsche Bank and UBS Warburg, has a final maturity of 8.5 years, and an average life of 4.8 years.

Rated at Korea's sovereign Baa2BBBBBB ceiling, the offering is classified as a true sale collateralized loan obligation CLO securitization under the republic's Asset Backed Securities ABS Law enacted in September 1998. The sovereign rating was obtained because of a high level of credit concentration deriving from government-owned Korea Development Bank KDB, which sits at the heart of the deal.

This has led some...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222