KEB next in line for international credit card ABS

The usual suspects line up to arrange first international offering from Korea Exchange Bank.

Korea Exchange Bank KEB, which lists commercial banking, securities investment and international banking among its major activities, has invited proposals for its first foray into the cross-border securitization market.

CitibankSSB, Credit Suisse First Boston, ING Barings, Nomura, SG and UBS Warburg have all pitched for the transaction, although as many as nine may be in the bidding, according to one source. The source added that KEB is expected to announce the mandated banks within the next fortnight.

KEB's deal will be backed by credit card receivables, which will make it the third international card transaction to come out of Korea in the last twelve months. Samsung Card launched a $500...

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