KFB prices Korea's biggest cross-border securitization

Amid talk of HSBC takeover KFB sells €550m RMBS to European investors.

Korea First Bank has priced its latest mortgage-backed securitization at the aggressive end of the marketed range. The 550 million offer, which is the biggest ever cross-border securitization from South Korea and the largest asset-backed euro deal in Asia this year, was pitched to investors at a range of 21bp to 23bp over Euribor.

With roughly 3 billion of orders the bankers - BNP Paribas, Calyon and Royal Bank of Scotland - were able to sell the deal comfortably at the 21bp level, mainly to European investors. The demand has been very strong since the first day of bookbuilding and we managed to tighten the pricing from the initial price talk...

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