Kookmin Card set to complete second part of $1 billion ABS programme

Having already completed one deal with ING, Kookmin will launch second $500 million issue with Banc One next month.

Kookmin Card, one of Korea's biggest credit card companies, hopes to launch the next part of its $1 billion securitization fundraising for 2002 with a $500 million deal via Banc One Capital Markets in the second week of December. A company official says it has been waiting until the swap market was more favourable before launching the transaction.

Earlier this month, Kookmin completed a transaction for the same amount with ING acting as sole lead manager.

ING will act as swap provider for the company's second issue, which will be launched out of the Kookmin Credit Card 2002-1 special purpose vehicle SPV, registered in the Cayman Islands.

The latest deal securitizes a revolving pool...

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