Kookmin Card to choose from sweet sixteen for cross border ABS

Record number of banks invited to bid for Kookmin''s first publicly offered international ABS.

Kookmin Card, one of Korea's largest credit card companies in which Kookmin Bank holds a 74.27% interest, has sent out requests for proposals RFPs to a surprisingly large number of investment banks for its first public cross-border securitization, expected later this year.

Sixteen banks - ABN Amro, Bank of America, Bank One, BNP Paribas, Citibank, CSFB, Deutsche Bank, HSBC, ING, JPMorgan, Merrill Lynch, Morgan Stanley, Nomura, Salomon Smith Barney, SG and UBS Warburg - have been approached by Kookmin, a record according to some bankers that have worked in the Asian securitization business for many years.

The competition is already fierce for what is a relatively small number of mandates...

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