Merrill Lynch wins Samsung Capital mandate

The bank will structure a $300 million securitization of auto loans.

Merrill Lynch has been awarded the first major Asian securitization mandate of the year. Samsung Capital, one of Korea's largest consumer finance companies, has appointed Merrill as sole lead manager for a $300 million deal, for which Credit Suisse First Boston will provide swaps.

Market rumours suggest that Merrill beat off competition from Barclays Capital, CSFB, ING Barings, JPMorgan, Salomon Smith Barney and a select number of domestic Korean houses to secure the mandate.

Although Merrill would not confirm the story, a Samsung Capital official comments that the report is true. We have chosen Merrill to arrange our next securitization, which we expect to close before mid-April, the official says. The details...

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