Morgan Stanley completes first Korean real estate NPL securitization

The bank securitizes a portfolio of distressed loans and property bought from Kamco.
Morgan Stanley has set a second precedent for the Korean asset backed securitization ABS market this week, with the launch of a first deal backed by non-performing real estate loans.

The W174.94 billion $134 million offering follows on the heels of a W280 billion transaction for Hanvit Bank led by ABN Amro, which used documents against acceptance - short-term revolving credit lines provided by banks to manufacturing companies - being securitized for the first time.

Morgan Stanley's deal, issued through the Resurgence Korea One special purpose vehicle SPV, is the first time that an international real estate fund - in this case Morgan Stanley Real Estate Fund MSREF - has gone to the domestic...

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