New primary CBO launched from Korea

BNP Paribas working with Hannuri Investment & Securities on a $350 million CBO for Korean SMEs.

Marketing began yesterday for a $350 million primary collateralized bond obligation CBO backed by a portfolio of bonds and warrants issued by Korean small and medium-sized enterprises. Hannuri Investment Securities, a domestic Korean house, is acting as arranger and joint lead manager on the transaction with BNP Paribas as joint lead and sole-bookrunner for the $266 million of rated senior notes. It is the first ex-Japan Asia securitization mandate that BNP has been involved with.

According to bankers familiar with the mandate, BNP expects to price its part of the issue today, and close books within the next couple of days.

The transaction will be issued through Coro Voltin Fund, a special purpose vehicle registered...

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