Samsung Capital launches fifth international ABS

Korea''s most frequent cross-border issuer sells $210 million consumer loans securitization.

Samsung Capital, the Korean consumer finance company, yesterday launched its fifth cross-border securitization. ING Debt Products is acting as sole arranger, structuring agent and lead manager on the $210 million deal, which is backed by a portfolio of revolving consumer loans.

To some extent, ING could be seen as stepping into the breech with this deal. Samsung mandated Merrill Lynch in August to arrange a $400 million unsecured consumer loans deal, with the expectation of completing the transaction by years end. However, that deal has now been put on hold until next year.

Samsung officials say that poor sentiment in the US markets is the reason for the delay. However, some ABS bankers say that...

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