Samsung Capital sets new benchmark for Korean cross border ABS

Merrill Lynch arranges highly successful auto loans deal for Korean entity.

Samsung Capital, the Korean consumer finance company, has completed its third international, but first publicly offered, asset-backed securitization ABS with a $296 million deal backed by auto loans. Merrill Lynch acted as sole lead manager on the transaction, which priced on Wednesday in New York.

Launched out of the Samsung-Capital Auto 2002-1 special purpose vehicle, registered in the Cayman Islands, the underlying portfolio consists of 47,839 loans amounting to W467.7 billion $353.3 million. The weighted average interest of the loans is 10.03%, while the average seasoning is five months.

In common with most cross-border Korean securitizations, the deal comes complete with a monoline wrap, in this case from Financial Security Assurance, to bring it...

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