Samsung Card launches largest non-Japan securitization

Korea''s biggest credit card company launches Asia''s biggest securitization.
Samsung Card, the largest credit company in Korea with assets of around $5 billion, has launched the biggest ever non-Japan Asian cross-border securitization. ING Barings acted as sole lead manager on the $500 million deal, which was placed privately according to the bank.

Following its launch of asset-backed securitization ABS deals for Samsung Capital a $200 million offering in March followed by a $234 million deal earlier this month ING Barings is approaching the $1 billion mark for 2001. That is a fairly impressive feat given that this has been a quiet year for international ABS transactions out of Asia.

The Samsung Card deal, issued through the Challenger special purpose vehicle, securitizes a portfolio...

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