scfb-launches-asias-largest-international-securitisation

SCFB launches Asia's largest international securitisation

Standard Chartered completes a deal for its subsidiary that marks the first offshore securitisation in Asia to break the $1 billion ceiling.

Standard Chartered, as sole lead manager and bookrunner, has completed Asia’s largest cross-border securitisation with a $1.26 billion floating rate seven-tranche residential mortgage-backed securitisation RMBS transaction for Korea First Mortgage No. 6 Ltd. The notes are backed by a pool of residential mortgage loans originated by Standard Chartered First Bank Korea Limited SCFB, formerly known as Korea First Bank KFB.

This issue marks First Bank’s sixth RMBS offering to date and it is the first unwrapped RMBS ever completed in the international capital markets. Since First Bank's first deal in 2004, it has issued a total of $4 billion.

The issuer is a newly established bankruptcy-remote, special-purpose company incorporated in the Cayman Islands....

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