Shinhan Card launches Ç300m securitization

Korea''s first euro-denominated cross-border securitization.

Shinhan Card has raised 300 million through the sale of bonds backed by a revolving pool of credit card receiveables, marking the first time that a Korean issuer has tapped the euro market. The bonds are arranged by BNP Paribas and placed privately through its Thesee conduit, which issues short-term asset-backed commercial paper in France.

The bonds have an expected maturity of five years, comprising a four-year revolving period and a 12-month controlled amortization period. They are rated AA- by Standard Poor's, Aa3 by Moody's and AA- by Fitch based on a credit-enhancing 28% subordinated seller interest retained by Shinhan Card.

BNP Paribas acted as the swap counterparty for...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222