Taishin puts it on the card

ABN AMRO launches Taishin''s debut credit card securitization.

Taishin International Bank has launch Taiwan's first publicly offered credit card receivables securitization with a four tranche NT$10 billion $320 million deal from ABN AMRO and a group of seven other joint underwriters.

The deal, launch via Taishin International Bank Credit Card Receivables Special Purpose Trust 2005-1, comprises primarily triple-A notes, totaling NT$8.7 billion, which were priced flat to the 90-day Taiwanese primary commercial paper and have a 13% credit enhancement.

There are two, lower rated tranches and a NT$400 million subordinated tranche.

The NT$500 million class-B bonds are rated Atwn by Fitch and A2.tw by Moody's and...

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