UBS prices first international ABS for Woori Card

UBS-led $500 million issue nominally prices 4bp inside KEB deal, but at a discount.

Woori Card, Korea's fourth largest credit card company, has become the third Korean entity to launch an international 144A public credit card transaction when it priced a $500 million deal on Friday at New York's open.

UBS Warburg act as sole bookrunner and swap provider on the transaction, and has been involved on two of the three public card deals, having joint led the $500 million LG Card deal with CSFB in December 2001.

Woori's deal was launched through Woori Card Finance 2002 Ltd, a Cayman Islands registered special vehicle, and securitizes a portfolio of 1,685,705 accounts with an outstanding principal of W881 billion $714.9 million.

UBS employed the structure that has become the...

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