Author: Anja Helk Issuer: Korea Asset Management Corporation (KAMCO) Deal: asset-backed securitization Amount: $367 million Date: July 2000 Lead managers: Deutsche Bank, UBS Warburg
And this is not only the first international transaction from Kamco, the government agency that manages Korea’s non-performing loans. It is also the largest-ever Korean international asset-backed securitization issue, the second largest out of Asia, and the first dollar cross-border securitization coming out of Asia backed by corporate loans. And a blow-out success it was, too. The nine-year senior notes, which were secured on 135 dollar- and yen-denominated corporate loans bought by Kamco from six local banks, were more than three times oversubscribed and received the sovereign rating from Moody’s and Fitch IBCA (Baa2/BBB+). | ||||||||||||||||||||||||||||||||||||||||||