Lotte sells securitisation to BNP Paribas conduit

Lotte Card, a Korean credit card company, has privately sold a $300m securitisation to a European asset-backed commercial paper conduit managed by BNP Paribas. Bankers expect more securitisations to follow, but investors may lose out as issuers shun the public market in favour of private deals.

  • 27 Jan 2011

BNP Paribas arranged the deal which Moody’s rated Aa1 — the highest rating that it can give a Korean securitisation — and which was structured as a single tranche.

The deal is backed by 762,161 credit card receivables worth W554bn ($497m). Lotte entered into a parallel currency swap ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 96,825.42 274 13.25%
2 Bank of America Merrill Lynch 88,553.28 260 12.12%
3 Wells Fargo Securities 69,233.98 214 9.48%
4 JPMorgan 51,109.98 163 6.99%
5 Credit Suisse 41,447.11 125 5.67%