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.
BNP Paribas arranged the deal which Moodys 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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