AEON Thana Sinsap, the Thai subsidiary of Japan's AEON Credit Service Co., has begun marketing a THB2billion ($52 million) credit card receivables securitization via Citigroup Global Markets as lead manager. Both parties spent last week conducting one-on-one sessions with local investors before holding a roadshow in Bangkok on Friday.

Although ABS transactions have been a rarity in Thailand since the 1997 Asian financial crisis, this will be AEON's second offering following a THB1.5 billion hire purchase receivables deal via Standard Chartered last February. The six-year debentures offered an annual coupon of 4%.

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