Pricing for two recent Korean cross-border private placement transactions has again left Asian ABS bankers scratching their heads. According to reliable sources, Hyundai Capital priced its three-year $300 million auto-loan ABS at 14 basis points over Libor, while LG Card's $500 million credit card issue offered an 18 point spread.

Both companies have been active cross-border ABS issuers in recent years and both deals were rated at the triple-A level. Despite this, a banker not involved described the spread levels as zany' for unwrapped Korean deals, particularly given that the arrangers in the offerings were also the major investors in the paper.

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