Calyon Securities has secured the mandate for Hyundai Capital's return to the ABS market in what was said to be a fierce bidding war. The consumer finance company invited bids in January for a private-placement auto-loan deal from a select quartet of arrangers: Calyon, HSBC, ING and Standard Chartered.

A decision was expected in early March, with ING and Standard Chartered strongly favored by market observers. StanChart had arranged a $300 million deal of the same assets for the issuer in July 2004 while ING - after a barren couple of years in Asia - was known to be very competitive in terms of pricing.

However, according to bankers familiar with the Korean market, Hyundai initially refrained from making a decision, instead waiting to see if it could get even better terms from the bidding banks. Rival bankers reported that Calyon was most likely particularly aggressive to get this deal.

Copyright 2005 Thomson Media Inc. All Rights Reserved.

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