Korea has unleashed its first securitization without the support of a monoline guarantee. While the absence of a wrap may signal a drop in business for monolines in that region, it certainly provides fresh diversification opportunities for investors hungry for Korean paper.

"There is movement toward more sophistication as well as growth in investor appetite," said Richard Lamb at ING Bank. "This deal comes on the heels of Korea's sovereign upgrade that allows a double-A transaction to be done without a monoline wrap," Lamb continued. ING managed the deal.

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