News emerged last week from Seoul that Korea Highway Corp., the South Korean government agency responsible for road construction, repair and maintenance, plans to issue roughly W1 trillion ($997 million) of ABS issuance in 2005.

The Korean Ministry of Finance Economy, the brains behind the scheme, outlined its plans in a report to the National Assembly. Under the proposal, Korea Highway will also seek to raise W5 trillion through 2010 with future-flow deals backed by highway toll income, according to bankers familiar with the report.

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