Courtesy of Asset Sales Report International
Asia
Hong Kong - The securitization of loans originated online, which has begun in the U.S. and is soon to be seen in Europe, is also likely to feature in Asian markets in the near future. Start-up online originator SME-loan.com, which is targeting small and medium-sized businesses in Hong Kong, has confirmed that its business plan calls for its primary funding to come from the securitization of its loans.
Korea - South Korea recently saw its first two issues of mortgage-backed securities - both of which were domestic deals - but which deal is the first real MBS is a matter of friendly dispute. The Korean Mortgage Corp. (Komoco), the country's secondary mortgage agency, says it closed the first, but it may have been pipped at the post by a deal from NewState Capital that closed two weeks previously.
Europe
Australia - Australian state and federal governments are considering taking legal action against tobacco companies similar to that which resulted in a US$246 billion settlement in the U.S. and the creation of a new class of securitized asset: tobacco settlement receivables.
United Kingdom - The Royal Bank of Scotland was set to launch a GBP750 million ($1.2 billion) MBS transaction as ASRI went to press. The deal - called Mound Financing No.1 - was backed by a portfolio of nearly 24,000 residential mortgage loans, mostly located in London and the south of England, with a total book value of GBP1.7 billion.
Latin America
Mexico - Mexican builder GEO S.A. de C.V. is in the market with the country's first securitization of construction receiv-ables. The P133 million ($14 million) is the first offering from a P450 million program managed by Nacional Financiera, S.N.C. (Nafin).
Colombia - Zuana Beach Resort in Santa Marta, Colombia is structuring Latin America's first securitization of timeshare sales. The five-star resort will transfer 70% of its time-sharing weeks to an SPV and will issue P50 billion ($25 million) through the Bolivar Group.
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