KAMCO LAUNCHES INAUGURAL ABS

The Korea Asset Management Corporation will launch its first asset securitization in early June, according to a syndicate member at Daewoo Securities, which along with Hyundai Securities is arranging the transaction.

The domestic W320 billion ($270 million) issue comprises six tranches of securities, with maturities of two, three, five, and seven years, plus two subordinate tranches. Except for the five-year tranche, all the securities will be floating-rate, he added. Domestic ratings agencies KMCC and Korea Investors Service rated the senior two-year piece triple-A and the rest double-A.