Korea Air Lines (KAL), South Korea's largest air carrier and part of the Hanjin Group, has sent out RFPs for its second cross-border securitization, with bids due this week, according to a well placed source. The source added that the RFP includes no mention of deal size, as this is something the chosen bank will get an idea on when it can access KAL records.

As was the case with the airline's debut in September 2003, KAL will likely securitize future Yen-denominated Japanese ticket sales. The 27 billion ($252.6 million) issue, arranged by Nomura Securities, set several precedents. It was the first yen-denominated deal by an ex-Japan Asian issuer, the biggest tickets receivables deal and the first backed by revenues from the International Air Transport Association's billing and payments system.

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