Undeterred by Y2K worries and winter holidays, several South Korean banks kept busy and ended 1999 with a slew of quasi-securitizations backed by their non-performing loans. All were issued at the end of December and marked the first NPL securitizations for each issuer.

Housing & Commercial Bank launched a W128 billion ($112.8 million) issue backed by non-performing real estate loans, said a banker at Hyundai Securities, which co-arranged the issue with Daishin Securities.

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