From a Korean ABS market - described by Fitch Ratings in a recent report as stressed but surviving' -Shinan's Card's first cross-border securitization deal emerged last week.

The transaction securitized credit card receivables and the bonds were then placed in BNP Paribas's ABCP conduit Thesee Ltd. The E300 million (US$353.76 million) deal obtained AA-' ratings from all three rating agencies.

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