The Korea Land Corp. (KoLand), a South Korean government land bank, is fast becoming a regular issuer of domestic quasi-asset-backed securitizations.

KoLand, which undertakes housing and industrial projects and sets national land policy, is already working on its fourth transaction - a W450 billion ($399.3 million) deal backed by a combination of current and future receivables from land sales. Daewoo Securities Co. is arranging the transaction, which will issue in March, said a Daewoo banker in Seoul.

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