South Korea's second largest credit card originator LG Card took its 2005 securitization issuance beyond the $1 billion mark with a $300 million private placement. JPMorgan Securities and Korea Development Bank jointly handled the deal, which comes less than a month after the issuer completed a $400 million offering.

The latest transaction, with a 3.3-year average life, priced at 35 basis points over Libor - seven points outside the Merrill Lynch-led issue, even though the average life of that transaction was 4.3 years.

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