After an 18-month hiatus, LG Card, Korea's biggest credit card company, will return to the international securitization market in October with a $400 million deal via Merrill Lynch, according to sources.

In what seems a curious move, Merrill will apparently also double as the deal's sole investor. Although the bank is widely believed to have bought the $325 million MBS it arranged for Korea First Bank recently (see ASR 8/2, p.19), the quality of issuer and the underlying assets made that a low-risk investment.

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