When Standard Chartered established its Asian securitization team two years ago, it was difficult to see how it would fit into what was already an extremely competitive business. At that time, nearly all the issuance came out of Korea and it was not unusual to see 16 banks bidding for only a few deals.

Breaking into the Korean market, however, was not as high on the agenda of Warren Lee, StanChart's head of Asian securitization, as it was for some of his peers. "When I joined the bank two years ago, one of the attractions was that StanChart has such a strong local currency franchise," explains Lee. "Initially, we went out in pursuit of domestic securitization deals."

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