Two of Korea's biggest credit card originators, Samsung Card and LG Card, are planning another raid on the cross-border ABS market, sources told ASR last week. Samsung Card is working with Royal Bank of Scotland on its deal, with launch likely in November, a source said. RBS provided a $300 million loan facility for the issuer in July, backed by auto loan receivables.

LG Card, meanwhile, has been linked with Merrill Lynch on another private placement ABS. It would be the third time the investment bank has put together a deal for the issuer. The most recent 3.25-year offering priced at 35 basis points over Libor. Sources speculated Merrill was sole investor on both transactions. The RBS-led deal will be Samsung Card's third ABS of 2005.

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