Korea's Standard Chartered First Bank (SCFB) last week launched its latest cross-border MBS. Although the $650 million deal is the first to be issued under the SCFB banner, the company - known as Korea First Bank until its acquisition by Standard Chartered in April 2005 - completed four international securitizations in 2004 and last year.
The most recent of those was a 500 million ($606.9 million) offering in March 2005 (ASR, 04/04/05). As with that deal, StanChart, Calyon Securities and Royal Bank of Scotland are joint lead managers on the upcoming issue. StanChart will also provide a swap to mitigate currency and interest rate mismatches.