Indicative of the company's effort to ramp its cross border securitization businesses, SG Cowen Securities Corp. launched a currency swap collateralized loan obligation into the U.S. private placement market last week, backed by Korean corporate leases and loans, said Greg Medcraft, managing director and deputy global head at Cowen.

The deal, set to close at press time, features an International Finance Corp. A/B loan structure, allowing Cowen to take advantage of IFC's preferred creditor status, bypassing Korea's triple-B minus sovereign rating.

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