Jih Sun International Bank, the commercial banking unit of Taiwan's Jih Sun Financial Holding Company, last week completed its debut cross-border deal. HypoVereinsbank (HVB) arranged the $118 million auto loan-backed transaction - only the second international issue so far from Taiwan - with Deutsche Bank acting as trustee.

The transaction - rated Aa3'/'AA-' by Moody's Investor's Service and Standard & Poor's and issued out of the JSB Taiwan Auto One SPV - set a new benchmark for Taiwanese deals. Final pricing of 60 basis points over one-month Libor was 33 points inside the previous Taiwanese cross-border issue, last December's $230 million credit card offering from Cosmos Bank.

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