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KB Kookmin Card issues $500 mn in overseas asset-backed securities

Collected: 2023.11.22

Distributed: 2023.11.23

Source: Go Direct

[Courtesy of KB Kookmin Card]

KB Kookmin Card said on Wednesday that it successfully issued overseas asset-backed securities worth $500 million.

The securities have an average maturity of three years, with MUFG (Mitsubishi UFJ Financial Group) and Singapore’s DBS Bank participating as joint investors. The participation of these major financial entities enabled the hedging of risks associated with currency and interest rate fluctuations through currency and interest rate swaps, the Korean credit card company said.

These securities, backed by credit card sales receivables, received the highest ‘AAA’ rating from international credit rating agency Fitch Ratings Inc., without the need for guarantees from institutions such as surety insurers or banks.

“The successful issuance of the securities demonstrates our stable ability to raise funds even amid challenging economic circumstances,” a company official said. “We anticipate that this move will lead to cost savings in funding amid high-interest rate conditions and alleviate future burdens related to issuing domestic bonds.”

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