Woori Card Issues $270 Million Overseas ABS... First Since COVID-19
Average Maturity of 3 Years and 6 Months
Approximately KRW 330 Billion Scale
[Asia Economy Reporter Ki Ha-young] Woori Card has become the first domestic company to successfully issue U.S. dollar-denominated overseas asset-backed securities (ABS) since the outbreak of the novel coronavirus disease (COVID-19).
On the 9th, Woori Card announced that it issued overseas ABS worth 270 million U.S. dollars with global bank Soci?t? G?n?rale as the sole investor. This ABS was issued based on credit card receivables as the underlying assets. The average maturity is 3 years and 6 months.
Woori Card entered into a currency interest rate swap with Soci?t? G?n?rale's Seoul branch to eliminate risk factors arising from exchange rate and interest rate fluctuations.
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A Woori Card official stated, "Being able to successfully raise large-scale long-term funds at low interest rates as the first domestic company amid the sharp cooling of the global capital market due to the COVID-19 crisis is the result of our company's creditworthiness and excellent asset soundness being recognized."
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