ING has replaced Merrill Lynch as international arranger on Value Master 2008-1, following alleged pricing issues. The bank has since made a number of structural changes to the deal, which is co-arranged with Korea Development Bank.
Value Master is a US$300m single-tranche CDO backed by a portfolio of Korean Won-denominated fixed-rate bonds issued by Korean companies and is slated to close before the end of this month, having first been assigned provisional ratings by S&P and Fitch at the beginning of May.
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