Arranger switch

Arranger switch


Previous Story       Next Story

'Pricing issues' spur arranger change on Korean deal

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.

Already registered?

Not yet registered? Join today to access SCI Content.