Citigroup leads Aeon in landmark securitization deal

Aeon launches Thailand's first ever securitization with subordinated tranches.
February 12, 2006
Aeon Thana Sinsap has launched ThailandÆs second ever credit card securitisation with a Bt2.28 billion $57 million four-tranche offering via sole lead Citigroup. The deal, issued via Eternal Special Purpose Vehicle, represents AeonÆs second deal and the first from Thailand to use subordinated tranches.

The deal comprises four tranches a triple-A tha rated class A-1 Bt1.5 billion $37 million three year tranche a triple-A tha rated class A-2 Bt500 million $12.3 million five year tranche a double-A tha rated class B Bt120 million $3 million five-year tranche and a single-A tha rated class C Bt160 million$4 million five year tranche.

The class A-1 deal priced at par on a coupon of 5.73%, or 75bp...
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