SG and the Industrial Bank of Taiwan have launched the country's first asset-backed securities, a NT$3.59bn (€959m) collateralised loan obligations (CLO) issue.

The bonds are backed by a pool of 41 corporate loans extended to 23 borrowers belonging to the Industrial Bank of Taiwan. The deal was originated by the Taiwanese bank and arranged by SG, the corporate and investment banking arm of Société Générale. The issuer and trustee of the CLOs is the Land Bank of Taiwan. The deal is the first to take advantage of Taiwanese financial asset securitisation regulations that were enacted in June last year.