ING breaks new ground in FX swaps

The swap is part of a $299.6 million RMBS issued by Samsung Life, which was priced last week in London at 50 basis points over the three-month London interbank offered rate. The transaction is referenced on a portfolio of Korean won-denominated residential mortgages and achieved Aaa and AAA ratings from rating agencies Moody’s Investors Service and Standard & Poor’s, respectively, due to an unconditional and irrevocable guarantee from monoline insurer Ambac.

"The swap pays a changing proportion