Sunway City, the Malaysian property developer with interests in hotel, leisure and health care, has launched the country's first property-related securitization with a M$450 million $118.4 million deal.
Deutsche Bank acted as sole bookrunner and lead manager on the transaction, issued out of the ABS Real Estate special purpose vehicle, with Amanah Short Deposits brought in as joint lead manager. Deutsche is currently finalizing the allocation of the bonds to investors and expects to close the transaction next week.
Sunway says that the securitization is part of continuing restructuring efforts to lower its level of gearing and strengthen its financial profile. Although Sunway achieved sales of almost M$600 million in 2001, up 22.4% on...
