Sunway is once again turning to securitization to help it restructure. The Malaysian real estate developer has set up an innovative M$245 million $64 million property-backed structure to dispose of its non-core property assets.
The notes will be offered to investors in four rated tranches, with an unrated subordinated tranche issued to the originators. The M$55 million triple-A notes feature a coupon of 4.75%, the M$24 million AA2 notes pay 5.5%, the M$24 million A2 notes 7%, the M$5.5 million A3 notes 7.5% and the M$136.6 million unrated notes pay 12%.
Sunway first issued asset-backed securities in 2002 through a M$450 million commercial mortgage-backed deal arranged by Deutsche Bank -...
