Sunway strengthens foundations with novel ABS

Malaysian property developer uses securitization to further restructuring.

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%,...

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