Dynasty makes history with dollar CMBS in China

Citi and Macquarie complete the first dollar-denominated CMBS backed by property in China.

Citigroup and Macquarie Bank completed a $145 million floating-rate commercial mortgage backed securities CMBS transaction for Dynasty Assets on Friday. The A2A- rated transaction is the first dollar-denominated CMBS backed by property in the PeopleƆs Republic of China.

Final pricing came at par, with a coupon of 80bp over three-month US dollar Libor.

The issuer, Dynasty Assets Holdings Limited, is a special-purpose vehicle incorporated as an exempted company in the Cayman Islands. The borrower, Dynasty Property Investment Holdings, is...

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