A-Reit brings second successful international securitization

Singaporean Reit prices at tight differential to international comps.

Ascendas Reit Estate Investment Trust A-Reit returned to the international commercial mortgage-backed securitization sector yesterday Tuesday with an Eu165 million seven-year deal via BNP Paribas. The triple-A rated transaction was priced at the mid-point of its marketed range of 22bp to 24bp over Euribor.

At 23bp, the deal came 7bp wider than retail mall operator Suntec City's Eu320 million deal in March. That deal, issued via SPV Platinum AC1 had a shorter five-year maturity and aggressive launch spread of 16bp over Euribor.

Going into the deal, A-Reit would have been challenged to achieve a similar pricing differential in markets, which have notably weakened since then. In...

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