CapitaLand Residential launches landmark Singapore ABS

Singapore''s CapitaLand Residential has launched a landmark ABS.

CapitaLand Residential, a unit of Singapore's CapitaLand Ltd that specializes in building homes in over 17 countries, has set a precedent for the country's securitization market by launching the first deal to be rated by one of the three international credit rating agencies. HypoVereinsbank acted as sole lead manager on the transaction.

Fitch IBCA was chosen to rate the S$200 million $110.2 million issue, launched through the Singapore-registered Peridot Investments special purpose vehicle SPV, which gave it extra creditability with international investors.

The transaction securitizes cash flows generated from the sale of luxury condominiums in three, as yet incomplete, apartment blocks located in Singapore Palm Grove, the Loft and...

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