CapitaRetail closes shopping mall securitization

CapitaLand''s latest mortgage securitization paves way for Reit injection.

CapitaLand has completed a securitization backed by mortgages on three suburban shopping malls in Singapore. The offer, made through the CapitaRetail Singapore special purpose vehicle, was split into two highly rated euro-denominated tranches and two lower rated Singapore dollar tranches, making it the first credit-tranched commercial mortgage-backed securitization CMBS to be offered in Singapore.

The top tranche comprised 67.5 million $86 million of floating-rate notes, was rated triple-A by all three rating agencies - Moodys, Standard Poor's and Fitch - and pays 45bp over six-month Euribor. The second euro tranche was made up of 13.5 million floating-rate notes, was rated Aa2, AA, AA and pays 79bp over six-month Euribor. Both...

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