Danaharta launches first ABS

Malaysian AMC comes to market with M$310 million CLO.

Danaharta, the state-owned Malaysian asset management company AMC set up in 1998 to clean up the non-performing loans problem faced by financial institutions, has launched its long awaited first asset-backed securitization in a M$310 million $81.6 million deal. Alliance Merchant Bank and Deutsche Bank acted as joint lead managers on the transaction.

The two banks were mandated in June, with Deutsche fending off rival bids from Credit Suisse First Boston and Merrill Lynch to win the international advisory position.

One rumour currently doing the rounds is that Deutsche took a significantly reduced fee to guarantee its involvement on the deal. However, it is more likely that Danaharta was swayed by Deutsche's involvement on last year's...

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