Danaharta set to launch first ABS deal

The Malaysian AMC will securitize around M$500 million of rehabilitated loans this month.

Danaharta, the state-run asset management company AMC of Malaysia, will make its long awaited first foray into the asset-backed securitization ABS market within the next three weeks.

Alliance Merchant Bank and Deutsche Bank were mandated in May to jointly handle the transaction, with Deutsche fending off competition from Credit Suisse First Boston and Merrill Lynch to win the international advisory position.

According to market rumour, the deal - penciled in for a November 20 launch - will be in the region of M$500 million $131.6 million. This will be split into 60% of senior paper rated triple-A by local agencies and 40% of subordinated paper to be held by the issuer.

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