Delay to Philippine rail securitization

New closing date of March 26 set as members of MRTC consortium fail to sign documents on time.

Despite being priced over a fortnight ago, the closing date for the $175 million securitization of equity rental payments received by the Metro Rail Transit Corp. MRTC in the Philippines has been delayed by another two weeks, with key documents still to be signed.

Initially, the consortium of seven companies that make up the MRTC - Allante Realty and Development Inc., Anglo-Philippine Holdings Corp, Ayala Land, DBH Inc., Fil-Estate Management Corp., Greenfield Development Corp. and Ramcar Inc. - had pressed lead-manager HypoVereinsbank to get the deal closed by March 7, having been launched on the February 15.

According to some observers, this put Hypo under considerable time pressure. As the first international ABS deal...

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