Hypo and Keppel Land issue first international ABS from Singapore

S$300 million property deal features both US and Sing dollar denominated notes.

HypoVereinsbank and Keppel Land took the development of Singapore's asset backed securitization ABS market a stage further by bringing to market the first cross-border offering from the Lion City in a deal worth around S$300 million.

The transaction, which issues notes in both US and Singapore dollars, is backed by property receivables on sale and purchase agreements from 455 apartments in three condominium developments in Singapore û Amaranda Gardens, Butterworth 8 and The Edgewater û which are in the process of being constructed by Keppel.

Under the terms of the sale and purchase agreement, legal completion of the condominiums is due in 2007 and 2008. However, as only three apartments remain unsold, and the...

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