HypoVereinsbank prices MRTC securitization

The next week and a half will determine investors'' true appetite for securitizations from the Philippines.

HypoVereinsbank has set the pricing for the securitization of equity rental payments received by the Mass Rail Transit Corp. MRTC for the construction of a 16.8-kilometer railway that runs over the EDSA highway in Metro Manila.

The transaction is the first cross border asset backed securitization to be to be launched out of the Philippines since 1997, when JPMorgan arranged a $75 million air ticket receivables deal for Philippine Airlines.

On the face of it, the transaction is an ideal introduction to investors unfamiliar with, or perhaps even unsure of, asset-backed securitization. The underlying receivables û equity rental payments û are secure under a 25-year build-lease-transfer agreement signed in 1999 between both parties....

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