Lehman launches MBS in Thailand

Lehman issues first publicly rated MBS from Thailand in a deal largely backed by non-performing residential mortgages.

Lehman Brothers has advanced the development of Thailand's securitization market a notch further with the issue of the first publicly rated mortgage backed MBS deal from the country. SG Securities was brought in to act as underwriter on the Bt7.17 billion $177 million transaction, which is divided into Bt4.67 billion of bonds and a Bt2.5 billion structured loan.

The deal will be backed by the cash flows generated from two loan portfolios acquired from the Financial Restructuring Agency in 1998 and DBS Thai Danu Bank in 2000 by Global Thai Property Fund - a Lehman subsidiary รป and Palarp Asset Management Company.

Of the 14,818 loans that will collateralize the deal, 81% are non-performing, 16%...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222