MRTC securitization derailed

HypoVereinsbank pulls Philippine cross-border securitization at the 11th hour.

In what will come as a major blow to the prospects of a securitization market developing in the Philippines, the $175 million transaction backed by equity rental payments for Metro Rail Transit Corp has been called off indefinitely, a banker familiar with the deal told FinanceAsia.

Lead manager HypoVereinsbank took the decision to pull the deal after it became clear that the legal and documentation issues that had already caused serious delays to closing could not be resolved, putting paid to around 18 months of works by the bank to try and get the deal done.

Initially, the members of the consortium that make up the MRTC, which was responsible for constructing...

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