MRTC steams ahead with rare Philippines securitization

HypoVereinsbank may be close to succeeding where others have failed and actually execute an asset-backed securitization out of the Philippines. The bank is currently testing market appetite for a $170 million deal for MRTC - the consortium responsible for building the 16.8 kilometer railway that runs over the EDSA highway in Metro Manila. Formal launch of the deal will take place at a presentation in Manila next Friday.