MRTC steams ahead with rare Philippines securitization

A $170 million securitization of equity rental payments received by the Metro Rail Transit Corp (MRTC) will be launched next Friday.

HypoVereinsbank may be close to succeeding where others have failedĀ 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.

Assuming the response from investors meets both the arranger and issuer's expectations, the deal will be priced during the week after the presentation, with closure scheduled for the middle of March.

This would make it the first Philippine ABS since 1997 when JPMorgan arranged...

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