Issuance last week of a 142.5 million (US$174.8 million) CMBS by Ascendas Real Estate Investment Trust (A-REIT) provided further evidence of a swelling offshore appetite for Singaporean property-backed paper.

Arranged jointly by JPMorgan Securities and Overseas-Chinese Banking Corp., A-REIT's debut securitization priced at 33 basis points over Euribor and came off the Emerald Assets SPV. Asendas-MGM Funds Limited set up the REIT in 2002.

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