Singaporean property developer CapitaLand last week closed its $332.7 million ABS backed by deferred sales of apartments in two uncompleted residential complexes. HVB acted as arranger and sole lead manager on the deal, issued through the Faramir Investment Corp. special purpose vehicle, which is listed on the Singapore and Luxembourg stock exchanges.

The transaction comprised $292 million of senior notes - rated triple-A by Fitch Ratings and Moody's Investor's Service - offering a spread of 18 basis points over Libor. Additionally, the $22.2 million double-A rated piece priced at 32 basis points, while the single-A rated $18.5 million tranche finished at a spread of 50 basis points.

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