High liquidity in the domestic market led Hong Kong investors to snap up the debut commercial mortgage-backed securitization of local property developer Chinese Estates Holdings, said bankers at lead manager SG Asia in Hong Kong.

The HK$1.821 billion (US$234.4 million) three-year issue by Windsor House Securitisation Ltd. comprises five series of notes. Series A (HK$1.032 million) was priced at 130 basis points over three-month Hibor; series B1 (HK$150 million) and B2 (HK$199 million) were priced at 8.75% and 170 basis points over three-month Hibor, respectively; and series C1 (HK$153 million) and C2 (HK$287 million) were priced at 9.25% and 220 basis points over three-month Hibor, respectively.

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