After over a year of preparation, China's first cross-border commercial mortgage-backed securitization launched recently. Citigroup is sole bookrunner on the $145 million issue - called Dynasty Assets - which it jointly arranged with Macquarie Bank.

Roadshows were held in Singapore and Hong Kong last week, with pricing due on Sept. 25. Moody's Investors Service and Fitch Ratings rated the single tranche deal - which has an expected maturity of 2.75-years and legal final of 5.75-years - at the sovereign ceiling of A2'/'A-'.

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