In the first securitization out of the Philippines since 1997, Cayman Islands special purpose vehicle MRT III has launched $175 million in bonds backed by equity rental payments paid by the Philippine government Department of Transportation and Communication (DOTC), to the Metro Rail Transit Corp. (MRTC).

The equity rental payment is money owed by the government to MRTC, the company that built the Metro Rail Transit, specifically for building Phase I of the Metro Rail Transit, a light railway that serves Manila, the Philippine capital.

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