Aside from the growing CDO sector, the medium term pipeline in Singapore will continue to be largely focussed on property assets. "There are at least two to three more CMBS-type deals in the works, which we will hopefully see before the year-end, and there is also potential for single-owner property-type CMBS deals to emerge, " says Ben McCarthy, senior director and head of Asia-Pacific structured finance, at Fitch Ratings.
Jerome Cheng, vice-president at Moody's Investors Service, agrees that there are a lot of real estate related transactions expected in the pipeline over the next few months. "We are expecting real estate related deals to continue to emerge in the second half of the year - CMBS, as well as progressive payments or deferred payment deals, which we have seen in the last couple of years. That banks are required to off-load their non-core assets may also bring further opportunities for CMBS transactions."