Taiwan's Shin Kong Life Insurance is set to launch a NT$1.65 billion ($52.6 million) real estate asset trust securitization, Shin Kong Life's second such offering, following a NT$1.22 billion issue last November. Industrial Bank of Taiwan will act as arranger, as it did with the earlier deal.
On the latest issue, Shin Kong Life will transfer ownership rights to part of the Dun Nan Building and 136 car parks located in Taipei to a newly established trust. The trust will then sell three classes of notes to investors, collateralized by rental payments. Current tenants in the building include retail, banking, electronics and chemical firms.