Singaporean property company DBS Land is expected to launch a S$193 million ($111.6 million) commercial mortgage-backed securitization in July, according to sources in the city-state.
The deal will be backed by rental income from a 21-story office building called Robinson Point and split into a senior/subordinated structure, paying a coupon of 6% with a 10-year maturity.
Sources believed that the bonds would be issued via a Singapore-based SPV called Visor and would be underwritten by DBS Bank, a sister company of the originator.
The senior notes will be placed with local investors while DBS Land will retain the subordinated notes, sources said. - MD
