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First China CMBS unlikely to start a dynasty

The current size of China’s real estate market, let alone its growth potential, is enough to whet the appetite of any CMBS banker. So when Citigroup Global Markets Asia and Macquarie Bank issued Dynasty Assets (Holdings)’ $145 million series 2006-1 secured floating rate notes in October, the first CMBS issue backed by mainland Chinese properties, there was reason for all banks to cheer. A closer look at the transaction however, gives cause for a more sober assessment of the potential of the market.

Euromoney Liquid real estate March 2007 

» at a glance

Deal: Dynasty Assets Holdings CMBS
Amount: $145 million
Lead managers: Citigroup, Macquarie

The deal was originated by Macquarie Wanda Real Estate Fund, which was seeking to refinance debt secured on a portfolio of nine commercial developments. The commercial mortgage-backed securities were issued at 80 basis points over three-month Libor, with interest payable quarterly, a bullet repayment on an expected maturity of July 2009 and a final legal maturity of June 2012.

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