Paul Hastings Advises Citigroup Global Markets Asia Limited and Macquarie Bank Limited on Landmark CMBS
Paul Hastings Advises Citigroup Global Markets Asia Limited and Macquarie Bank Limited on Landmark CMBS US$145 million Deal is the First of its Kind in China
Hong Kong (October 19, 2006) - Paul, Hastings, Janofsky & Walker (Paul Hastings), a leading international law firm, has advised Citigroup and Macquarie as joint arrangers of a 3 year US$145 million commercial mortgage-backed securitisation (CMBS) transaction. The deal was the first cross-border CMBS transaction in China.
The transaction involved the issuance by Dynasty Assets (Holdings) Limited, a Cayman incorporated Special Purpose Vehicle, of US$145 million Series 2006-1 Floating Rate Secured Notes, which are backed by properties located in nine cities in China. The Series 2006-1 Notes are rated A2/A- by Moody's and S&P, respectively.
\Commenting on the deal, Neil Campbell, Partner and Head of the Asian Structured Finance Group at Paul Hastings, said, "It has been our privilege to once again act as transaction counsel on another ground-breaking securitisation deal in Asia, on this occasion for our long-time clients Citigroup and Macquarie. This deal is another milestone in the development of the ABS market in Asia."
The Paul Hastings team was led by partners Neil Campbell, Michelle Taylor, and Vivian Lam, together with Richard Ambery, Donna Healy, Erika Wan and Heidi Pang.
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