South African Bank Rolls Out CMBS Deal

FirstRand Bank, through its Rand Merchant Bank division, has come to market with a commercial mortgage-backed securities deal, Freestone Finance Company Ltd Series 2.

  • 04 Apr 2008

--Cristina Pittelli

The deal, worth ZAR650 million ($83 million), is backed by one fixed rate loan to Emira Property Fund and secured by 36 retail, industrial and office properties across South Africa.

Moody’s Investors Service has rated the deal Aa1/Aaa.za. There is only one class of notes, A1, with ...

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2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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5 Credit Suisse 41,885.89 127 5.54%