ALE Property brews CMBS refinancing

ALE Property, an Australian pub owner, is planning to sell the country's first commercial mortgage-backed securitisation of the year, and approached investors this week with a A$160m ($168.7m) deal. But the scarcity of CMBS issues means demand for the asset is unknown — and funding officials could ditch the plan if they do not find demand.

  • 11 Apr 2011
ALE wants to refinance three tranches of a 2006 securitisation of pub mortgages that are due to mature in May. Bankers are approaching both new and existing investors with a A$146m AB note and a A$14m B note. But the issuer will drop the plan if it cannot ...

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1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

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3 JPMorgan 92,612.23 269 8.74%
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5 Credit Suisse 69,442.99 183 6.55%