Prime Realty Obligors Packaged Securities (PROPS)
Absa Bank was lead manager and arranger
South Africa’s fledgling securitisation market took a significant step forward in 2004 with the introduction of PROPS, the country’s first commercial mortgage-backed securitisation (CMBS).
The R2bn ($333m) deal features a number of innovative features that permit flexibility for the client, iFour Properties, and are specific to the South African market.
Smooth execution and strong appetite for CMBS securities resulted in the deal being three times oversubscribed and achieving tight pricing.
