“We’re pretty confident the CMBS route is the best route
available to us,” Sewell said in a phone interview from
Melbourne yesterday. “The bank syndicate option would come with
upfront charges as well as ongoing covenants, whereas CMBS,
whilst it is a little bit more restrictive, doesn’t have ongoing
covenant issues.”
Oh, and Aussie CMBS is nothing like domestic CMBS - it's worse
About 44 percent of the rated Australian CMBS market, or
A$3.4 billion, is scheduled to mature in 2009, according to a
report by Fitch Ratings, creating a “maturity hump.”
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