Dong Fang raises $159m in asset-backed securities

Shanghai: China-based container lessor Dong Fang International Investment (DFII), part of China Shipping Group, has issued $159m in container asset-based securities (ABS) notes in the US.

Dong Fang Container Finance II, DFII’s subsidiary, priced the public offering of Series 2014-1 Fixed Rate ABS to “qualified institutional buyers” in late November.

The ABS was structured with two time tranches: Class A-1 with average life of two years and Class A-2 with average life of 5.1 years. Both have been A-rated by Standard & Poor’s and have achieved an advance ratio of 81%, DFII said in a statement.

DFII previously issued an ABS in 2013. [18/12/14]

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