There is provided a method for generating transmit precoders for a communication system having a plurality of transmitters and a plurality of receivers forming a plurality of transmitter-receiver pairs. Each of the transmitters and receivers has a respective plurality of antennas. The method includes initializing the transmit precoders. The method further includes updating a plurality of receiver filters and a plurality of slack variables using closed form expressions. The method also includes updating the transmit precoders responsive to an output of said prior updating step. The method additionally includes iteratively repeating the updating steps until convergence is reached to obtain a final set of transmit precoders. The transmit precoders are updated to perform precoding for multiple stream data transmission for each of the plurality of transmitter-receiver pairs on each of a plurality of slots under a per-antenna power constraint imposed on each of the plurality of antennas.