Seeking Alpha

Another bond tied to rental payments launched

  • Colony American Homes is selling $513.6M worth of paper backed by rental payment on 3,399 single-family properties in 20 metro areas in 7 states. It would be the 2nd such deal following Blackstone's landmark offering late last year (American Residential Properties has hired Deutsche to put together what would be deal #3).
  • A $299M tranche of the deal has received a AAA rating from Moody's, Kroll, and Morningstar. S&P has said these rental-backed bonds don't yet meet the criteria necessary for a top rating.
  • Colony American Homes is a unit of Colony Financial (CLNY +0.1%) and it tried, but failed to go public last year.
  • Watching the action are: SBY, ARPI, AMH, SWAY.
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