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Blackstone's 2nd rental bond offering prices

  • Supposed froth in fixed income doesn't square with the results of Blackstone's (BX +1.2%) latest rental bonds - ABS backed by the monthly rent on parts of its massive stock of single-family homes. The $108.5M tranche of the $993M deal with the least protection was priced to yield 375 basis points more than a borrowing benchmark, reports Bloomberg, the highest end of the hoped-for range, and 50 bps higher than a similar slice of a deal earlier this month from American Homes 4 Rent.
  • The top-rated $477.5M tranche priced at 100 bps over one-month Libor - the same as the AMH deal - but all the other tranches came in at wider spreads.
Comments (2)
  • Patent News
    , contributor
    Comments (1455) | Send Message
     
    sounds frothy
    22 May 2014, 03:14 PM Reply Like
  • carloz678
    , contributor
    Comments (37) | Send Message
     
    I've followed this story a while but never see the details about the bonds. How much do they actually yield, how long is the term. What happens if interest rates increase and when can they call the bonds. What if they decide to do a
    "realization"
    22 May 2014, 08:45 PM Reply Like
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