REMIC | Banks set to roadshow Blackstone home-rental bond

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REMIC | Banks set to roadshow Blackstone home-rental bond

REMIC | Banks set to roadshow Blackstone home-rental bond

As if we haven’t had an inclination as to where this is heading already! Just knowing the players involved.


Reuters-

Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday.

The banks will meet with investors in New York on October 30, and then visit Boston and Los Angeles the following two days.

Deutsche bank is the lead structurer, while Credit Suisse and JP Morgan will be acting as joint leads for the transaction.

The deal, titled Invitation Homes 2013-SFR1, will receive ratings from Kroll, Morningstar, and Moody’s. At least one of those ratings will be Triple A.

The deal will be secured by individual mortgage liens on each underlying property rather than an equity pledge in the property-owning special purpose vehicle (SPV), allowing for the creation of a so-called real estate mortgage investment conduit (Remic) structure, according to sources close to the deal.

[REUTERS]

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