Guidance on Invitation Homes bond wide to whispers

Tue May 20, 2014 3:09pm EDT

NEW YORK, May 20 (IFR) - Blackstone Group set official guidance Tuesday on its US$1bn Invitation Homes single-family rental securitization 15bp-50bp wider than investors had heard on all but the deal's top tranche.

Guidance on the Triple A piece is in line with whispers in the area of Libor plus 100bp.

But guidance on the Class B is L+135bp-150bp versus whispers of L+135bp. The Class C is at L+190bp-210bp versus L+175bp; the Class D is at L+240bps-260bp versus L+210bp; the Class E is at L+275bp-300bp versus L+250bp; and the most deeply subordinated Class F slice was guided at L+350bps-375bp, wide to the whispers of L+325bp.

Lead managers Deutsche Bank, Credit Suisse and JP Morgan are aiming to price the Invitation Homes deal this week. (Reporting by Joy Wiltermuth and Charles Williams; Editing by Natalie Harrison and Marc Carnegie)