NEW YORK, May 13 (IFR) - American Homes 4 Rent (AH4R) is
poised to price the Triple A rated class of its new
single-family rental bond at Libor plus 100bp on Tuesday, the
tightest level to date for the nascent sector.
Lead managers Goldman Sachs (structuring), JPMorgan and
Wells Fargo, who had already narrowed price guidance on the
US$482.7m six-tranche home rental bond deal Monday, tightened
talk further at launch stage by 10-35bp on strong investor
One strategist called the tightening "a big move," for the
new single-family rental sector, which has so far only seen
three deals come to market.
While guidance on the US$270.396m A class tranche was
tightened by 10bps, lower rated tranches saw even bigger moves.
The trade's bottom US$32.7m F tranche is now expected to print
at Libor plus 360bp, 35bp tighter than price talk levels
Spreads in the middle also narrowed in a 10bp-20bp band from
(Reporting by Joy Wiltermuth; Editing by Natalie Harrison)