Deutsche Bank Said to Market $479 Million of Rental Bonds
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Deutsche Bank AG is marketing $479.1 million of bonds backed by mortgages on 3,207 single-family rental homes owned by Blackstone Group LP, according to two people with knowledge of the offering.
A $278.7 million portion of the deal is rated AAA, the top credit rating, by Moody’s Investors Service, Kroll Bond Rating Agency and Morningstar Inc. The deal is the first of its type as Blackstone leads a $20 billion buying spree of single-family homes to rent by institutional investors.