Trump Scores $617 Million of Cash With Vornado From Tower Bonds
- San Francisco trophy office complex underpins mortgage deal
- Janus Henderson passed because of connection to ex-president
555 California Street in San Francisco.
Photographer: David Paul Morris/Bloomberg
This article is for subscribers only.
Investors snapped up $1.2 billion of bonds linked to a San Francisco office tower that makes up much of Donald Trump’s fortune.
The AAA slice of the commercial mortgage-backed security sold Friday with a discount margin, or risk premium, of 125 basis points over one-month Libor -- roughly in line with other recent office-tower deals.