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Three banks set to market Blackstone home-rental bond

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Deutsche Bank (DB), Credit Suisse (CS) and JPMorgan Chase (JPM) are set to market the first-ever bond backed by U.S. home-rental cash flows. Reuters calls it a U.S. $500 million trade for private-equity giant Blackstone. Reuters has more:

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.

Source: Reuters
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