Blackstone CMBS defies ECB ban to price at tight end of talk

Blackstone’s Italian CMBS Pietra Nera Uno was priced this week at the tight end of the 115bp-125bp price talk range for the senior tranche, despite a minor upset last Thursday as the European Central Bank (ECB) decreed that CMBS would be ineligible as repo collateral.

  • By Owen Sanderson
  • 13 Feb 2018
Despite pricing at the tight end, reports suggest the deal was only 1.1 times subscribed on the senior tranche at the last update — though this may reflect the small size and slower pace of the European CMBS market, with investors putting in for the bonds they want ...

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1 Citi 4,296 9 12.47
2 BNP Paribas 3,136 11 9.10
3 Bank of America Merrill Lynch (BAML) 2,934 10 8.52
4 Lloyds Bank 2,213 9 6.42
5 Credit Agricole 2,025 6 5.88

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1 Citi 45,786.98 132 11.43%
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3 Wells Fargo Securities 33,822.43 98 8.45%
4 JPMorgan 31,322.80 90 7.82%
5 Credit Suisse 24,807.99 61 6.20%