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 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 RBC Capital Markets 4,569.28 13 4.82%