Blackstone this week priced the largest CMBS transaction since the financial crisis, selling bonds totalling $5.6bn backed by a portfolio of warehouses it acquired from real estate asset manager GLP in June.
Despite the tremendous size of the offering, investors had no issue taking down the full capital stack at the levels floated at initial price guidance. The deal offered a whopping $2.57bn worth of triple-A notes, which were priced at 92bp over Libor. The other seven classes of
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