Investors flock to cell tower ABS as esoteric pipeline builds

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By Jennifer Kang
25 Jun 2020

Diamond Communications is returning with a $70m securitization, the second cell tower deal to appear in the market this year. The triple tranche deal is expected to price 25bp-75bp tighter than the previous deal issued by a competitor, demonstrating renewed demand for esoteric assets in June.

The cell tower operator is tapping the ABS market after a year-long hiatus with a deal backed by 847 cellular sites tied to 1,139 tenant leases.  

Kroll Bond Rating Agency assigned an A rating to the class ‘A’ notes, a triple-B rating to the ‘B’ notes and ...

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