Blackstone pays zero NIP as property buzz continues

By Mike Turner
26 Apr 2021

Blackstone Property Partners Europe Holdings, a real estate investor, got enough demand for its bonds this week for it to price the debt flat to its curve and increase the size of the deal from expectations, as high grade corporate investors betrayed no sign of indigestion despite the recent deluge of debt issuance from the sector.

The borrower, rated BBB with S&P, is more diversified than some other property sector issuers to have come to the market in recent weeks, with investments in residential sites and offices but also in logistics, a lockdown winner.

Blackstone opened books on a May 2028 bond at 145bp over ...

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