Volatile pricing for Starwood's first SFR ABS

By Ryan Bolger
04 Dec 2014

Price guidance for the senior tranche of Starwood Waypoint’s first single family rental securitization was released on Thursday, and it was 10bp higher than bank syndicates’ initial price thoughts. Widening for the senior tranche was offset by tighter than expected guidance at the bottom of the deal’s waterfall.

Guidance for the senior tranche, which represents $234.2m of the $504.5m deal, was released at 140bp over Libor. Initial price thoughts were in the area of 130bp for the top, triple-A rated, tranche earlier this week.

Investors have been able to purchase cheaper single family rental backed securities ...

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