Deutsche discounts Progress SFR ABS amid heavy supply
Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.
Guidance was released for the top tranche, which makes up $284.33m of the deal, at a discount margin of 150bp over
Libor, compared to a coupon level of 140bp over Libor. A bottom tranche totaling $27.94m will be retained