NEW YORK CITY-The Blackstone Group and Deutsche Bank are engaged in negotiations to create and sell the first bond that would be backed by home rental payments.
The Blackstone Group is in talks to bundle rental payments on between 1,500 to 1,700 home properties in its portfolio, according to the Wall Street Journal. Blackstone and other investors have spent billions of dollars acquiring foreclosed homes and renting them.
The size of the Blackstone-Deutsche Bank deal is expected to be around $240 million to $275 million, those familiar with the negotiations tell the newspaper. See story in the Wall Street Journal.
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